Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal. Ali purchased land for Business for $35,000. Paid $20,000 cash....

Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal.

• Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale.


• Purchased additional machinery for Business for $10,000 on cash.


• Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance.


• Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable.


• Paid $15,000 Accounts payable and $30,000 of Note Payable.