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  3. hugh black recently commenced his architectural de

Hugh Black recently commenced his architectural design consulting business which designs buildings for home building...

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Accounting

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Hugh Black recently commenced his architectural design consulting business which designs buildings for home building contractors. The following transactions occurred during the first month of operations. October 1 Hugh contributed $24,000 cash to start the business. October 8 The business purchased new office furniture for $20,000. $5,000 of the purchase price was paid in cash and remaining amount was financed by a 2-year bank loan. October 21 Hugh designed a new two-storey home for his client, Stone Developers and invoiced the client $8,500. October 30 Hugh withdrew $6,000 from the business bank account to purchase a new car for his son, Gavin. Required: (a) Prepare the general journal entries to record the above transactions for the month of October 2022. Narrations ARE required. (6.5 marks) (b) Post the transaction that occurred on the 8th of October to the appropriate general ledger T-accounts. Include the account name at the top of each T-account (4.5 marks)

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