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On November 1, 2019, Debbie Debit established an interior decorating business, Debit Designs. During the month,...

Question:

On November 1, 2019, Debbie Debit established an interior decorating business, Debit Designs. During the month, Debit completed the following transactions related to the business: November 1: Debit transferred cash from a personal bank account to a business account $27,750 1: Paid rent for the month $4,000 6: Purchased office equipment on account, $12,880 8: Purchased a truck for $32,500, paying $6.500 cash and giving a note payable for the remainder 10: Purchased supplies for cash $1,860 12: Received cash for job completed $7,500 15: Paid annual premiums on property and casualty insurance $2,400 23: Recorded jobs completed on account and sent invoice to customers $12,440 24: Received an invoice (bill) for truck expenses for the month of November to be paid in the following month $1,100 29: Paid utilities expense $3,660 29: Paid miscellaneous expense $1,700 30: Received cash from customers on account 30: Paid wages of employees $4,750 30: Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,220 30: Withdrew cash for personal use $2,000 Required: Prepare the journal entries for each transaction. I am not requiring you, at this point to post the transactions to the T accounts (General Ledger) or prepare an unadjusted Trial Balance.


Answers

JOURNAL

FOR DEBIT DESIGNS

FOR MONTH OF NOV/2019

DATE

PARTICULARS

DEBIT($)

CREDIT($)

2019

NOV

01

Cash A/C

             Debit Designs Capital A/C

(Being cash transferred from personal bank A/C to business bank A/C)

27750

27750

01

Rent A/C

             Bank A/C

(Being rent expenses paid.*)

4000

4000

06

Office Equipment A/C

                               Account payable A/C

(Being office equipment purchased on

Account.)

12880

12880

08

Truck A/C

              Cash A/C

               Notes Payable A/C

(Being Truck purchased for which $6500 paid in cash and notes payable issued for remaining amount.)

32500

6500

26000

10

Supplies A/C

                 Cash A/C

(Being supplies purchased for cash.)

1860

1860

12

Cash A/C

            Fees A/C

(Being cash received for job completed.)

7500

7500

15

Prepaid Insurance A/C

                                Bank A/C

(Bing premium paid property and casualty insurance for whole year.*)

2400

2400

23

Accounts Receivable A/C

                                     Fees A/C

(Being jobs completed on account and invoice sent to customers.)

12440

12440

24

Truck expenses A/C

                         Account Payable A/C

(Being bill received for truck expenses and to be paid)

1100

1100

29

Utilities Expenses A/C

                                    Bank A/C

(Being utilities expenses paid *)

3660

3660

29

Miscellaneous Expenses A/C

                                             Bank A/C

(Being miscellaneous expenses paid)

1700

1700

30

Cash A/C

            Accounts receivable A/C

(Being cash received from customers on account dated 23/NOV.)

12440

12440

30

Wages A/C

             Bank A/C

(Being wages to employees paid*)

4750

4750

30

Account Payable A/C

                            Bank A/C

(Being portion of amount paid against account payable raised for purchasing of office equipment on 06/NOV*)

6220

6220

30

Debit Designs Drawings A/C

                                          Cash A/C

(Being ash withdrawn for personal use.)

2000

2000

* WHERE NOTHING IS MENTIONED IT IS ASSUMED THAT TRANSCTION IS DONE THROUGH BANK

.

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