Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jumbo Ltd . is a furniture manufacturer and retailer. You are closing the books of the company for the year ended 30 June 2018. The

Jumbo Ltd . is a furniture manufacturer and retailer. You are closing the books of the company for the year ended 30 June 2018. The following are the transactions: (i) The company paid salaries of Ksh 80,000 for June 2018 on 4 July 2018. Total salaries for the year 2018 do not already include this figure. (ii) On 5 July 2018, the company received utility bills totaling Kshs. 35,000. (iii) Annual rent of Kshs 120,000 on Outlet B was paid on 1 January 2018 and it was recorded as prepaid rent. (iv) Semi-annual rent of Kshs.40,000 on Outlet A was also paid on 1 April 2018 and the whole amount was charged to the income statement. (v) On 30 June 2018, Kshs 60,000 was paid on account of 5-year premium membership of relevant business association. Required: Show the journal entries for each of the above transactions (10 Marks)

show and explain all procedures please.

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

Wiley CPA Exam Review Auditing And Attestation 2011

Authors: Patrick R. Delaney, O. Ray Whittington

8th Edition

0470554347, 978-0470554340

More Books

Students also viewed these Accounting questions

Question

i need 6 1 7 .

Answered: 1 week ago