Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020. Mr. Rakib established his own accounting firm. Rakib and Co. The following transactions were completed during the month: 1. He invested

image text in transcribed

On January 1, 2020. Mr. Rakib established his own accounting firm. Rakib and Co. The following transactions were completed during the month: 1. He invested 2000 cash in the business 2. Paid 300 cash for office rent: 3. Purchased office equipment for 3000 on account: 4. Incurred 200 advertising costs in a local newspaper on account: 5. Performed services worth 7300. Received 2,000 cash from the customers, and the halance is billed to customers on account: 6. Declared and paid 300 cash dividend: 7. Paid the local newspaper moont doe in transaction 4 8. Paid employees' salaries 3,200), 9. Received 2.000 in cash from customers billed previously in transaction and 10. Mr. Rakib withdrew 300 for his personal usage. Instructions: Joumalize the transactions and prepare Cash and Accounts payable ledger

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

More Books

Students also viewed these Accounting questions

Question

f. Did they change their names? For what reasons?

Answered: 1 week ago