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During October 2020, John just started Home Reno business as a sole proprietorship and he...

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Accounting

During October 2020, John just started Home Reno business as a sole proprietorship and he has carried some business activities over the month. please see the list below:

John invested $50,000 cash in Home Reno John purchased annual business insurance for $1,200 John purchased a pickup truck with an auto loan of $35,000 from the car dealer. With the promotion, John will receive the 2 years loan as interest-free. John purchased tools from Rona, $5,000 on credit. John rent a storage space for $300 per month John also paid $100 to advertise his business in the local newspaper. John finished a painting job for $1,500 and send an invoice to his customer Paid for the tool purchased Oct 3 on credit. Received the full payment from the client who he invoiced John received $10,000 from his client for a prepaid flooring job, which he will start next month. Paid $400 for gasoline for his truck which can be recorded as travel expenses Paid his assistant salary, $3,500 John withdrew $5,000 from the business as well. Paid the cellphone bill, $50 John had a meeting with his client and gave an estimated price, $20,000, for an upcoming job Prepare the journal entry for Home Reno.

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