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Please read the requirement, thnk A) ARTEK CO. is a merchandising company selling OFFICE SUPPLIES, Company's 01.01.2019 Balance Sheet Accounts are; Cash 45.000 TL, Account
Please read the requirement, thnk
A) ARTEK CO. is a merchandising company selling OFFICE SUPPLIES, Company's 01.01.2019 Balance Sheet Accounts are; Cash 45.000 TL, Account Payable 25.000 TL, Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.000TL, Note Payable 60.000TL, Merchandise 130.000TL, Account Receivable 75.000TL, Capital ?TL. B) In January 2019 ARTEK CO. Made The following business trancactions. 1. Merchandise purchased for 135.000TL + %10 VAT and note endorsed for purchase. 8.000TL + %10 VAT Freight in is paid by signing (issuing) check. 2. Merchandise sold for 160.000TL, on account + VAT %10. Customer issued a check. Cost of goods sold is 86.000TL 3. 78.000 TL payment of Note transferred by the customer to the Bank, to close the open account. 4. Order given to the BANK to transfer 85.000TL to vendor. Bank transferred to the vendor's account. 5. Machinery purchased for 280.000TL + 10% VAT and check issued for machinary purchase. Adjustment and installation cost is 60.000 TL + VAT %10 is on account. 6. Merchandise sold for 56.000 USD (Dollar)+ %10 VAT And collected note. Dollar : 6.50/TL. Cost of goods sold is 168.000TL. 7. 55.000 TL paid to the vendor by issuing company check. 8. 48.000 TL check endorsed for 24 month rent contract, starting 1st of May 2019. 9. Customer ordered 80.000 TL + %10 VAT Office suply (merchandise) and transferred 30.000 TL to the Bank as an Advance Payment. 10. Customer's order is delivered. Balance is on account. Tranportation invoice is 4.000 TL+ % 10 VAT paid by signing (issuing) a check. 11. At the end of the month (USD) dolar rate is : 6,10 TL/USD. 12. 68.000 TL is paid by endorsing a note to vendor as an advance for 168.000TL+%10 VAT merchandise order. 13. Order Received from Vendor and Balance is paid by issuing note REQUIRED : 1. Prepare Opening (01.01.2019) Balance Sheet of ARTEK CO. 2. Make a Journal entry for opening balance sheet. 3. Market he Journal Entries for January 2019 transactionsStep by Step Solution
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