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Question 1: Prepare General Journal entries to record the following perpetual system merchandising transactions of Spar Group. Use a separate account for each receivable and payable.
Jan 11 Purchased store supplies from WKRP Corporation for $275 under credit Terms n/15.
17 Paid the landlord $13,500 for the January, February and March rent.
22 The owner, Andrew Spar, invested $23,000 in the business.
26 Paid WKRP Corporation for the store supplies purchased on January 11.
31 Purchased equipment for the business for $45,000. Paid $23,000 cash and borrowed the balance from the bank.
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