Question

Prepare journal entries for the following transactions that occurred during

March​:

201X
Mar. 1		Jemma Underwood invested $70,000 cash and $9,000 of equipment into her new business.
3		Purchased building for $80,000 on account.
12		Purchased a truck from Littleton Co. for $11,000 cash.
18		Bought supplies from McNeil Co. on​ account, $900.

Journalize the transactions in the general journal. ​

Answer 1

Journal Entry
Date	Accounts	Debit (in $)	Credit (in $)
01-03-2010	Cash	70,000
	Equipment	9,000
	Jeema's Capital		79,000
	To Record investment of cash & Equipment in her business
03-03-2010	Building	80,000
	Account Payable		80,000
	To Record purchase of Building
12-03-2010	Truck	11,000
	Cash		11,000
	To Record Purchase of Truck
18-03-2010	Supplies	900
	Account Payable- MCNeil		900
	To Record Supplies Purchase on account