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Note : Answers should be in Excel or word Sun Company started its operations on January 1, 2019. The following transactions took place during
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Note : Answers should be in Excel or word
Sun Company started its operations on January 1, 2019. The following transactions took place during the first month of operation January 1: Sun invests $4,600,000 cash to start the business. January 3: Purchased furniture for $496,000, paying $96,000 in cash and sign a note for the remaining balance January 7: Purchased office supplies for S20,000 on credit. January 11: Paid $44,000 cash for January rent. January 15: Paid S5,400 cash for office supplies purchased on January 7 January 20: Services billed to customers amount to $96,000 January 22: Received utility bills for S10,500 for the month of January January 25: Paid $47,400 cash as salaries for the month. January 29: Received S66,000 cash from customers in payment for services billed orn January 20 January 31: Sun withdrew $15,600 from the business for personal use Required 1- Prepare Journal entries to record the above transactions 2- Post to the appropriate ledger accounts. 3- Prepare the trial balance on January 31 2019 4. Prepare the financial statements of Sun Company on January 31 2019 (2 marks) (2 marks) (2 marks) (2 marks)Step by Step Solution
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