1 – Make a table in MS Excel to record the following transactions in the general journal using the rules of the double entry system.
Feb 1 | $15,000 in cash was invested to start the business of Muñoz Co. |
3 | A small truck was purchased for the business for $28,000; $10,000 was paid at the time. |
3 | Office supplies were purchased for $800 in cash. |
4 | The rent for the business premises for the current month was paid for $2,000. |
5 | A service was provided to a client (fee earned) in the amount of $5,000. |
10 | Furniture was purchased for $1,500. |
15 | Salaries of $3,800 were paid to employees. |
16 | A service was performed to a customer on credit for $2,500. |
18 | A payment for the truck purchased on credit was made on February 3 for $500. |
2- Analyze transactions with the expanded accounting equation.
Make a table in MS Excel to record the following transactions in the general journal using the rules of the double entry system.
Feb 2 | Heavy equipment was purchased for $55,000 for Luis Santos’ Quick Cleaning company. |
3 | $150 in gasoline was paid for the heavy equipment. |
4 | Excavation work was charged for $2,000. |
6 | Construction materials were purchased for $3,000. |
9 | Advertising expenses were paid for $500. |
11 | A withdrawal for personal use was made in the amount of $700. |
12 | Salaries of $5,800 were paid to employees. |
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