Question

Journal explained in class, please journalize the following transactions:

 Nov. 1 – John Smith invested 20,000 cash in his new business called “Goldsmith”

 Nov. 2 – Goldsmith bought a computer using 1,000 cash

 Nov. 3 – Goldsmith bought supplies for 5,000 to be paid in the near future

 Nov. 4 – John Smith withdrew 2,000 cash from Goldsmith for his personal use

 Nov. 5 – Goldsmith paid 1,000 cash for renting a location

 Nov. 6 – Goldsmith hired a new office assistant

 Nov. 7 – Goldsmith received revenues for 3,000 cash

 Nov. 8 – Goldsmith paid 2,500 cash for the supplies bought on Nov. 3

 Nov. 9 – Goldsmith asked a loan to the TD Bank

 Nov. 10 – TD Bank loaned Goldsmith 10,000 cash

 Nov. 11 – Goldsmith paid 700 cash for the first installment of the loan like this: 500 for interest, and 200 for capital.

 Nov. 12 – Goldsmith paid the utilities bill for 200 cash

 Nov 15 – Goldsmith paid the wage to the office assistant for 1,000 cash

 Nov. 19 – Goldsmith bought a new software for the business for 3,000 cash

 Nov. 21 – Goldsmith provided services to a customer for 5,000, the customer agreed to pay in the future

 Nov. 23 – The customer that was owing money to Goldsmith makes a payment of 1,000 cash

 Nov. 24 – John Smith buys a car for 5,000 cash for his personal use

 Nov. 25 – Goldsmith buys supplies for 2,000 cash

 Nov. 28 – Goldsmith receives 3,000 cash for services provided to customers

 Nov. 30 – Goldsmith pays 1,000 cash to the office assistant for his wage.

create the corresponding T-accounts for each of the accounts. Please make sure you find the balance of each T-account.

Answer 1