Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please In the following exercises, perform the analysis, apply the debit and credit rules, record the entry and move to G/L schemes, as was

help please
image text in transcribed
In the following exercises, perform the analysis, apply the debit and credit rules, record the entry and move to G/L schemes, as was done in the explanation. In the resolution, cash or bank accounts can be used indistinctly when cash or cash is involved. 1. We buy goods in cash for $25,000. 2. We sell goods in cash for $20,000. 3. We pay suppliers cash for $14,000 4. We purchase goods on credit for $17,000. 5. Deposited $15,000 in cash at the bank. 6. Partner contributions of $30,000 in cash. 7. Withdrawal of members; paid $22,000 in cash. 8. Member withdrawals; $29,000 outstanding, 9. Signing of a bill of exchange to secure a debt to creditors for $35,000. 10. Payment of a bill of exchange for $6,000. 11. Payment of selling expenses for $13,000. 12. Administrative expenses accrued and pending payment during the period amounted to $9,000. 13. We paid creditors $4,000 in cash. 14. Increase in the legal reserve for $2,000 charged to the profit for the period. 15. The company suffered a $13,000 cash robbery (committed by assailants)

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_2

Step: 3

blur-text-image_3

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

Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective

Authors: Clyde P. Stickney, Paul Brown, James M. Wahlen

6th Edition

0324302959, 9780324302950

More Books

Students also viewed these Accounting questions

Question

What is carpal tunnel syndrome?

Answered: 1 week ago