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 5 Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days 7 Paid office rent for the next six months $10,000 12 Sent an invoice to a client for the service provided 2,500 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 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 5...

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
	5	Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days
	7	Paid office rent for the next six months $10,000
	12	Sent an invoice to a client for the service provided 2,500
	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.

Jun 02, 2022