Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I Mirror Limited is engaged in nail beauty services and has opened the following accounts: Cash Accounts Receivable Supplies Fixtures Accounts Payable Share Capital Rent
I Mirror Limited is engaged in nail beauty services and has opened the following accounts: Cash Accounts Receivable Supplies Fixtures Accounts Payable Share Capital Rent Expense Salaries Expense Revenue Earned Note payable Office equipment The following transactions were occurred in Mirror Limited in March 2021 2021 Mar 1 Mar 2 Mar 5 Mar 6 Mar 9 Mar 13 Mar 15 Mar 17 Mar 18 Mar 24 Mar 27 Mar 30 Issued share capital in exchange for $5,600 cash. Bought supplies on account amounting to $4,000. Rendered services amounting to $1,740. Receive cash. Paid salary in cash $280. Bought supplies by cash $920. Rendered services to Karl, our customer, amounting to $1,780. He will pay the amount by the end of this month. Bought shop fixtures on account $1,000. Returned $400 supplies purchased on Mar 2. Karl settled the outstanding amount related to services rendered on Mar 13. Paid half of the outstanding amount purchased on Mar 2. Rendered services for $12,800, of which $6,000 was received in cash and the balance was due in the following month. Purchased office equipment from Diamond's Warehouse for $3,700; paid $1,700 cash and issued a note payable due in 90 days for the balance. Required: Prepare journal entries to record the above transactions for Mirror Limited. (No explanation is required)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started