business transactions

Take-Home Assignment #1 (22 marks)

Due: October 14, 2020 (by end of day)

Worth: 5%

 

STUDENT NAME:

STUDENT #:

 

Instructions: Using the attached General Journal, record the following business transactions. Each transaction is worth 2 marks.

June 2, 2020 Justin Case invests $25,000.00 to open up a paralegal firm.

June 2, 2020 June rent is paid with cheque #1 for $3,000.00.

June 3, 2020 Justin purchased a laptop, with cash, for his new business for $1,000.00.

June 4, 2020 Justin purchased office equipment for $5,000.00 on credit.

June 5, 2020 Justin purchased office supplies worth $500.00 on account.

June 9, 2020 Justin billed his first client on account for $3,000.00.

June 12, 2020 Justin paid his utility bill for $250.00 with cheque #2.

June 18, 2020 Justin performed consulting services for $2,000.00 cash.

June 23, 2020 Justin paid his office supplies account balance of $500.00 with cheque #3.

June 26, 2020 Justin collected a partial payment from his first client in the amount of $1,500.00.

June 28, 2020 Justin withdrew $2,000.00 for personal use.

 

 

 

 

**Note: Chart of Accounts can be found in your textbook, on back of cover.

 

 

 

Date Account Name Debit Credit
Date Account Name Debit Credit