Question

1) Record journal entries for the business transactions that occurred in June for Tristan’s Tacos:

a) Tristan’s Tacos bought $10,000 worth of food inventory, paying half on account and half in cash

b) Tristan’s Tacos had credit card sales of $50,000

c) Tristan’s Tacos paid wages of $8000

Answer 1

Assumption : It is assumed that Tristan's Tacos paid wages in cash and the opening cash balance in June was more than $3,000.

Journal entries for business transactions in June For Tristan's Tacos are as below:

Sl. No.	Account	Debit (in $)	Credit (in $)
a)	Purchases A/c Dr.	10,000
	To Creditor A/c		5,000
	To Cash A/c		5,000
	(Being food inventory purchased half on account and half in cash)
b)	Debtors A/c Dr.	50,000
	To Sales A/c		50,000
	(Being credit sales made)
c)	Wages A/c Dr.	8,000
	To Cash		8,000
	(Being wages paid in cash)