Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Al Shams started on 1st January 2020. The following transactions of the business occurred during January 1. Al Shams started the business by investing $18,000

Al Shams started on 1st January 2020. The following transactions of the business occurred during January 1. Al Shams started the business by investing $18,000 cash 2. Land and an office building were acquired at a cost of 5,500 and 19,800. The company paid 6,300 immediately an established a short-term loan for the remaining balance payable in two years 3. Purchased a mobile phone for personal use $550 4. Design equipment was purchased. The cash price of 2,860 was paid by cheque to the supplier 5. Office supplies totalling $275 was purchased on credit 6. A one-year fire insurance policy was purchased for $880 7. Fashion design commissions of $1,320 were collected from clients for June 8. Al purchased a new ipod for $88 as a birthday gift to his wife 9. An assistant wage of $660 was paid in June 10. Al Shams withdraw $500 from the business for personal use 11. Utility bills totalling 165 dollars for January where is saved and will be paid in early February Required: Prepare a worksheet for the month of June (12 Marks)

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions