Question
Jack Sparrow began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed
Jack Sparrow began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions:
# | Date | Transactions |
July 1 | The owner invested 500,000 cash along with computer equipment that had a market value of 120,000 two years ago but was now worth 100,000 only. | |
July 2 | Paid 15,000 cash for the rent of office space for the month. | |
July 4 | Purchased 12,000 of additional equipment on credit (due within 30 days). | |
July 8 | Completed work for a client and immediately collected the 32,000 cash. | |
July 10 | Completed work for a client & sent a bill for 27,000 to be paid within 30 days. | |
July 12 | Purchased additional equipment for 8,000 in cash. | |
July 15 | Paid an assistant 6,200 cash as wages for 15 days. | |
July 18 | Collected 15,000 on the amount owed by the client. | |
July 25 | Paid 12,000 cash to settle the liability on the equipment purchased. | |
July 28 | The owner withdrew 500 cash for personal use. | |
July 30 | Completed work for a client who paid 40,000 for 50% of the system design. | |
July 31 | Paid salary of assistant 700. | |
July 31 | Received phone bill, 1,800 and electricity bill 3,800. |
Required: For this business, prepare all 2:
T-accounts (categorized into the expanded accounting equations)!!!
Trial balance!!!!
Thank you <333
Accounting 0:-)
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