Question - The following transactions relate to ABC Company for the month of January
1. The business received $40,000 cash, supplies $2000 and building $60,000 from owners and issued share capital to the shareholders.
5. Borrowed $10,000 form the bank and signed a note payable.
13. Purchased a truck costing $15,000 paying $3,000 cash and the remainder on credit.
15. Paid $1,000 for a one-year insurance policy.
16. Performed a service on account for $8,000, only $2,000 were recieved.
17. Received on account $4,000
30. Received a telphone bill $200
31. Distributed dividends of $3000.
Required: Record the transactions above in the General Journal.