Reference no: EM132597492

Question 1: Record the transactions into the journal for Tilby Ltd.

1 July Purchased equipment for $16 000 on credit.

1 July Paid annual insurance premium of $1 200.

2 July Tilby invested $10 000 in the business.

4 July Sold merchandise for $ 8 000 in cash. Cost of sales was $ 2 000.

15 July Collected $2 300 on accounts receivable.

17 July Paid $3 500 on the amount owing to creditors.

22 July Employees earned $ 5 000; wages of $ 2000 paid and $ 3000 is to be paid