Question
1 June The opening balance for the following accounts is cash $1500, inventory (books) $6000, motor vehicle worth $5000, capital and accumulated depreciation of motor
1 June The opening balance for the following accounts is cash $1500, inventory (books) $6000, motor vehicle worth $5000, capital and accumulated depreciation of motor vehicle makes up the balance.
1 Company purchased on credit books from BookStore Ltd for $2000.
2 Company purchased from Homedepot office supplies worth $150 using cash.
3 Company returned damaged books, which had cost $600 to BookStore.
4 Company has a cash sale of books for $5530.
5 Company purchased books for $5500 using cash.
6 Company sold books by credit to Lisa for $9000.
7 Some of the books sold on 17 June were returned, and a refund of $1000 was given.
24 Company paid $6000 of 6 months rental. The rental agreement starts from 1 July 2023.
30 A stocktake revealed inventory on hand of $4000. During the stocktake, it was discovered that out of the $4000 inventory amount, $240 had to be written off due to damage from rats.
Info:
The motor vehicle of $5000 was purchased on the 1 June 2022 and depreciated using the straight-line method. The salvage value is $1000 and has a useful life of 5 years.
The ending balance date is 30 June 2023.
Required: enter the above transactions.
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