Journalize the following business transactions (each journal entry carries one p

Question

Journalize the following business transactions (each journal entry carries one point):

M/s Joseph and sons has submitted the following to journalize:

January 1st, 2005 Business started with $250,000 cash deposited to bank of America.
January 4th, 2005 Purchased machinery on credit from Rowan: $50,000
January 6th, 2005 Bought furniture from Rex for cash: $25,000
January 12th, 2005 Service rendered to Wren: $22,500
January 13th, 2005 Service rendered for cash: $50,000
January 15th, 2005 Cash received from Wren for services rendered: $10,000
January 17th, 2005 Cash paid to Rowan for purchase of machinery: $10,000
January 20th, 2005 Cash withdrawn from bank for personal use: $20,000 Journalize the following business transactions (each journal entry carries one point):

M/s Joseph and sons has submitted the following to journalize:

January 1st, 2005 Business started with $250,000 cash deposited to bank of America.
January 4th, 2005 Purchased machinery on credit from Rowan: $50,000
January 6th, 2005 Bought furniture from Rex for cash: $25,000
January 12th, 2005 Service rendered to Wren: $22,500
January 13th, 2005 Service rendered for cash: $50,000
January 15th, 2005 Cash received from Wren for services rendered: $10,000
January 17th, 2005 Cash paid to Rowan for purchase of machinery: $10,000
January 20th, 2005 Cash withdrawn from bank for personal use: $20,000

Explanation / Answer

January 1st, 2005 Cash Dr 250000 Joseph and sons Capital A/C Cr 250000 Business started with $250,000 cash deposited to bank of America. January 4th, 2005 Machinery A/C Dr 50000 Acct Payable Cr 50000 Purchased machinery on credit from Rowan: $50,000 January 6th, 2005 Furniture A/C Dr 25000 Cash Cr 25000 Bought furniture from Rex for cash: $25,000 January 12th, 2005 Act Rxable Dr 22500 Service Rev Cr 22500 Service rendered to Wren: $22,500 January 13th, 2005 Cash Dr 50000 Services Rev Cr 50000 Service rendered for cash: $50,000 January 15th, 2005 Cash Dr 10000 Acct RxableCr 10000 Cash received from Wren for services rendered: $10,000 January 17th, 2005 Acct Payable Dr 10000 Cash Cr 10000 Cash paid to Rowan for purchase of machinery: $10,000 January 20th, 2005 Joseph and sons Capital Drawing A/C Dr 20000 Cash Cr 20000 Cash withdrawn from bank for personal use: $20,000

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