Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare (1) the ledger accounts (2) the trial balance; if company XYZ has the following transactions. On January 1, received $50,000 cash from a bank

Prepare (1) the ledger accounts (2) the trial balance; if company XYZ has the following transactions.

On January 1, received $50,000 cash from a bank loan
On January 2, purchased $10,000 of office equipment on credit from ABC Corporation
On January 3, purchased $5,000 of raw materials on credit from DEF Corporation
On January 4, sold $20,000 of finished goods on credit to GHI Corporation
On January 5, paid $3,000 in wages to employees
On January 6, received $2,000 cash from a customer as a deposit for future services
On January 7, paid $1,500 to suppliers for outstanding bills
On January 8, received $4,000 as a refund from a supplier for defective goods
On January 9, paid $2,500 as rent for the office space
On January 10, received $6,000 as payment from a customer for goods sold on credit
On January 11, paid $1,000 as interest on the bank loan
On January 12, sold a piece of equipment for $5,000, resulting in a $1,000 gain
On January 13, purchased $3,000 of office supplies for cash
On January 14, received $1,500 in cash as a dividend from an investment
On January 15, paid $2,000 as an insurance premium for the company's assets

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_2

Step: 3

blur-text-image_3

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

Financial and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

16th edition

0077664078, 978-0077664077, 78111048, 978-0078111044

More Books

Students also viewed these Accounting questions