Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

McDonald's exercise McDonald's completed the following transactions during June and July 2017. McDonald's started its operations on 1st of June 2017. 1 June: The

image text in transcribedimage text in transcribed

McDonald's exercise McDonald's completed the following transactions during June and July 2017. McDonald's started its operations on 1st of June 2017. 1 June: The company established its capital. The capital consisted of 35,000 cash, 55,000 Land, 2,000 Vehicles and 15,000 Buildings. 4 June: The company purchased supplies for 12,000 on credit. 8 June: The company purchased supplies for 2,500, 50% on credit and 50% by cash. 13 June: The company sold goods 14,050 and received cash. 17 June: The company purchased supplies for 30,000, 50% by cash and 50% on credit. 20 June: The company sold goods 20,000, 50% on credit and for the remaining 50% the company received cash. 23 June: The company paid for rent 500. 27 June: The company paid for advertisement 250 and for telephones 235. 30 June: The company received from its customers 9,000. 4 July: A customer paid in advance 250 for future purchases. 8 July: The company paid 2,180 to its suppliers.

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

Intermediate accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

7th edition

978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094

More Books

Students also viewed these Accounting questions

Question

=+c) Do you find evidence of a seasonal effect? Explain.

Answered: 1 week ago