Question
Lina started her own accounting firm, MAZE - ING, on 1 April 2015. The following transactions occurred during the month of September 2020. Their financial
Lina started her own accounting firm, MAZE - ING, on 1 April 2015. The following transactions occurred during the month of September 2020. Their financial year starts on the 1 July and ends on 30 June.
Date | Transactions |
1 | Lina contributed $50,000 cash to the business. |
2 | The business borrowed a $40,000 loan (due in 3 years) from the bank. |
15 | Provided $6,600 (GST Inclusive) of services on credit. |
25 | Received $4,000 cash from credit customers. |
29 | Paid $770 utilities (GST inclusive) for the month. |
29 | Paid $5,000 off an amount owing to the bank. |
30 | Withdrew cash of $2,000 from the business for personal use. |
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