Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the GENERAL ENTRIES for BM Inc. for the month of December 2022 12/1/2022 Revenue total $86,000. Cash paid $50,000 and $36,000 on account 12/2/2022

Prepare the GENERAL ENTRIES for BM Inc. for the month of December 2022
12/1/2022Revenue total $86,000. Cash paid $50,000 and $36,000 on account
12/2/2022Material Purchased for $43000. Cash paid $23,000, Credit Card payment $10,000 & rest $10,000 on account
12/4/2022Revenue $12,000 paid by a post dated cheque on 12 Jan 2023
12/5/2022Bought a vehicle for $22,000 on account
12/7/2022Salary outstanding $6,000 for the month Dec 2022
12/10/2022Owner invested $15,000 cash and Equipment valued at $6,000 into the business
12/13/2022Owner withdrew $5,000 cash against his Capital investment
12/24/2022Advance salary paid $1,000 to an employee
12/25/2022Lawyer send a invoice for $$2,000 for legal fee, but not paid yet
12/31/2022Bank Charged $75 and Interest Received $30

Step by Step Solution

3.47 Rating (157 Votes )

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

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Edition

978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857

More Books

Students also viewed these Accounting questions

Question

Highlight the key components of a formal strategic process.

Answered: 1 week ago

Question

Am I buying this in an attempt to satisfy a psychological need?

Answered: 1 week ago

Question

What does the cash ratio help determine, and how is it calculated?

Answered: 1 week ago