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Make the journal entries to record transactions

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Question - Make the journal entries to record the following transactions for Tony's Truck Rental in January 2019. Narrations are required.

January 6 Tony contributed $700,000 cash to the business.

January 11 Received $60,000 cash for services to be provided next month.

January 15 Earned fees $120,000 from customers. Of this, 75% of the fees were received in cash and the remaining balance will be received in next month.

January 22 Tony paid the annual insurance fee of $1,800 for the next 12 months

January 31 Tony purchased Trucks for $950,000. He paid $150,000 cash and the remaining balance is financed through a bank loan.

 

Reference no: EM132618342

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