Question One: (21 Marks) You are presented with the following transactions for Olympic Enterprises Ltd....
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Question One: (21 Marks) You are presented with the following transactions for Olympic Enterprises Ltd. for the month of January, Below each transaction prepare the appropriate Journal Entry if no entry is required, please write "No Entry Required": January 1": Purchased supplies on account, $800. January 3". Purchased equipment for $10,000 by signing a bank loan due in three months. January 10: Earned service revenue of $60,000. of this amount, $20,000 was received in cash. The balance was on account. January 13": Declared and paid $500 of dividends to shareholders. January 18": A customer paid $6,000 in advance for services to be performed next month. January 20: Paid the amount owing for the supplies purchased on January 1". January 23": Collected $10,000 of the amount owing from the January 10 transaction. January 24": Paid office expenses for the month, $22,000. January 27": Recorded salaries due to employees for work performed during the month, $10,000. January 28": Paid interest of $50 on the bank loan signed on January 3rd
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