Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016:
Aug. 1: Hashim Khan, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography equipment in the business.

      04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months.

      07: Services are performed and clients are billed for Rs. 10,000.
      13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining outstanding.
      20: Received Rs. 2,000 cash in photography fees earned previously.
      24: The client immediately pays Rs. 15,000 for services to be performed at a later date.
       29: The business acquires photography equipment. The purchase price is Rs. 100,000, pays Rs. 25,000 cash and signs a note for the balance.

Question

Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016:
Aug. 1: Hashim Khan, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography equipment in the business.

04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months.

07: Services are performed and clients are billed for Rs. 10,000.
      13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining outstanding.
      20: Received Rs. 2,000 cash in photography fees earned previously.
      24: The client immediately pays Rs. 15,000 for services to be performed at a later date.
       29: The business acquires photography equipment. The purchase price is Rs. 100,000, pays Rs. 25,000 cash and signs a note for the balance.

supie · Answer

Any ideas? What do you already know, what are your thoughts on this?

@msitsak