Reference no: EM133123375
Question - Bright Bulbs (a sole proprietorship run by Mr. Bright) had following transactions during its first ever quarter (ended March 31, 2021):
a) Jan 1- Mr. Bright invests $50,000 cash into his business.
b) Jan 7 - Mr. Bright buys inventory on account for $1,000. His supplier, A-Bulbs Corp, offers 1/15, n/30 terms.
c) Jan 22- Mr. Bright pays A-Bulbs Corp for the Jan 7 order.
d) Jan 31- Mr. Bright buys office supplies for $50 cash.
e) Feb 10- Mr. Bright makes a sale on account for $2,000- 3/10, n/20 terms offered. The inventory had cost him $500.
f) Feb 19- Mr. Bright receives cash for the Feb 10th sale.
g) Mar 1- Mr. Bright buys lightbulb shading equipment for $5,500 cash. It is expected to last 100 months with a salvage value of $500.
h) Mar 20- Mr. Bright buys inventory for $2,000 on account.
i) Mar 31- Mr. Bright withdraws $1,000 cash from the firm.
Required - Prepare journal entries for each transaction. Include brief descriptions.
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