Journalize the Following Transactions for Benjies's Repair Shop and Prepare

question 138

Essay

Journalize the following transactions for Benjies's Repair Shop and prepare a trial balance dated June 30, 2019.
a)Owner, Benjie Brown invested $6,000 cash into the business.
b)Rented a garage and paid one month's rent, $1,200.
c)Purchased $80 of supplies for cash.
d)Performed repair services on account, $1,700.
e)Paid $1,100 cash for equipment.
f)Owner, Benjie Brown withdrew $500 cash for personal use.

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Definitions:

Market Value Method

An accounting approach that values and records assets and liabilities based on their current market prices.

Book Value Method

A method of accounting that determines an asset's value based on its original cost minus any depreciation, amortization, or impairment costs.

Incremental Interest Rate

The interest rate used for calculating the present value of future cash flows that differ from the interest rate in the original contract.

Cash Sales Price

The amount of cash received from a transaction before any deductions, like discounts or returns.