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In: Accounting

The following information relates to the business of Piano School, owner Zhu Ya-Fen, for the month...

The following information relates to the business of Piano School, owner Zhu Ya-Fen, for the month of January 2019.

January

January 1 Zhu Ya-Fen contributed cash of $400,000 and equipment of $192,000 to commence Jazz Guitar School.

January 1 Purchased supplies from the account suppliers for $84,000.

January 2 Charged tuition fees to account customers $40,000.

January 6 Paid salaries of $31,6000.

January 8 Zhu Ya-Fen withdrew $42,000 from the business of his personal use.

January 19 Paid $14,800 to account suppliers.

January 23 Received $7,400 from account customers.

Additional information:

January 31 Charged depreciation of equipment $4,000

Required:

a. Using the template on the following page, prepare the general journal entries to record the above information that occurred during January. Narrations are required.

b. Prepare a classified Balance Sheet as at 31 January 2019.

Expert Solution

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ekkarill92 answered 1 year ago

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