Reference no: EM132588729

Question 1: From the following selected events and transactions extracted from Aman's Accounting Practice during December 2019, Journalize the December transactions on the "Aman's Accounting Practice Pty Ltd." book of journal as follows.

Date         Transactions

1           Adam started his trading business by adding $350,000 cash, $50,000 of furniture, and $45,000 of vehicles. [Equity increased]

1           Bought a prepaid internet plan by $250.

3          Bought a prepaid car insurance for 12 months by paying $1200.

5         Purchased books and stationeries costing $35,000 by paying $15,000 cash.

8        Incurred Advertising expense for $7,500 but not paid.

9       Paid Accounts Payable recorded on 05 December.

15      Paid wages to employees $5,000.

18      Paid for transportation amounting $3,500.

20     Paid for rent expense amounting $4,500.

22     Salaries incurred but not paid amounting $12,500.

25    Received cash from clients who have paid in advance amounting $10,500. Recognize it as unearned service revenue.

27     Paid for utilities expense amounting $2,500.

28     Aman withdrew cash from his practice amounting $17,500.

30     Received a mortgage loan of $275,000. It increases cash/bank balance.

31     Paid Advertising payable recorded on 8 December.

31     Provided services for clients who have already paid amounting $8,500. No cash transaction taken has place.