A group of shareholders invested to set up a business called Binh Minh Co.

,
1. 1/12 Invest to set up a business $8000
2. 1/12 borrow from B bank $5000
3. 1/12 paid in advance $1200 to rent a space in Dec and Jan.
4. 2/12 purchase equipment for $2100
5. 3/12 Received $2000 cash in advance from customer for a work to be
provided in Dec and Jan.
6. 5/12 purchase $50 supplies.
7. 10/12 Provide service for $5000 cash
8. 15/12 Provide service on account for $2000
9. 31/12 paid utility expense for $50
10. 31/12 already rent for 1 month
11. Customer paid for service on 15/12

Analyse transactions for Binh Minh

Prepare Journal entries for Binh Minh
Phong Phu company
1) 1/12 Mr Phong Phu invested $20000 cash into the company
2) 1/12 Purchase equipment for $1000 cash
3) 3/12 Acquired a car for $6000, paid partly in cash $2000.
4) 3/12 paid $1200 for insurance policy covering December and January
5) 20/12 Provide service on account for $4000
6) 26/12 Mr Phu withdrew $1000 cash
7) 31/12 paid back account payable from 3/12
8) 31/12 Salary expense of December was paid for $1000.
9) 31/12 Customer paid for service provided on 20/12
Analyze transactions and prepare journal entries for Phong Phu Co.
12. At the beginning of 2020, Equity of ABC Co. was $20000. During 2020,
Owners invested $3000 cash. Revenues generated were $4500, Expenses
were $3000. How much was Equity at the end of 2020?
1. 1/12 Received $3000 from customer for a rent service in
Dec, Jan, and Feb.
2. 2/12 Purchase equipment on account for $2000
3. 3/12 pay for advertising activities for $1000
4. 5/12 Provide service on account for $2000
5. 10/12 Paid for equipment purchased on 2/12

Analyse transactions and Record to General Journal

2. FastForward purchased $2,500 supplies on credit.

3. FastForward pays $10,000 cash for equipment.
5. FastForward provides consulting services and immediately
collects $5000 cash
10. FastForward provides consulting services of $2000. The
customer is billed $2000 for these services.
31. FastForward pays $1,000 cash for December rent.
31. FastForward pays $700 cash for employee salary.

Analyse transactions and prepare journal entries