Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.Write up the accounts to record the following transactions 2016 March 1 Started business with $75,000 in the bank and Motor car valued at $12,000

image text in transcribed
1.Write up the accounts to record the following transactions 2016 March 1 Started business with $75,000 in the bank and Motor car valued at $12,000 2.Received a loan of $155,000 from Union Bank 3. Bought a machine for $2,600 paying by cheque 5. Bought a display furniture on credit from Elizabeth Ltd $4,000 15. Repaid part of Union Bank's loan, $3,000 16. Paid salary $1,250 by check 16. bought more furniture $2,500 cash 17. paid amount owing to Elizabeth Ltd $4,300 by cheque 24. Repaid part of the loan of Union Bank $10,000 by check 31. Bought a printer on credit from TJB for $500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Lean Auditing Driving Added Value And Efficiency In Internal Audit

Authors: James C. Paterson

1st Edition

1118896882, 978-1118896884

More Books

Students also viewed these Accounting questions

Question

How does selection differ from recruitment ?

Answered: 1 week ago