Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash 100,000 Banks 25,000 Bank Loans 110,000 Notes Receivable 30,000 Merchandise Inventory 310,000 Notes Payable 80,000 Fixtures 200,000 Transportation Equipment 70,000 Mr. Alex started his

Cash

100,000

Banks

25,000

Bank Loans

110,000

Notes Receivable

30,000

Merchandise Inventory

310,000

Notes Payable

80,000

Fixtures

200,000

Transportation Equipment

70,000

Mr. Alex started his business at March, 1 with the above assets and liabilities. The intra-period transactions of the business are as follows:

December 4: The amount of TL 125,000 merchandise inventory is sold, of which 80,000 TL is paid in cash.

December 10: The rent amounting to TL 15.000 is paid through banks.

December 15: Buyer deposits 40.000 TL in the bank account of the business in return for his debt.

December 20: Merchandie inventory worth 30.000 TL are purchased. 20.000 TL part of the cost of the goods is due. A check is given for the remaining amount.

December 24: Goods worth TL 40,000 were sold. For the amount of 15.000 TL of the cost of the goods, a check was received for the remaining amount.

December 26: Due debt amounting to TL 60.000 has been paid.

December 28: The amount of checks received on December 24 was collected through banks.

December 30: Stationery material amounting to TL 2000 was purchased for cash.

a)Let's record what Alex had on his first job as a journal entry. If there is a missing item, you have to calculate it and replace it

b) Afterwards, save the inra-period transactions as journal entrie and ledger.

This lesson is Accounting principles. I will like you if solve it :) Thanks <3 <3 <3

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

Students also viewed these Accounting questions

Question

3. Explain the forces that influence how people handle conflict

Answered: 1 week ago