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-   -   General journal questions (https://www.askmehelpdesk.com/showthread.php?t=733593)

  • Feb 11, 2013, 12:15 PM
    saad abbas
    General journal questions
    Mr Stern started business on may 2012 with cash investment of $1,500,000.During the month of may... following transactions were incurred:
    1 Purchased building of $1,000,000 from Mr.Sam out of which 70% was paid on the same.
    2 Purchased office equipment of $150,000 on cash
    3 Purchased merchandise inventory of $150,000 from which 60% was paid in cash and the reamaining balance will be paid later.
    4 sold mercahndise inventory for @75,000 on cash and $60,000 on credit.
    5 received $30,000 from different debtors.
    6 paid $ 100,000 to Mr. Sam as 1st installment.
    7 owner withdrew cash $10,000 for his personal use.
    8 paid salaries for the month $200,000.
    9 paid $10,000 as advertisement for the month.
  • Feb 11, 2013, 01:59 PM
    saad abbas
    Please please help me guyz...
  • Feb 11, 2013, 02:47 PM
    joypulv
    Not me. Once was enough.
  • Feb 11, 2013, 02:50 PM
    saad abbas
    Please help me... I will be very grateful to u...
  • Feb 11, 2013, 03:36 PM
    pready
    What is your question? These are pretty simple transactions to journalize.

    From your other post on an amortization table it appears that if you are that far in your class you should know how to do a basic journal entry. Journal entries are learned in a basic accounting class, while amortizations are at the intermediate accounting level.

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