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Assignment Question Mt. Josh Edinburgh started a company titled Ryerson Computers that specialized in computer equipment and accessories. In April 2020, the following transactions were
Assignment Question Mt. Josh Edinburgh started a company titled "Ryerson Computers" that specialized in computer equipment and accessories. In April 2020, the following transactions were made: L. The owner personally borrowed $100,000 from a bank. He invested the money from the bank in the business. 2. Purchase of Specialized equipment $10,000. 50% of this amunt was paid in cash and the remaining was on credit. 3. Rented an office space for conducting administrative activities. The office will cost $5000 per month 4. Purchased office supplies $10,000). No cash was paid for the transaction 5. Placed an order for computer parts worth $5000 to a local supplier. The supplier will deliver the parts in May. 6. Made an advertisement in Facebook. The advertisement cost $1000. The entire amount was settled in cash 7. Hired 3 employees for the office. Each will be paid $1000 per month. 8. Sold 5 computers for $10,000. 6% of this amount was received in cash and the remaining on credit 9. Advance cash of SSCO was received for computer parts to be delivered in June, 2020. 10. One of the equipment's broke down. The business had to sell it to a scrap dealer. It was sold for $1000. The cost of the equipment was $1500 11. The office rent, $5000, was paid in cash. Employees' salary $3000 incurred and was paid in cash. 12.50% of all of the accounts payable due in April was paid in cash. Ryerson Computers uses the following accounts: Cash, Equipment, Accounts Payable, Unearned Sales Revenue, Owner's Capital, Sales Revenue, Supplies, Advertising Expense, Salaries and Wages Expense, Rent Expense, Loss in sale of equipment Required: 1. Prepare Journal entries. 2. Prepare Ledger Accounts. 3. Prepare Trial Balance
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