Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with that? Please write every equation plz Harvey runs a small business selling e-bikes (which are imported from overseas). In February

image text in transcribed

Can someone help me with that? Please write every equation plz

image text in transcribed

Harvey runs a small business selling e-bikes (which are imported from overseas). In February 2018 which was the first month of business Harvey had the following transactions 1. Obtained a bank loan for $55,000 repayable in two years time 2. Purchased inventory for $35,000 and paid $15,000 in cash and the balance to be paid in May 2018 3. Paid a bond (deposit) of $6,000 on the retail shop that he opened. Harvey managed to negotiate 3 months' rent free period. The bond is repayable when the lease expires at the end of one year 4. Purchased furniture and equipment for $5,000. 5. Harvey paid $15,000 from his personal bank account into the business bank account as capital. Required: a) Record the following transactions using the worksheet on page 4 of the answer booklet. (5 marks) b) Prepare the balance sheet as at 28 February 2018 using the worksheet on page 4 of the answer booklet. (4 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

Keys To Reading An Annual Report

Authors: George T. Friedlob, Ralph E. Welton

4th Edition

0764139150, 978-0764139154

More Books

Students also viewed these Accounting questions