Reference no: EM132994015
Question - JustJuices Limited have commenced operations on 1 January 2020. This business manufactures organic fruit juices.
The following transactions for the company have taken place during the month of January 2020
January 2020 Description
1 Issued shares to investors for $200,000 cash.
2 Purchased Plant for $70,000 paid $20,000 in cash, the balance on account from Malter Enterprises.
10 Purchased raw materials for production on account for $32,000.
11 Paid $10,300 wages to employees.
15 Invoiced customers for $29,000 for products delivered.
20 Paid the balance owing to Malter Enterprises for plant purchases on 2nd January.
25 Received payment of $19,000 from customers previously invoiced.
28 Prepaid rent for the year (12 months) for $18,500. This amount is recognised as a prepaid asset.
30 Received $12,000 in cash from a major retailer for an order to be delivered in February 2020.
Required -
(a) Prepare the general journals for the transactions for JustJuices Limited for the month of January 2020. Narrations are required.
(b) Prepare the T account for the account - Cash at Bank as 31 January, 2020. Note the opening balance is 0.
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