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Prepare general journal entries for Rapid Transport Service

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Reference no: EM132540304

Question - You are an accountant of Rapid Transport Service. The following information is available about the entity's business transactions in June 2019.

June 1 Owner invested $50,000 in the business

June 5 Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days

June 7 Paid office rent for the next six months 10,000

June 12 Sent an invoice to a client for the service provided 2,500

June 14 Received an advance payment of $8,000 from a client for the service will be provided in next 3 months

Required - Prepare general journal entries for Rapid Transport Service. Ignore GST. You may wish to copy the table below when answering this question.

Reference no: EM132540304

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