You are an accountant of Rapid Transport Service. The following information is available about the entity’s business transactions in June 2019.

 

June 1 Owner invested $50,000 in the business
5 Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days
7 Paid office rent for the next six months $10,000
12 Sent an invoice to a client for the service provided 2,500
14 Received an advance payment of $8,000 from a client for the service will be provided in next 3 months

 

Required:

Prepare general journal entries for Rapid Transport Service. Ignore GST.

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