Lana McKay, handed you the below client’s case:
Shortly after finishing your studies at Lambton College, you joined the Labour force. After joining the labor force, you realized the value of your education at Lambton College. You utilized your skills and knowledge on a daily basis to solve a wide range of problems, including accounting problems. Today you will utilize your accounting knowledge to Interpret and record business transactions and prepare basic financial statements.
Salah owns a jewelry store. He likes his job, and he likes journalizing accounting entries. On May 5th, 2022, Salah contacted you to help him journalizing the following transactions:
• He sold jewelry worth $500 (cash sales).
• He sent jewelry worth $5,000 to a client using Canada Post; the client will pay the amount once she receives the jewelry (i.e., Cash on Delivery).
• He negotiated a price of $1,500 per ounce of gold with one of his suppliers and asked the supplier to draft a purchase contract for 5 ounces. Salah will receive and sign the contract in the next two business days.
• He purchased a chair from Costco for $122.
• He paid weekly salaries for a total amount of $1,232.
Record these transactions in the general journal, and do not forget to add an explanation (note) for each transaction.
Note: “Reference” is the “Ledger” number example; 100 = Ledger number 100
Deliverables for This Week’s Case Study
- Recording the transactions correctly in the General Journal
- Use accounting and financial principles to support the operations of an organization
- Work for clarity and organization
Note: assume any missing information. Clearly state your assumptions in your submissions.
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