Question

Prepare Journal Entries Mahan Inc. Transactions 1- Mr. Smith, deposited, $90,000 in a bank account in the name of Mahan Inc. to start a new business on Nov 1, 2019 2- His Accountant issued $2,500 check on Nov 1 to his landlord for Nov rent. 3- The accountant issued $4,000 check to purchase a computer on Nov 5,2019 4- They purchased office equipment on account for $5,000 on Nov 10. s. The accountant issued a check for $2,500 to purchase office supplies on Nov 10. 6- The accountant issued a check for $1,500 on Nov 15. (For the equipment purchased on Nov 10). 7. The accountant issued a check on Nov 16 for $5,000 to pay rent for months of December and January. 8- In Nov 17, the company earned a total of $46,000 in revenue from a client for consulting services (The client has paid the whole amount) 9-On Nov 18, the company earned $21,000 of revenue from charge account client (They allowed 30 days to pay). 10-On Nov 19, the company paid $9,000 salaries. Element of Competency: 1- Process Bills. 2- Save Expenses

Answer 1

Journal Entries faltalai con $ 90000 90000 Bank Alc In cabitol All (com en stock) (being capital introduce by Mrsmith by deporting amount in bank) Blue Cremaid met AL To Bank All 2500 2.500 (being advance rent paid to land lord through chaque fer of proverbes month 480 5019 Combikes. All Bank ALL bing Chaque inued Het burchasing of Computer) .

(2) No Date sebit 100119 office equipment All Tots Account Soto 50 Ruyable All ( being office equipment purchased on Credit basis) Stru To Bank soro 10|1b9. Office Supplies tampona Alu - ( being amocent paid for office Expenses) 1500 15|u19 Accounts Payable. All To Banic AIL ( being part of amount af Office. caulibomont paid to through Cheque) 16/1lig prepaid rene "To Bank AIC I advance rent pald for December and formear) S6UD SODO

Page No Date $ - 46000 120119 Bank AIL Po Rovenue Alc sales) 96000 bring amount creating form devenue for consulting Suvnice) 210150 21000 18/11/19. Account recurable All To Revenue ALC from consultancy being amocent charged to customer for consultancy sevice) 19/10/19 Salaries All To Bank Al AL. م 9000 9000 f Being Amount part for salaries of employers)