Question

Required:

1. T – Accounts
2. General Journal ( Debit and Credit )

1. Teresa Invested $110,000 cash in her Restaurant Business as start up capital
2. Teresa pays $ 1700 in cash to her employee’s salary.
3. She withdraw $ 1600 for living expenses.
4. Customer paid worth $1230 in cash.
5. Paid rent of the Furniture worth 1900 on accounts.

Answer 1

S.No.	Accounts Title and Explanation	Debit	Credit
a)	Cash	110,000
	Teresa, Capital		110,000
	(To record investment)
b)	Salary Expense	1,700
	Cash		1,700
	(To record salary paid)
c)	Teresa, Drawing	1,600
	Cash		1,600
	(To record cash withdraw)
d)	Cash	1,230
	Accounts Receivable		1,230
	(To record cash collecetion)
e)	Rent Expense	1,900
	Accounts Payable		1,900
	(To record rent expense)
	Teresa, Capital
	Particulars	Amount	Particulars	Amount
	To Balance c/d	110,000	By Balance B/d	110,000
		110,000		110,000
	Cash
	Particulars	Amount	Particulars	Amount
	To Teresa, Capital	110,000	By Salary Expense	1,700
	To Accounts Receivable	1,230	By Teresa, Drawing	1,600
			By balance c/d	107,930
		111,230		111,230
	Salary Expense
	Particulars	Amount	Particulars	Amount
	To Cash	1,700	By Balance C/d	1,700
		1,700		1,700
	Teresa, Drawing
	Particulars	Amount	Particulars	Amount
	To Cash	1,600	By Balance c/d	1,600
		1,600		1,600
	Accounts Receivable
	Particulars	Amount	Particulars	Amount
	To balance b/d		By Cash	1,230
	To balance c/d
		0		1230
	Rent Expense
	Particulars	Amount	Particulars	Amount
	To Expense payable	1900	By Balance c/d	1900
		1900		1900
	Accounts Payable
	Particulars	Amount	Particulars	Amount
			By Balance b/d	0
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