Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume you are the accounts assistant for Goodman Refrigeration Repair Services. Analyse the following transactions for the business for the week ending 31 March 2019,

image text in transcribed
Assume you are the accounts assistant for Goodman Refrigeration Repair Services. Analyse the following transactions for the business for the week ending 31 March 2019, by completing the journal entries, in a similar manner to the example below. You will need to determine which accoun will be affected, and whether that account should be debited or credited. Question 3 - Transaction Analysis Example 1 March Received $4000 from owner Journal entry Date Accounts affected & (type of account,+or 1 March Cash at bank (Asset+) Debit Cr 4 000 Credit Capital (Equity (Owner invested additional finds to the business) 4 000 Transactions March 23 March 25 March 28 Performed repair services for $660, which was banked Received $150 commission from Sanyo Pty Ltd based on quarterly sales of parts. Attended commercial caterer and repaired freezers. Invoiced the business $350, due 7 days. Paid apprentice wages $720 Client paid invoice from last week, directly to our business bank account, $1,640 Transferred $890 from bank account to pay monthly loan repayment. March 29 March 30 March 31

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

Modernize Your Audit Department Five Critical Areas For Improvement

Authors: Toby DeRoche

1st Edition

B08FKW8B91, 979-8674160274

More Books

Students also viewed these Accounting questions

Question

List the repayment options for a Stafford Loan.

Answered: 1 week ago

Question

Which form of proof do you find most persuasive? Why?

Answered: 1 week ago