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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