Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Metin OKTAY began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed

image text in transcribed

Metin OKTAY 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- (Open such accounts- Cash-Computer Equipment- Equipment- A/P-Services Revenue- AIR-Capital-Salaries/Wages-Withdrawal-Utilities July 1. Owner invested 500,000 dollars cash along with computer equipment that was worth 100,000 dollars (Owner started business with cash and computer equipment- capital 600,000). 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 a work for a client and immediately collected 32,000 cash. July 10. Completed work for a client and 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. Owner withdrew 500 cash for personal use. July 30. Completed work for another client who paid only 40,000 for 50% of the system design. July 31. Paid salary of assistant 700. July 31. Received utility bill,(IGDAS) 1,800 and received utility bill (TELEKOM) 3,800. Required: Prepare the LEDGER T accounts as of (10 points). Prepare the trial balance for this business (10 points)

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

Auditing Oracle E Business Suite Common Issues

Authors: Jeffrey T. Hare

1st Edition

1329529766, 978-1329529762

More Books

Students also viewed these Accounting questions