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Q.2 [CLO2] Selected transactions from the journal of Shawn who is running a Printing small scale business, are presented below. You are required to
Q.2 [CLO2] Selected transactions from the journal of Shawn who is running a Printing small scale business, are presented below. You are required to prepare Ledger Accounts for all entries given below (with balancing fig.) (6 Marks) Date Account Titles and Explanation Jan. 1 Cash Owner's Capital (Owner's investment of cash in business) 10 Cash Service Revenue (Received cash for services performed) 15 Machine Cash Notes Payable (Purchased machine for cash and notes payable) Debit Credit 120,000 120,000 2,560 2,560 16,000 11,000 5,000 22 Accounts Receivable Service Revenue 3,553 3,553 (Billed clients for services performed) 28 Cash 1,530 Accounts Receivable 1,530 (Payment received from the customer) 31 Notes Payable 4,500 Cash 4,500 (Payment of Notes payable on 15 Jan)
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