PA5.LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1.The owners invested $8,500 from their personal account to the business account.Paid rent $650 with check #101.Initiated a petty cash fund $550 check #102.Received $750 cash for services rendered.Purchased office supplies for $180 with check #103.Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days.Received $1,200 cash for services rendered.Paid wages $560, check #105.Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106.Increased Petty Cash by $100, check #107.

A journal is a detailed account that records all the financial transactions of a business, to be…

Answered: Prepare the journal entries in the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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PA5.LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1.

The owners invested $8,500 from their personal account to the business account.
Paid rent $650 with check #101.
Initiated a petty cash fund $550 check #102.
Received $750 cash for services rendered.
Purchased office supplies for $180 with check #103.
Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days.
Received $1,200 cash for services rendered.
Paid wages $560, check #105.
Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106.
Increased Petty Cash by $100, check #107.

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