ACC202 Assignment 1

Eida Accessories has the following assets and liabilities as on 30 November 2022: Account Payable $2,800; Equipment $6,200; Car $7,300; Inventory $8,100; Account Receivable $4,050; Cash at bank $9,100; Cash in hand $195.

You are not given the capital amount at that date. During the first week of December 2022:

(a) Eida bought extra equipment on credit for $110.

(b) Eida bought extra inventory by cheque $380.

(c) Eida paid Account Payable by cheque $1,150.

(d) Account Receivable paid Eida $640 by cheque and $90 by cash.

(e) Eida put in an extra $1,500 into the business, $1,300 by cheque and $200 in cash.

You are required to:

1. Calculate the capital amount at 30 November 2022.

2. Post the transactions in the first week of December into relevant accounts and derive the account balances.

3. Draw up the trial balance on 7 December 2022 after the above transactions have been completed.