Question
During the month of May, the following transactions occured: As of May 1, 2011, Khula received a grant of R450 000 from national government May
During the month of May, the following transactions occured:
As of May 1, 2011, Khula received a grant of R450 000 from national government
May 1... Paid rent for 3 months, R42 400.00
May 2... Purchased office supplies for cash, R3169.00
May 3... Purchased office equipment for R79 780.00 by signing a promissory note for a complete amount
May 4... Paid salaries, 250 000
May 5... Purchased office supplies on credit from Waltons co. R4 980
May 6... Interest earned and received from investment , R8 500
May 6... Earned rentals from Musa and co. R18,000
May 8... Paid vehicle expenses, R38.000
May 9... Purchased insurance policy, R24.000
May 10... Paid to Waltons co...R2,900
May 31... Received R9.000 from Musa and co.
- Record the above transactions using General Journal and post to the General Ledger accounts
- Can you explain how a Trial Balance relates to this exercise and what is a Trial Balance in short?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
