Question
On January 1, 2020, Sumon Roy established ROY HOME APPLIANCE SERVICE, which completed the following transactions during the month: a. Sumon Roy transferred cash from
| On January 1, 2020, Sumon Roy established ROY HOME APPLIANCE SERVICE, which completed the following transactions during the month: | |||||
| a. Sumon Roy transferred cash from a personal bank account to an account to be used for the business, $90,000. | |||||
| b. Paid rent on Show Room and equipment for the month, $7,000 | |||||
| c. Purchased supplies on account, $4,000. | |||||
| d. Paid creditor on account, $2,500. | |||||
| e. Earned fees, receiving cash, $44,000. | |||||
| f. Paid APPLIANCE expenses for month, $2,400, and miscellaneous expenses, $500. | |||||
| g. Paid Staff salaries, $6,600. | |||||
| h. Determined that the cost of supplies used was $2,800. i purchase equipment and materials on account 20,000 | |||||
| g. Withdrew cash for personal use, $1,700. | |||||
| INSTRUCTIONS 1 Record the transactions general journal, open a general ledger (these will be T accounts) and post the transactions from the journal to the general ledger. 2) Prepare a trial balance. 3) Prepare a set of financial statements (income statement, statement of owners equity and a balance sheet). | |||||
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Managerial Accounting Information For Decisions
Authors: Thomas L. Albright , Robert W. Ingram, John S. Hill
4th Edition
0324222432, 978-0324222432
