Question

Robert has set-up a start-up business. You have been appointed as an accountant for his business. Prepare journal entries for the following

transactions
1. On January 1, 2015, Robert invested $50,000 in his business.
2. On January 4, 2015, Robert bought a laptop for $2,800 for business use.
3. On January 20, 2015, Robert received $13,000 for services rendered.
4. On January 23, 2015, Robert paid salaries to his staff for $3,500

Answer 1

On January 1, 2015, Robert invested $50,000 in his business.

Date Account Debit Credit

January 1, 2015 Cash

50,000

January 1, 2015 Cash

50,000

On January 4, 2015, Robert bought a laptop for $2,800 for business use.

Date Account Debit Credit

January 4, 2015 Office Computer

2,800

January 4, 2015 Cash

2,800

On January 20, 2015, Robert received $13,000 for services rendered.

Date Account Debit Credit

January 20, 2015 Cash

13,000

January 20, 2015 Revenue

13,000

On January 23, 2015, Robert paid salaries to his staff for $3,500.

Date Account Debit Credit

January 23, 2015 Salaries

3,500

January 23, 2015 Cash

3,500

Step-by-step explanation: