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Beta Electronic Products Company (BC) is a Sole Trader business started its business on January, 2021. (BC) plans to prepare a monthly financial statement. Following
Beta Electronic Products Company (BC) is a Sole Trader business started its business on January, 2021. (BC) plans to prepare a monthly financial statement. Following transactions took place during the month. (BC) that specialises in providing computer programming services and selling computer devices and accessories. Analyze transactions using Tabular analysis appropriately and effectively, then journalize the year transactions in a general journal by applying the double entry book- keeping system. Posting the year transactions in a general ledger (T. account). Table 1: "Beta Electronic products company" January/2021- Transactions Trans.# Date /January 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1st 2nd 4th 9th 10th 11th 19th 20th 22nd 29th 28th 29th 30th 30th 30th Transaction The owner invests 200,000 cash in the business. The business purchases office equipment for 50,000 cash. The business purchases supplies for 3,000 on account from a Supply Company (computer paper and other supplies) expected to last for several months. The business receives 10,000 cash from customers for programming services it has provided The business provides 15,000 of programming and maintenance services for a customer. It receives cash of 9,000, and it bills the balance of 6,000 on account. The business purchases on account computer accessories as an inventory in order to resell them. The business purchases 1,000 headsets for 10 each with credit term of 10/10, n/30 The business finds out that 150 pieces of headsets are defective and returns them back to the supplier The business pays the purchases due balance for the supplier. The business sells on account 550units for customers for 50 each, with credit term of 5/15, n/ 30. The customer returns 50 headsets that don't meet the specifications. The business receives the sales due balance from the customers. The business owner withdraws 2,000 cash from the business for his personal use. The business hires a new secretary with basic salary of 1,000. The business receives 15,000 for programming services that will provide during the next 5 months. The business pays the following expenses in cash for January: Store rent 2,000 salaries and wages of employees 5,000 Utilities 1,000. The business purchase a yearly insurance policy for 12,000 cash.
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