Reference no: EM133068922
Question - On 1 June 2021, Sally opened Sally's hair salon for operations. Sally, the owner contributed $30,000 of her personal funds to begin the business. The following transactions occurred during the month of June:
June 2: Paid the accountant's fees of $2,000 to setup an accounting system for Sally's hair salon.
June 4: Sally ordered brochures and hair supplies on credit for $5,500.
June 5: The business borrowed $45,000 over 5-years from the Bank of Sydney to purchase office furniture and set up a business office
June 14: A customer paid $600 in advance for their hair appointment to be performed in the second half of the month.
June 17: The business paid for advertising on the radio of $10,000 for the full year.
June 23: Paid for brochures and hair supplies purchased on 4 July.
June 28: After the first month of operations, Sally's hair salon earned 18,000 in revenue. Of this, 80% was collected in cash and 20% is due in 30-days.
Required -
1. Including the initial investment by the owner, prepare general journal entries for Sally's hair salon for the month of June. Narrations are not required.
2. Calculate the closing balance in Cash at Bank account at the end of the month.
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