Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10 Q1 (25 marks) 1. During October, All Pets Veterinary Clinic Ltd. completed the following transactions a) Dr. Squires deposited 58,000 cash in the business
10 Q1 (25 marks) 1. During October, All Pets Veterinary Clinic Ltd. completed the following transactions a) Dr. Squires deposited 58,000 cash in the business bank account. The business issued common shares to her b) Paid monthly rent, $1,000 c) Paid $5,000 cash, and signed a $25.000 note payable to purchase land for an office site. d) Purchased supplies on account, $1,200. e) Paid $600 on account 1) Borrowed $10,000 from the bank for business use. Dr. Squires signed a note payable to the bank in the name of the business. ) Revenues earned during the month included $7,000 cash and $5,000 on account. h) Paid employees' salaries ($2,000), advertising expense ($1,500), and utilities ($1.100) i) Declared and paid a cash dividend of $3,000. Requirements 1. Journalise each transaction of All Pets Veterinary Clinic Ltd. Explanations are not required. 2. Prepare the trial balance of All Pets Veterinary Clinic Ltd, at October 31, 2019. Date General Journal Particulars Debit Credit O
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started