Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kimberley Kites had the following transactions in January 2014 : 1 Jan: Owner contributed R10 000 into the business bank account as his initial contribution.

Kimberley Kites had the following transactions in January 2014:


1 Jan: Owner contributed R10 000 into the business bank account as his initial contribution.


2 Jan: Purchased 20 hand-painted kites for cash from a small supplier in Ocean View for R250 each.


6 Jan: Purchased a sander (which will be used to smooth the kite frames) for R4 000 on credit from Mica Hardware.


18 Jan: Sold 3 kites on credit to Total Sports for R450 each.


25 Jan: Sold 2 kites for R480 cash each and deposited the money into the business bank account.


27 Jan: Purchased prepaid electricity amounting to R1 000 for cash. The electricity will only be used in February 2010.


30 Jan: The owner, who had forgotten that it was her niece's birthday, took a kite from the shop as a birthday present.


31 Jan: Paid wages for January 2010 amounting to R600.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To analyze Kimberley Kites transactions for January 2014 lets categorize them into relevant accounti... 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

Document Format ( 2 attachments)

PDF file Icon
6642454a91685_983711.pdf

180 KBs PDF File

Word file Icon
6642454a91685_983711.docx

120 KBs Word File

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

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Accounting questions

Question

7. Why is using new learning in the workplace so important?

Answered: 1 week ago