Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(ii) The following transactions related to the affairs of DAIMA Photo Studio: 1. Paid telephone bill of Sh.1,150 cash. 2. Purchased office supplies Sh.20,000 on
(ii) The following transactions related to the affairs of DAIMA Photo Studio: 1. Paid telephone bill of Sh.1,150 cash. 2. Purchased office supplies Sh.20,000 on credit. 3. The owner invested an additional Sh.35,750 in the business. 4. Received Sh.1,850 in cash from a customer as an advance payment for photography work to be done. Page 1 of 4 5. Paid Sh.20,000 for supplies paid on credit. 6. Billed a customer Sh.5,000 for photography services performed. 7. Owner withdrew Sh.5,750 from the business for living expenses. REQUIRED Draw up the journal entries required to record the above transactions. (9 Marks) TOTAL: 25 MARKS
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