Global Delivery opened for business on July 1, 2019. The company uses the general ledger accounts listed below. During the first month of business, the firm had the transactions listed below. Record the transactions on page 1 of a general journal. Omit descriptions. Set up a Cash general ledger account and post the appropriate transactions to this account, account 101.
Definitions:
Sole Proprietorship
A business structure in which one individual owns all of the company's assets, is responsible for its debts, and reports its business income on their personal tax return.
Non-Profit
An organization dedicated to furthering a particular social cause or advocating for a shared point of interest and does not distribute its surplus funds to owners or shareholders.
Personal Use
The use of a property or item by the owner or their family for non-business and non-rental purposes, affecting the tax implications of expenses related to the property or item.
Schedule E
Schedule E is a form used by taxpayers to report income and losses from rental property, royalties, partnerships, S corporations, estates, and trusts on their tax returns.
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