Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

a. When did your ancestors come to the United States?

Answered: 1 week ago

Question

d. What language(s) did they speak?

Answered: 1 week ago

Question

e. What difficulties did they encounter?

Answered: 1 week ago