Record the transactions stated above in the general journal. Assume that a relatively new company you and you group members are involved with has presented you with thefollowing transactions for 2021 from the books of the business. This company operates one bank account to reflectall cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevantdocuments and books as outlined in the requirements below.1 AugStarted business with $150, 000 in the bankBought supplies on credit from Right Way Manufacturers24 Boxes Air Filter3 Aug96 Bottles fuel injector cleaner48 Boxes Spark Plug36 Boxes Brake Shoe24 Boxes Disc Pads$720.00 per box$200.00 per bottle$300.00 per box$580.00 per box$400.00 per box5 AugProvided services for cash less 10% discount12 small motorbike engines6 large motorbike engines (full service)8 medium size motorbike engines (full service)$350.00 per engine$950.00 per engine$800.00 per engine7 AugPaid Rent by cheque$5,000.0010 AugPaid Wages by cheque$8,000.0010 Aug$3,500.00Bought Fixtures from CT Limitedpaying by cash11 AugProvided services on credit to Auto Care.24 small motorbike engines8 large motor bike engines (partial service)12 medium size motorbike engine (partial service)$350.00 per engine$650.00 per engine$550.00 per engine12 AugBought Fixtures on credit from CT Ltd$8.000.0013 AugReceived a loan from NBC cash$25,000.0014 AugProvided services on credit to P&S Auto18 Large motorbike engines (full service)12 medium size motor bike engines24 medium size motorbike engines20 small motorbike engines$950.00 per engine$650.00 per engine$550.00 per engine$350.00 per engine21 AugPaid CT Ltd by cheque$8,000.0022 AugPaid wages cash$8,000.0023 AugPaid Right Way Manufacturer the amount owing to themby cheque, they allowed us a 15% discount27 AugP&S Auto paid the amount owing by them inCash less 10 % discount27 AugElectricity paid by cash$1,500.0028 AugThe owner took $5000 out of the bank for his personal use.28 AugProvided services for cash12 small motorbike engines6 medium size motorbike engines4 medium size motor bike engines$350.00 per engine$550.00 per engine$800.00 per engine29 AugBought supplies on credit from big J Manufacturers4 Bottles Fuel Injector Cleaner9 Boxes Air Filters8 Boxes Sparks Plugs$200.00 per bottle$720.00 per box$300.00 per box30 AugProvided service for cash 13 AugReceived a loan from NBC cash$25,000.0014 AugProvided services on credit to P&S Auto18 Large motorbike engines (full service)12 medium size motor bike engines24 medium size motorbike engines20 small motorbike engines$950.00 per engine$650.00 per engine$550.00 per engine$350.00 per engine21 AugPaid CT Ltd by cheque$8,000.0022 AugPaid wages cash$8,000.0023 AugPaid Right Way Manufacturer the amount owing to themby cheque, they allowed us a 15% discount27 AugP&S Auto paid the amount owing by them inCash less 10 % discount27 AugElectricity paid by cash$1,500.0028 AugThe owner took $5000 out of the bank for his personal use.28 AugProvided services for cash12 small motorbike engines6 medium size motorbike engines4 medium size motor bike engines$350.00 per engine$550.00 per engine$800.00 per engine29 AugBought supplies on credit from big J Manufacturers4 Bottles Fuel Injector Cleaner9 Boxes Air Filters8 Boxes Sparks Plugs$200.00 per bottle$720.00 per box$300.00 per box30 AugProvided service for cash8 small motorbike engines7 Large motorbike engines8 Medium motorbike engines$350.00 per engine$950.00 per engine$550.00 per engine31 AugSupplies on hand5 Boxes Air Filter6 Bottles fuel injector cleaner12 Boxes Spark Plug13 Boxes Brake Shoe9 Boxes Disc Pads$720.00 per box$200.00 per bottle$300.00 per box$580.00 per box$400.00 per boxTo avoid duplication of account names and the use of improper account names, the company has provided the followinglist of accounts used to record its transactions as extracted from its chart of accounts:CapitalCashSuppliesRight Way ManufacturersJ ManufacturersP&S AutoCT LtdService RevenueDiscount AllowedRent ExpenseWages ExpenseSupplies ExpenseFixturesAuto CareLoan NBCDiscount ReceivedElectricity ExpenseDrawings

Name: Record the transactions stated above in the general journal. Assume th
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Record the transactions stated above in the general journal. Assume that a relatively new company you and you group members are involved with has presented you with thefollowing transactions for 2021 from the books of the business. This company opera

Question

Accepted Answer

A journal entry is a form of accounting entry that is used to report a business transaction in a…