Question
Mr. Max is a licensed CPA. During the first month of operations of his business, the following events and transactions occurred in the month of
Mr. Max is a licensed CPA. During the first month of operations of his business, the following events and transactions occurred in the month of November, 2021: Nov. 01 Mr. Max invested Tk. 1,00,000 cash in the business. 09 Received Tk. 21,100 cash for services provided. 12 Purchased office furniture for Tk. 40,000 paying Tk. 17,000 in cash and the balance on account. 18 Billed customers Tk. 20,000 for services performed on account. 24 Paid Tk. 13,000 for the furniture purchased on account on November 12. 29 Received Tk. 15,500 in cash from customers billed in November 18. Required: (i) Journalize the transactions. (ii) Post to the ledger accounts. (iii) Prepare a trial balance.
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