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Question 5 Prepare general journal entries to record the following transactions for XYZ...

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Question

Accounting

Question 5

  1. Prepare general journal entries to record the following transactions for XYZ Group that occurred during January 2018:

Date occurred

Transactions

3 January 2018

A bill for utilities used was received $990

10 January 2018

Rent for the current month was paid by cheque $2,000

15 January 2018

A salary of $1,900 was paid by cheque

21 January 2018

Interest income accrued but not recorded $5,000

27 January 2018

Installation of furniture fitted to the clients premises for cash $4,500

  1. If you make profit in your business, will you expect to see equity increasing or decreasing? Why?

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