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Record the Jim Haberdashery journal entries

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Question - Jim's Haberdashery had the following transactions in March 2020. Please record the journal entries:

1. Jim invested 25,000.00 cash and a $1,0000 worth of equipment into his business

2. The business purchased $1000 of inventory on account with the terms 2/10 N/30

3. Jim sold goods for $500, cost of sales was $250

4. Wages of $600 were paid to staff

5. Jim paid the account payable for the purchase in #2 within the discount period

6. Jim withdrew $1,200 for personal expenses

7. Purchased additional merchandise inventory of $7,000 with the terms 5/15 and N/30.

8. Sold goods for $1,000, cost of sales was 250 with the terms 10/10 and N/30.

9. Collected payment for transaction #8 (within discount period).

10. Jim paid the rent of $500 for the month Record the journal entries.

Reference no: EM132834393

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