Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Crown Trading started a business in November 2020 and it provides the following transactions for the month of November 2020: 1. Started the business with

Crown Trading started a business in November 2020 and it provides the following transactions for the month of November 2020: 1. Started the business with a capital of $100,000 by cash 2. Opened bank account with cash balance of $50,000 3. Purchased goods for $27,000 on credit from Orkin Pte Ltd 4. Withdrew goods for personal use for $2,900 5. Bought stationery for office use $150 by cash 6. Received discount from suppliers for a sum of $3,000 by cheque 7. Returned goods to supplier for $3,500 8. Paid salary to staff $8,000 by cheque 9. Sold goods to Goodwill Limited for $4,900 on credit 10. Paid insurance premium of $2,100 by cheque Required: Prepare the journal entries for the above transactions in the books of Crown Trading for the month of November 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Accounting A User Perspective

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

6th Canadian Edition

470676604, 978-0470676608

Students also viewed these Accounting questions

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago