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  • Assignment - Journal (P1)

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    MD. Arif Hossain
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    Mr. Hook started a business on December 1st by investing $100,000 cash into the business. On December 5th, he invested an additional $50,000. On December 9th, he purchased land for $48,000 by withdrawing cash. Throughout the month he purchased supplies, paid expenses, withdrew cash, paid salaries, and billed customers for services. By December 31st, he had billed $9,000 for boarding fees and $7,200 for riding and lesson fees.

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    Mr. Hook started a business on December 1st by investing $100,000 cash into the business. On December 5th, he invested an additional $50,000. On December 9th, he purchased land for $48,000 by withdrawing cash. Throughout the month he purchased supplies, paid expenses, withdrew cash, paid salaries, and billed customers for services. By December 31st, he had billed $9,000 for boarding fees and $7,200 for riding and lesson fees.

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    © All Rights Reserved
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    6 views1 page

    Assignment - Journal (P1)

    Uploaded by

    MD. Arif Hossain
    Mr. Hook started a business on December 1st by investing $100,000 cash into the business. On December 5th, he invested an additional $50,000. On December 9th, he purchased land for $48,000 by withdrawing cash. Throughout the month he purchased supplies, paid expenses, withdrew cash, paid salaries, and billed customers for services. By December 31st, he had billed $9,000 for boarding fees and $7,200 for riding and lesson fees.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Problem 1

    Mr. Hook
    Journal Entries
    Date Particulars Ref. Debit Taka Credit Taka
    Cash A/C Dr. 100,000
    1-Dec-21 Capital A/C Cr. 100,000
    (Mr. Hook started business with cash)
    Cash A/C Dr. 50,000
    5-Dec-21 Owner's equity A/C Cr. 50,000
    (Invested additional cash)
    Fixed Asset (Land) A/C Dr. 48,000
    9-Dec-21 Cash A/C Cr. 48,000
    (Paid for new constructed land)
    Cash A/C Dr. 10,800
    12-Dec-21 Accounts receivable A/C Cr. 10,800
    (Collected receivable amount)
    Miscellaneous expense A/C Dr. 1,600
    13-Dec-21 Cash A/C Cr. 1,600
    (Paid for miscellaneous expense)
    Supplies expense A/C Dr. 2,200
    17-Dec-21 Accounts payable A/C Cr. 2,200
    (Purchased supplies on credit)
    Accounts Payable A/C Dr. 1,600
    19-Dec-21 Supplies expense A/C Cr. 1,600
    (Paid for supplies on account)
    Drawings A/C Dr. 1,400
    22-Dec-21 Cash A/C Cr. 1,400
    (Withdrew cash)
    Salaries expense A/C Dr. 3,200
    24-Dec-21 Cash A/C Cr. 3,200
    (Paid salary)
    Accounts receivable A/C Dr. 7,200
    25-Dec-21 Service revenue A/C Cr. 7,200
    (Billed to customer for riding & lesson fees)
    Accounts receivable A/C Dr. 9,000
    31-Dec-21 Service revenue A/C Cr. 9,000
    (Billed to customer for boarding fees)
    235,000 235,000

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