Question

i need this journal

QuickBooks - Assignment 2 Transactions: On 3 January, Bob deposits $25,000 in a separate Bank Account for the Business at CIBC, downtown branch. Create journal Entry # 1 to Debit Chequing Account and Credit B Brown, Capital) Bob has decided to lease the backhoe. The monthly payment of $2,000 (plus HST) is made on the 15th day of each month to Brian's Leasing. The Following Transactions took place in January: Date Transaction Source Chq1 Journal Entry #2 Purchased a computer by cheque from Impact Computers $4,600 (plus HST) Bob Contributed a ladder to the Business Valued at $400 Fair Market value Completed cash Job for Maple City construction, issued receipt for $2500 (plus HST). Receive Payment in full and deposited cash in bank. Bob paid expenses for the business: Telephone $198.45 (plus HST $20.00) to Telus. Overwrite calculated HST Electricity $430 (plus HST) to Origin Power Sales Receipt 101 Chq 2 Chq 3 Advertising $2,000 (plus HST) to leader Papers Cha 4 Invoice 201 Sales receipt 102 Completed Job for JP Construction, 158 Keil Drive, Chatham, Ontario N7L1A1 (519) 555-1234. Invoiced $2000 (Plus HST), Terms Net 30. Completed cash job for Big Brothers Construction, issued receipt for 4,400.00 (plus HST). Received payment in full and deposited cash in bank Bob purchased office furniture on credit Inv B333 $700 (plus HST) from Bizquip. Terms Net 30 Bob paid expenses for the business: Fuel $214(plus HST) to Echo fuels Insurance $600 to CUG Insurance for 12 Months liability Insurance. Expense January Insurance and set up Prepaid Insurance for Balance. Bob drew $800 cash for his own use. Bill Cha 5 Cha 6 Chq 7 15 Paid Brian's Leasing for the lease of the backhoe. Chq8 Page 3 of 5

Answer 1

Bob is the owner of the business and he brings in an asset(ladder) to the business. Hence, asset account have to be debited with fair value of asset and Bob's capital account have to be given the credit.

Journal Entry :

Asset (Ladder) Account ...Dr. $400

To Bob's Capital. $400

Note : Due to lack of information available, it is assumed that Bob is either the sole owner or partner of the business.