Answered Essay: ss in March 2016. The following transactions occurred during the first month of the business (ignore GST).

Taylor Bieber opened a music equipment hire business in March 2016. The following transactions occurred during the first month of the business (ignore GST).


1st         T. Bieber invested $35,000 cash in the business.

2nd       Purchased musical equipment costing $18,000 with $3,000 cash and a $15,000 loan.

5th        Purchased supplies costing $350 on credit.

15th      Recorded revenue of $13,530 in cash and $7,000 on credit.

18th      Paid for supplies purchased on 5 March.

21st       Received payment from customers on account of $4,000.

31st       Recorded revenue of $13,300 in cash and $6,000 on credit.


Journalise the above transactions (narrations are not required).

Expert Answer


01-Mar Cash 35000
            T. Bieber capital 35000
02-Mar Musical Equipment 18000
            Cash 3000
            Notes payable 15000
05-Mar Supplies 350
            Accounts payable 350
15-Mar Cash 13530
Accounts receivable 7000
            Service revenue 20530
18-Mar Accounts payable 350
             Cash 350
21-Mar Cash 4000
            Accounts receivable 4000
31-Mar Cash 13300
Accounts receivable 6000
            Service revenue 19300
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