Question
pleas i need the answer about one hours a. Make the necessary journal entries for the following transactions: i. On 1 April 2020, Mr Syed
pleas i need the answer about one hours
a. Make the necessary journal entries for the following transactions:
i. On 1 April 2020, Mr Syed has invested $20,000 cash to set up a restaurant business called Nasi Kandar Penang.
ii. On 2 April 2020 Nasi Kandar restaurant purchased cooking utensils costing $8,000 by signing a 2-month, 12%, $8,000 note payable.
iii. On 8 April the restaurant received $3,000 cash from a client as a down payment for an event that is expected to be held on 15 May 2020.
iv. On 9 April Mr Syed paid rental for the business premise for the month of April, $1,000.
v. On the same day, Mr Syed paid $1,200 for a one-year business insurance policy which will expire on 10 March 2021.
b. Post each of the above entry to the respective accounts in the general=al ledger.
c. Prepare a trial balance at 30 April 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started