Q No 3: Frontier Park was started on April 1 by M. Perwaiz. The following selected events and transactions occurred during April.

Apr. 1 Preston invested $35,000 cash in the business.

4 Purchased land costing $27,000 for cash.

8 Incurred advertising expense of $1,800 on account.

11 Paid salaries to employees $1,500.

12 Hired park manager at a salary of $4,000 per month, effective May 1.

13 Paid $1,650 cash for a one-year insurance policy.

17 Withdrew $1,000 cash for personal use.

20 Received $6,800 in cash for admission fees.

25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park.

30 Received $8,900 in cash admission fees.

30 Paid $900 on balance owed for advertising incurred on April 8.

Instructions

a. Identify the type of transaction and also analyze each transaction

Q No 4:

1. Khalid invested in business Rs.40000, Furniture Rs.24,000, equipment Rs.15000
2. Purchase merchandise for cash Rs. 6000
3. Purchase office stationary for Rs.2000
4. Purchase goods on credit from Zahid Rs.10000
5. Sold merchandise on credit to Amir Rs.10000
6. Paid rent expense Rs.600
7. Sold merchandise for cash Rs. 3500
8. Billed to Mr. Bilal for service rendered Rs. 10000
9. Purchase supplies on credit from Aleem Rs. 800
10. Paid traveling expense Rs. 650
11. Sold merchandise to Mr. Kareem Rs. 4000 on credit.
12. Received cash from Mr. Kareem Rs.1500
13. Khalid withdrew cash for personal use Rs. 3000
14. Paid insurance for the month Rs. 500
15. Received cash from Mr. Bilal Rs.8000

A: Prepare journal entries

B: Post to ledger accounts

C: Prepare a trial balance at July 31,2022