Reference no: EM132566316

Jack Brown started his own firm, XYZ LLC, on June 1, 2017. The following transactions occurred during the month of June.

Required:

Question a) Write journal entry for each of the transaction.

Question b) Prepare an accounting equation

a) June 1 Jack invested $10,000 cash in the business.

b) June 2 Paid $700 for office rent for the month.

c) June 3 Purchased $1,000 of goods for resale on account.

d) June 5 Paid $225 to advertise in the County News.

e) June 9 sold half of the goods for $3,000 cash.

f) June 12 Withdrew $400 cash for personal use.

g) June 15 sold the other half of the goods for $3,400 on account.

h) June 17 Paid $2,500 for employee salaries.

i) June 20 Paid for the supplies purchased on account on June 3.

j) June 23 Received a cash payment of $2,000 for goods sold on account on June 15.

k) June 26 Borrowed $10,000 from the bank.

l) June 29 Purchased equipment for $4,200 on account.

m) June 30 Paid $275 for utilities