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FOA I CH-2 The General Journal For Softbyte.

The General Journal for Softbyte Company details various financial transactions for the year 2018, including cash inflows from share capital, service revenue, and bank loans, as well as cash outflows for expenses, purchases, and dividends. Key transactions include the issuance of ordinary shares for cash, purchases of insurance and computer equipment, and payments for various expenses. The journal reflects the company's financial activities, highlighting both assets and liabilities.

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3 views

FOA I CH-2 The General Journal For Softbyte.

The General Journal for Softbyte Company details various financial transactions for the year 2018, including cash inflows from share capital, service revenue, and bank loans, as well as cash outflows for expenses, purchases, and dividends. Key transactions include the issuance of ordinary shares for cash, purchases of insurance and computer equipment, and payments for various expenses. The journal reflects the company's financial activities, highlighting both assets and liabilities.

Uploaded by

seid mohammed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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The General Journal for Softbyte Company is as follows

GENERAL JOURNAL: TWO COLUMN


Date Account Titles and Explanation
2018
PR Debit Credit
January 1, Cash 101 $50,000
Share capital- ordinary 301 $50,000
(Issued ordinary shares for cash)
January 1 Prepaid insurance 104 4,200
Cash 101 4,200
(Purchase of insurance policy for cash)
January 1 Cash 101 20,000
Bank loan payable 203 20,000
(Money borrowed from bank)
January 3 Computer equipment 105 7,000
Cash 101 7,000
(Purchase of Computer on cash)
March 10 Supplies 103 1,600
Account payable 201 1,600
(Purchase of supplies on credit)
May 7 Land 107 20,000
Cash 101 20,000
(Land purchased on Cash)
May 23 Cash 101 5,200
Service revenue 401 5,200
(Providing service on cash)
June 11 Advertising expense 501 1,250
Account payable 201 1,250
(Receiving advertising service on credit)
July 15 Cash 101 16,000
Account receivable 102 14,000
Service revenue 401 30,000
(Providing service on cash and credit)
August 19 Rent expense 502 9,000
Salary expense 503 5,000
Utility expense 504 7,000
Miscellaneous expense 505 1,750
Cash 101 22,750
(Payment of cash for expenses)
September Account payable 201 1,250
30 Cash 101 1,250
(Payment of Accounts Payable)
November Cash 101 10,000
23 Account receivable 102 10,000
(Receipt of cash on account)
December Dividend 303 1,000
31
Cash 101 1,000
(Dividend paid to shareholders)

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