You are an accountant of Rapid Transport Service. The following information is available about the entity’s business transactions in June 2019. June1Owner invested $50,000 in the business 5Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days 7Paid office rent for the next six months $10,000 12Sent an invoice to a client for the service provided 2,500 14Received an advance payment of $8,000 from a client for the service will be provided in next 3 months Required:Prepare general journal entries for Rapid Transport Service. Ignore GST.

Journal entries are the primary record of financial transaction

Answered: une 1 Owner invested $50,000 in the…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 48BE: Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for...

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You are an accountant of Rapid Transport Service. The following information is available about the entity’s business transactions in June 2019.

June	1	Owner invested $50,000 in the business
	5	Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days
	7	Paid office rent for the next six months $10,000
	12	Sent an invoice to a client for the service provided 2,500
	14	Received an advance payment of $8,000 from a client for the service will be provided in next 3 months

Required:

Prepare general journal entries for Rapid Transport Service. Ignore GST.

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