Post the following transactions using the 'general journal entry' option rather than specialized
Journal option. Hint: If you being prompted to enter customer or supplier name and address information, you are not using the 'general journal entry' option, and are doing more than is required in this assignment.
1. The owner contributes to the company the last 5 digits of your student number in cash. Example: if your student number is 1234567, the cash contributed by the owner must be $34,567.00
2. A purchase in cash of goods for resale for an amount equal to the last 3 digits of your student number (perpetual inventory method is used).
3. A cash sale for an amount equal to the last 4 digits of your student number.
4. Prepay insurance for an amount equal to half of the last 2 digits of your student number.
5. Advanced payment made in cash to a supplier for a future delivery of goods equal to the last 4 digits of your student number.
6. At the end of the period noticed that one third of the goods for resale (inventory) remain in inventory at hand.
7. Issue a note to buy a truck for an amount equal to the last 5 digits of your student number.
8. Paid dividends for an amount equal to the last two digits of your student number.
9. To cancel 10% of the note issued to buy the truck, the company delivers inventory for an amount of 20% of the acquisition made in item 2 above.
10. Depreciation of non-current asset for an amount equal to 20% of the acquisition cost.
Prepare and print the Income Statement and Balance Sheet for the period and also your general journal showing your journal entries.