Boris Gardner started a CD distribution business, by investing part of his Heineken Startime earnings. On September 1, 2009 he had the following items Fixtures and Fittings 30,000 Equipment 25,000 Motor Van 120,000 Stock of Goods 100,000 Bank 5,000 The business was financed at 40% by a loan from an investment bank. Use a general journal to illustrate the opening entries of the business.
. Boris Gardner started a CD distribution business, by investing part of his Heineken
Startime earnings. On September 1, 2009 he had the following items
Fixtures and Fittings 30,000
Equipment 25,000
Motor Van 120,000
Stock of Goods 100,000
Bank 5,000
The business was financed at 40% by a loan from an investment bank. Use a
general journal to illustrate the opening entries of the business.
Every organization conducts a large number of financial transactions in its business. Organizations should record all transactions in their books. The first step in recording transactions is a general journal. Some transactions are recorded in specific journals, but not all such specific journals are sales journals, purchase journals, and cash payment journals.
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