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i need answer for the following questions Outlook 1:26 AM READ ONLY - This is an older file f... more Upgrade a copy Date Transaction
i need answer for the following questions
Outlook 1:26 AM READ ONLY - This is an older file f... more Upgrade a copy Date Transaction Jan 1 Started business by investing $5,000 as initial capital Jan 2 An amount of $36,000 was paid as advance rent for three months. Jan 3 Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17,600 on account. Jan 13 Provided services to its customers and received $28,500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January, aggregating $19,100. Jan 18 Provided $54,100 worth of services to its customers. They paid $32,900 and promised to pay the remaining amount. Jan 23 Received $15,300 from customers for the services provided on January 18, Jan 25 Received $4,000 as an advance payment from customers. Jan 26 Purchased office supplies costing $5,200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: $19,100. Jan 31 Received electricity bill of $2,470 and telephone bill $1,494. REQUIRED Task A-Record journal entries of the above transactions with the brief narration. (15 marks) Task B - Prepare the following 'T Accounts' - (5 marks) a. Cash account b. Capital Account (Total 20 Marks) --End of Assignment paper
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