Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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)

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

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions