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Prepare general journal entries to record the transactions

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Reference no: EM132983131

Question - The following eight transactions relate to Mum's Pie Shop for the month of May 2021.

1. Martha, owner of Mum's Pie Shop deposited $20,000 of cash to start the business.

2. Paid in cash rent of $3,450 to Figtree Realty.

3. Purchased $5,000 worth of counters and shelving from Wollongong Shopfitters. Invoice due in 30 days.

4. Purchased a motor vehicle for the business, signing a 1-year loan for 23,000.

5. Paid $1,500 to Bayview Insurance Brokers for a 1-year business insurance policy commencing 21 June (cheque no.3).

6. Received $7,000 of cash revenue and an additional $8,000 was earned through credit customers.

7. Paid off balance owing for counters and shelving equipment purchased in transaction 3.

8. Banked $2,520 cash and cheques from deliveries since the shop opened.

Required - Prepare the general journal entries to record the above transactions. Narrations are not required.

Reference no: EM132983131

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