Question:

Please prepare for me a General Ledger on the following transactions?

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On July 1 Mr. John organized a company by opening a bank account in company's name with deposit of US$ 80,000

On July 11 he purchased a building for office purpose for total price US$ 128,000 a cash down payment of 30,000 was made and a note payable was issued for the balance of purchase price

Office furniture was purchased from ABC furniture compay at price of 8,000 on july 21.

On July 29 a portion of furniture was found defective and was returned back to ABC furniture company. The defective portion costs 1000

On August 12 the remaining liability to ABC company was paid in full.

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  1. On July 1 Mr. John organized a company by opening a bank account in company's name with deposit of US$ 80,000

    Dr Cash $80,000

    Cr Share capital $80,000

    On July 11 he purchased a building for office purpose for total price US$ 128,000 a cash down payment of 30,000 was made and a note payable was issued for the balance of purchase price

    Dr Building $128,000

    Cr Cash $30,000

    Cr Note payable $98,000

    Office furniture was purchased from ABC furniture compay at price of 8,000 on july 21

    Dr Furniture $8,000

    Cr Accounts payable $8,000

    On July 29 a portion of furniture was found defective and was returned back to ABC furniture company. The defective portion costs 1000

    Dr Accounts payable $1,000

    Cr Furniture $1,000

    On August 12 the remaining liability to ABC company was paid in full

    Dr Accounts payable $7,000

    Cr Cash $7,000

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