Question
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
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