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 on January 1. Al-Shams started the business by investing $18,000 cash 2.

Al-Shams started on 1st January 2020. The following transactions of the business occurred on 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 and 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 totaling $275 were 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 on June 10. Al-Shams withdraw $500 from the business for personal use 11. Utility bills totaling 165 dollars for January where is saved and will be paid in early February 

Required: Prepare a worksheet for the month of June

Step by Step Solution

3.49 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

Journal entry worksheet transaction General Journal Debit Credit 1 Cash 18000 Capital Al Shams 18000 ... 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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

13th Edition

8120335643, 136126634, 978-0136126638

More Books

Students also viewed these Accounting questions