Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Amal opened Real estate company on April 1, 2020. During April, the company completed the following transactions April, 1 Shareholders Invested 30,000 cash In the
Amal opened Real estate company on April 1, 2020. During April, the company completed the following transactions April, 1 Shareholders Invested 30,000 cash In the business in exchange for ordinary shares. Purchased a bus for 20,000, paying 6,000 cash and the balance on account. 3 Purchased office supplies for 3,400 on account. 4 Signs a one-year lease agreement, paid the annual amount (3,600) upfront at the beginning of the year. 7 Provides 8,400 in services to a customer who asks to be billed for the services. 15 Paid 2,000 of amount owed on the Bus, and 800 of amount owed on office Supplies. 18 Pays a 3,800 utility bill with cash 20 Collected 4,800 from customers billed on April 7. 25 Real estate billed to clients amount to 4,200. company 28 The owner withdrew 8,00 cash for personal use 30 Paid 1000 cash dividends. Instructions 1) Enter the transactions of the period in appropriate journals. 2) Post from the journals to the ledger. 3) Prepare a trial balance. 4) Prepare an income statement. 5) Prepare owner's equity statement (Retained earnings). 6) Prepare the balance sheet at April 30
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