Reference no: EM132566335
Jack Brown started his own firm, XYZ LLC, on June 1, 2017. The following transactions occurred during the month of June.
Required:
Question 1: Write journal entry for each of the transaction.
Question 2: To Prepare an accounting equation
a) June 1 Jack invested $10,000 cash in the business.
b) June 2 Paid $700 for office rent for the month.
c) June 3 Purchased $1,000 of goods for resale on account.
d) June 5 Paid $225 to advertise in the County News.
e) June 9 sold half of the goods for $3,000 cash.
f) June 12 Withdrew $400 cash for personal use.
g) June 15 sold the other half of the goods for $3,400 on account.
h) June 17 Paid $2,500 for employee salaries.
i) June 20 Paid for the supplies purchased on account on June 3.
j) June 23 Received a cash payment of $2,000 for goods sold on account on June 15.
k) June 26 Borrowed $10,000 from the bank.
l) June 29 Purchased equipment for $4,200 on account.
m) June 30 Paid $275 for utilities
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