Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Farah started a Hairdressing Parlour and completed the following transactions during its first month of operation: 1. Farah invested $30,000 cash and equipment valued at

image text in transcribed
Farah started a Hairdressing Parlour and completed the following transactions during its first month of operation: 1. Farah invested $30,000 cash and equipment valued at $28,000 in the company 2. The company paid a $2,700 cash for first month's rent of the office space 3. The company purchased $1,800 of office supplies on account 4. Office equipment of $13,000 purchased on credit. S. The company made a payment of S1,000 cash on the supplies purchased in transaction No.3. 6. The owner withdrew $700 cash from the company for personal use. 7. The company provided service for a client for 56.300 and immediately collected a $2,500 cash and the balance will be received next week. 8. The company paid $1,800 cash for the ellice secretary's salaries, 9. The company provided services for a group of clients for $5,000 but will recive money after 30 days. 10. The company received utility bill for $760 that will be paid after 15 days. CASH SUPPLIES EQUIPMT CAPITAL DRAWING REVENUE EXPENSE AVR AVP

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

More Books

Students also viewed these Accounting questions

Question

Distinguish between hearing and listening.

Answered: 1 week ago

Question

Use your voice effectively.

Answered: 1 week ago