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Can someone help me with explanations? (1) Maxim stated a business with $10,000 cash (2) Bought for cash a Legend ($3,000) and an Apple Mac
Can someone help me with explanations?
(1) Maxim stated a business with $10,000 cash (2) Bought for cash a Legend ($3,000) and an Apple Mac ($2,500) on credit (3) Sold the Legend for $4,500 on credit (4) Received a telephone bill for $100 which he paid (5) Sold the Apple Mac for $3,800 cash (6) Drew $600 in cash from the business (7) Paid motor expenses of $40 (8) Received a bill for rent, $90 (9) Received $300 from Denis as a loan repayable in two years' time (10) Accrued $10 interest expense on this loan Prepare: i general journal for the transactions; (i) ledger accounts showing descriptions and balances; (ii) a trial balance; (iv) a statement of profit or loss (income statement) for the period; (v) a statement of financial position (balance sheet)Step by Step Solution
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