Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

DATE DESCRIPTION Jan 1, 2017 Stated business with cash 10,000 Jan 5, 2017 Purchased goods on credit from SMB Limited for 5,000 Jan 10, 2017

DATE

DESCRIPTION

Jan 1, 2017

Stated business with cash 10,000

Jan 5, 2017

Purchased goods on credit from SMB Limited for 5,000

Jan 10, 2017

Paid in cash to SMB Limited and received 2% discount for the early payment

Jan 15, 2017

Donated 500 as a charity in cash

Jan 20, 2017

Purchase Office Equipment for 3,500 and paid in cash

Jan 25, 2017

Goods with list price of 10,000 was sold at 5% trade discount on cash

Jan 30, 2017

Paid Insurance premium for 500

Jan 30, 2017

Paid Office Rent 1,000 in cash

Jan 31, 2017

Paid Salaries & Wages 3,000 in cash to the office staff

Jan 31, 2017

Paid 250 for repair and maintenance of the building

Jan 31, 2017

Purchase office supplies for 500

Required:

  1. Journal Entries for the above business transactions.
  2. Ledger Accounts
  3. Trial Balances for the month of Jan 2017

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

Wiley CIA Essentials Of Internal Auditing Exam Review 2022 Part 1

Authors: S. Rao Vallabhaneni

1st Edition

1119846285, 978-1119846284

More Books

Students also viewed these Accounting questions

Question

sharing of non-material benefits such as time and affection;

Answered: 1 week ago