Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

in phi You have the following information for ACB company in January 20xo: ($200 per month and pay full in advance). 1o Owner contribute capital

image text in transcribed
in phi You have the following information for ACB company in January 20xo: ($200 per month and pay full in advance). 1o Owner contribute capital 100,000 in cash, also sign a 6-months rental contract for the otican 1# Borrow 5,000 cash from bank. The annual interest rate is 10% 3rd Purchase goods at cost of 3,000 on credit. 5th Purchase car at cost of 20,000 by cash (Depreciation is estimated $500 per month) 6th Sell all of the above goods $4,500 and receive cash 11th Pay for the goods which are bought on 30 by cash 15th Sign a contract to customer for lease a house from 15 January to 15m Jurve. The lease in $500/month. The customer will pay money in the beginning of the month. 20th Deposit 5,000 cash to open-up a bank account Requirement: Record the transactions in January and prepare Trial Balance for the month

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

Recommended Textbook for

Modern Auditing

Authors: William C Boynton, Raymond N Johnson

8th Edition

0471230111, 978-0471230113

More Books

Students also viewed these Accounting questions

Question

Which of the sources is most cost effective?

Answered: 1 week ago