Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

General Journal of Smith Ltd the two journal entries that have yet to be posted: Date General ledger account name affected by the transaction: Dr

General Journal of Smith Ltd the two journal entries that have yet to be posted:

Date

General ledger account name affected by the transaction:

Dr

Cr

29/3/19

Dr Machinery

450 000

Cr Loan payable

450 000

( to record the purchase of machinery)

29/3/19

Dr Cash

50 000

Dr Accumulated depreciation - machinery

470 400

Dr Loss on sale

19 600

Cr Machinery

540 000

( to record the sale of an item of machinery)

Cash

$

$

01/3/19

Opening balance

245,000

29/3/19

Accounts payable

220,200

29/3/19

Accounts receivable

300,980

Machinery

$

$

01/3/19

Opening balance

1,450,000

Accumulated depreciation - Machinery

$

$

01/3/19

Opening balance

680,000

29/3/19

Depn expense

63,000

Loan payable

$

$

Gain/Loss on sale of machinery

$

$

The balances, of the above GL accounts, to be included in the SFP, as at 31/3/19, would be:

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

Students also viewed these Accounting questions