Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Prepare journal entries to record each of the following transactions for Venus company dealing with beauty products during the month of July 2018. (10 Marks)

Prepare journal entries to record each of the following transactions for Venus company dealing with beauty products during the month of July 2018. (10 Marks)

July 2 The owner invested ksh.150,000 cash in the business bank account

July 5 Purchased delivery van on credit, Khs 120,000

July 10 Sold to a customer on cash worth Khs 180,000

July 15 Purchased credit goods at a cost of Khs 100,000

July 18 Paid by cheque for the delivery van Khs 120,000

July 25 Paid utilities for the month Khs, 12,000

July 28 Supplied goods to a customer on credit Khs 75,000

July 30 Purchased by cash office computers Khs 10,000

July 31 Paid salaries by cheque Khs 25,000

July 31 Received cash of Khs 20,000 from a customer who bought goods on credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions