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Ford Motor Company Transactions for the month of November 2024: Issued $70,000 worth of common stock. Purchased inventory on credit for $30,000. Paid $8,000 for

Ford Motor Company

Transactions for the month of November 2024:

  1. Issued $70,000 worth of common stock.
  2. Purchased inventory on credit for $30,000.
  3. Paid $8,000 for rent.
  4. Sold goods costing $18,000 for $45,000 on credit.
  5. Paid $12,000 in salaries.
  6. Paid $4,000 for utilities.
  7. Collected $35,000 from customers on account.
  8. Paid $10,000 for advertising.

Required:

  1. Prepare the journal entries for the above transactions.
  2. Post the journal entries to the Ledger Accounts.
  3. Calculate the Trial Balance as at 30 November 2024.

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