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As of Jan 1,2017.Mr.Jones decided to open a pizza restaurant in Hangzhou.The business will be known as Pizza Hut.During January,Pizza Hut entered into the following transactions

As of Jan 1, 2017. Mr. Jones decided to open a pizza restaurant in Hangzhou. The business will be known as Pizza Hut. During January, Pizza Fii ntred the following transactions: Dr 1. On Jan 1, Mr. Jones invested RMB 80,000 cash into the business. se 2n, Pizza Hut paid six months rent on a shop at Wulin Square for RMB 60,000. The payment was made in cash 3 On Jan 5, Pizza Hut bought a casualty insurance for RMB 3,000. The insurance would cover the coming 6 months. The payment was made in cash 4. On Jan 6t, Pizza Hut purchased office equipment on account for RMB 10,000. The equipment could be used for 10 months 5. On Jan 11, Pizza Hut paid cash for an advertisement published on Hangzhou Daily for RMB 1,000 6. On Jan 15, Pizza Hut sent Pizzas to a party hosted at Zhejang University. The service was provided on account for RMB 15,000 7. On Jan 20h, Pizza Hut paid China Bank RMB 5,000 for part of the debt incurred on Jan 6h, + 8. On Jan 20m, Pizza Hut bought new supplies for RMB 8,000 in cash. 9. On Jan 21, Pizza Hut received the payment of RMB 15,000 made by Zhejlang University of Science and Technology Chen or 10.On Jan.22nd, Mr. Jones withdrew RMB 15,000 for personal use. 11. On Jan 30P Pizza Hut recordedall pizza delivery service it provided in January. The total fees earned were RMB 15,000 in cash. 12. On Jan 31*, Pizza Hut paid Step 1 Analyzing and Recording Step 2 Posting transactions to the ledger ne bill and electricity bill for January. They totaled RMB 250. The payment was made in cash. in the journal
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Step 1: Analysisng and Journalizing Transactions Journal Entries Date Account Debit Credit 01-Jan Cash 80,000 Capital Account Mr Jones To record cash invested in business) 80,000 02-Jan Prepaid Rent Cash 60,000 60,000 (To record payment of rent for 6 months in advance) 05-Jan Prepaid Insurance 3,000 Cash 3,000 To record payment of insurance that covers the coming 6 months) 06-Jan Office Equipment Accounts Payable 10,000 10,000 To record purchase of office equipment on account) 11-Jan Advertisement expense 1,000 Cash 1,000 (To record for payment for an expense incurred for advertisement in cash)

15-Jan Accounts Receivable 15,000 Sales 15,000 To record sales/revenue on account) 20-Jan Accounts Payable 5,000 Cash 5,000 (To record part payment of office equipment purchased on account) 20-Jan Office supplies 8,000 Cash 8,000 (To record purchase of office supplies by payment of cash) 21-Jan Cash 15,000 Accounts Receivable 15,000 To record receipt of payment for sales made on account) 22-Jan Drawings 15,000 Cash 15,000 (To record withdrawal of cash by Mr Jones)15,000 30-Jan Cash Sales 15,000 To record sales of pizza in January in cash) Telephone & electricity 31-Jan expense 250 Cash 250 (To record for payment of expense incurred for January month for telephone and electricity)

Step 2: POSTING TO LEDGER Cash Capital Account 02-Jan Prepaid Rent60,000 3,000 1,000 01-Jan Mr Jones 80,000 Accounts Prepaid 21-Jan Receivable 15,000 05-Jan Insurance Advertisement 30-Jan Sales 15,000 11-Jan expense Accounts 20-Jan Payable 20-Jan Office supplies8,000 22-Jan Drawings 5,000 15,000 Telephone & electricity 31-Jan expense 250 Capital Account Mr Jones 01-Jan Cash 80,000Prepaid Rent 02-Jan Cash 60,000 Prepaid Insurance 05-Jan Cash 3,000 Drawings 15,000 22-Jan CashOffice Equipment Accounts 06-Jan Payable Y 10,000 Accounts Payable Office 20-Jan Cash 5,000 06-Jan Equipment10,000 Advertisement expense 11-Jan Cash Y 1,000 Accounts Receivable 15-Jan Sales 15,000 21-Jan Cash 15,000Sales Accounts 15-Jan Receivable15,000 30-Jan Cash Y 15,000 Office Supplies 20-Jan Cash 8,000 Telephone & Electricity expense 31-Jan Cash 250

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