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C1 -Transactions of Sky Company for the month of January 2018 are presented below: 1. The owner invested $600,000 to start his business. 2. Purchased
C1 -Transactions of Sky Company for the month of January 2018 are presented below: 1. The owner invested $600,000 to start his business. 2. Purchased equipment for $72,000, paying $18,000 cash and the remaining amount will be paid after 10 days. 3. Received a bill for $1,800 for advertising of the current month. 4. Purchased supplies on account for $4,800 5. Paid $15,000 as salaries of the month. 6. Invested additional $240,000 cash in the business. 7. Services billed to customers amounted to $30,000. 8. The owner withdrew $2,100 cash from the business for his personal use. Required: 1- Prepare journal entries to record the above transactions. (5 marks) 2- Post to the appropriate ledger accounts. (3 marks) 3- Prepare the trial balance on January 31, 2018. (2 marks)
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