Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the past several years, John Addams has operated a part-time business from his home. As of April 1, 2017, John decided to move

image text in transcribed

For the past several years, John Addams has operated a part-time business from his home. As of April 1, 2017, John decided to move to rented quarters and to operate the business, which was to be known as Addams & Family Inc., on a full-time basis. Addams & Family entered into the following transactions during April: April4: The following assets were received from John Addams: cash, Rs. 14,000 accounts receivable, Rs.2,000; supplies, Rs. 1,850; and office equipment, Rs.17,500. April4: Paid three months' rent on a lease rental contract, Rs.4,500 April4: Inventory Lost by fire Rs. 750 April4: Paid the premium on property and casualty insurance policies for the year, Rs.1,800 April 6: Received cash from clients as an advance payment for services to be provided, Rs.3,000 April 7: Purchased additional office furniture on account from Morrilton Company, Rs. 1,800 Page 2 of 4 April 8: Received cash from clients on account, Rs.800. April 11: Paid cash for newspaper advertisement, Rs.120. . April 15: Recorded services provided on account for the period April 4-15, Rs.2,250 April 15: Paid part-time receptionist for two weeks' salary, Rs.400. April 18: Paid cash for supplies, Rs.750. April 22: Recorded services provided on account for April 18-22, Rs.1,100 April 25: Received cash from clients on account, Rs.1,600 || April27: Returned office furniture of Rs. 1,200, purchased on April 07 because of low quality April27: Paid part-time receptionist for two week's salary, Rs.400. April 29: Recorded cash from cash clients for fees earned April 25-29, Rs.2,050 April 29: John received Rs.4,500 from the company as his salary. Required: Journalize each Transaction in a two-column journal and prepare the ledger of Cash A/C

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

Principles of Cost Accounting

Authors: Edward J. Vanderbeck, Maria Mitchell

17th edition

9781305480520, 1305087402, 130548052X, 978-1305087408

More Books

Students also viewed these Accounting questions