Please answer complete and working note given below.Look at the following transactions of Normal Company Limited. Prepare journal entry for each transaction give below. Follow a proper format of thejournal entry. All figures are in thousands [10]1. On January 2, 2020, the owner invested a cash of Rs800 in the company.2. On January 2, 2020, the company borrowed Rs200 from a bank.3. On January 3, 2020, the company acquired store equipment for cash Rs30.4. On January 4, 2020, the company acquired inventory for cash Rs240.5. On January 5, 2020, the company acquired inventory on credit Rs20.6. On January 6. 2020, the company acquired inventory for cash Rs20 and the remaining balance of Rs40 in 30 days7. On January 7,2020, the company sold store equipment for cash Rs2.8. On January 8, 2020, the company returned inventory to supplier for full credit, Rs1.6 (further to transaction 6)Options

Journal entries recording is the first step of accounting cycle process, in which atleast one…

Answered: Look at the following transactions of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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