6 Adjusting entry can be different in three accounts, explain it (3 marks) 7 How can you close the accounts reports in the book And what should you close and what you should not (2 marks) 8 Record the flowing transactions (10 marks) 1) Ahmed and a few friends invest $30,000 to open a supermarket, and the business issues common stock to the stockholders 2) Ahmed buys supplies on account, with agreeing to pay $1,300 within 15 days 3) 3 Ahmed pays $500 on account, which means to make a payment toward an account payable 4) At the end of the month Ahmed pays $ for the following expenses rent $500 employee salaries, $800 and utilities, $300 5) Ahmed declares a dividend and pays the stockholders $1,000 cash 6 Adjusting entry can be different in three accounts, explain it (3 marks) 7 How can you close the accounts reports in the book And what should you close and what you should not (2 marks) 8 Record the flowing transactions (10 marks) 1) Ahmed and a few friends invest $30,000 to open a supermarket, and the business issues common stock to the stockholders 2) Ahmed buys supplies on account, with agreeing to pay $1,300 within 15 days 3) 3 Ahmed pays $500 on account, which means to make a payment toward an account payable 4) At the end of the month Ahmed pays $ for the following expenses rent $500 employee salaries, $800 and utilities, $300 5) Ahmed declares a dividend and pays the stockholders $1,000 cash

Question

6 Adjusting entry can be different in three accounts, explain it  (3 marks) 7 How can you close the accounts reports in the book  And what should you close and what you should not  (2 marks) 8  Record the flowing transactions  (10 marks) 1) Ahmed and a few friends invest $30,000 to open a supermarket, and the business issues common stock to the stockholders  2) Ahmed buys supplies on account, with agreeing to pay $1,300 within 15 days  3) 3  Ahmed pays $500 on account, which means to make a payment toward an account payable  4) At the end of the month Ahmed pays $ for the following expenses  rent $500  employee salaries, $800  and utilities, $300  5) Ahmed declares a dividend and pays the stockholders $1,000 cash  6 Adjusting entry can be different in three accounts, explain it  (3 marks) 7 How can you close the accounts reports in the book  And what should you close and what you should not  (2 marks) 8  Record the flowing transactions  (10 marks) 1) Ahmed and a few friends invest $30,000 to open a supermarket, and the business issues common stock to the stockholders  2) Ahmed buys supplies on account, with agreeing to pay $1,300 within 15 days  3) 3  Ahmed pays $500 on account, which means to make a payment toward an account payable  4) At the end of the month Ahmed pays $ for the following expenses  rent $500  employee salaries, $800  and utilities, $300  5) Ahmed declares a dividend and pays the stockholders $1,000 cash

Accepted Answer

The Answer is in the image, click to view ...

Question

6-Adjusting entry can be different in three accounts, explain it? (3 marks) 7-How can you close the accounts reports in the book? And what should

Step by Step Solution

Step: 1

Get Instant Access with AI-Powered Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Income Tax Fundamentals 2013

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question