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  3. uchampion (uc) shop commenced business on 1 may 20

uChampion (uC) Shop commenced business on 1 May 2022. $ May-22 The following transactions occurred...

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Accounting

uChampion (uC) Shop commenced business on 1 May 2022. $ May-22 The following transactions occurred during the first month of operations: 1 Jenny, the owner, invested cash into the business. 22000 1 Paid in cash for shop furniture. 4000 1 Prepaid in cash for a 6 month insurance policy effective from 1 May. 1440 6 Acquired shop equipment of total value on following terms. 6000 Paid in cash for above shop equipment 2000 The rest of the balance to be paid in 30 days 4000 22 Jenny withdrew cash from the business bank account for personal use. 400 31 Total amount billed to customers for services provided during the month on following terms 16000 Received cash towards revenue 9600 Credit revenue to be received in cash in next month 6400 31 Paid May salary expenses in cash. 1200 31 Accrued operating expenses for May to be paid in June. 1800 31 Depreciation expense on equipment for month of May 220 31 Calculate and record the expired insurance premium for May. $? Required: Prepare the general journal entries to record the above transactions. 20 marks Narrations are required. Assume that GST does not apply.

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