Answered step by step
Verified Expert Solution
Question
1 Approved Answer
CI - Transactions of Rose Company for the month of July 2019 are presented below: July 1: Rose invested $375,000 to start his business. July
CI - Transactions of Rose Company for the month of July 2019 are presented below: July 1: Rose invested $375,000 to start his business. July 5: Purchased equipment for $45,000, paying $11,250 cash and the remaining amount will be paid after 15 days. July 10: Purchased supplies on account for $3,000. July 14: Services billed to customers amounted to $18,750. July 17: Invested additional $150,000 cash in the business. July 25: Received a bill for $1,125 for advertising of the current month. July 28: Paid $9,375 as salaries of the month. July 30: Rose withdrew $1,300 cash from the business for his personal use. Required: a- Prepare journal entries to record the above transactions. (4 marks) b- Post to the appropriate ledger accounts. (4 marks) C- Prepare the trial balance on July 31, 2019. (2 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started