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. You may wish to copy the table below when answering this question.

Name: You are an accountant of Rapid Transport Service. The following inform
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Description: 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 agre

Journal entry refers to the recording made by the business in the books of accounts, of all the…

Answered: You are an accountant of Rapid…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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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.
You may wish to copy the table below when answering this question.

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