Accounting

Accounting NenaCo. STARTING THE BUSINESS JOURNAL ENTRIES: PART -1 You Started a business called NenaCo. and have had the following transactions to get “up and running”. 1/ 1 You setup a corporation and you invested all your savings amounting to $30,000 in the company to get it started. 1/ 2 Now that you have thought it over, you figure your original investment might not be enough. So the company obtains additional financing by borrowing another $20,000 from a local bank for two years at 12% interest. 1/ 3 Entered into a two-year lease for a shop to conduct operations. The rent is $2,000 per month and the company is required to pay the first (January) and last months rent upon signing the lease. In addition a security deposit of $500 is required. 1/ 4 As it would be nice to have something to put in our store, the company decides to buy furniture and fixtures for $15,000. 1/ 5 A security alarm is installed in the store. The cost of the alarm is $1,200; the guy who installed the alarm gives you a bill. You decide to pay the bill next month. 1/ 6 As things seem to be moving along, company, month, interest, entries, cash, should, paid, been, balance, sheet, purchased, january, it’s, business, salaries, run, per, part, new, first, financial, contract, adjusting, additional, ad, $5000, work, store, statements, starting, started, sell, secretary, rent, received, purchases, purchase, previous, over, now, nice, next, merchandise, local, investment, installed, half, following, ending