Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q3 (15) Hayat Auto services noted the following transactions about their business, you are required to make Journal entries, post ledger accounts and make a

image text in transcribed
Q3 (15) Hayat Auto services noted the following transactions about their business, you are required to make Journal entries, post ledger accounts and make a trial balance using these entries. 1. Hayat auto services sold 5000 stocks for $50 each to their investors. 2. Hayat bought a building for their office for $120,000. They paid 58000 dollars in cash while issued a notes payable for the rest. 3. Hayat bought a piece of land for $25000 on cash. 4. Hayat bought machinery for $30,000 for their business. They paid $20,000 in cash while the remaining amount was promised to be paid within 3 days. 5. Hayat bought office supplies worth $3000 which will last for several months. 6. Hayat provided repair services to mehmood inc and billed them a total amount of S1050. 7. Hayat received $500 from asghar inc for the services their provided last month. 8. Hayat received an electricity bill of $300. 9. Hayat has to pay $3000 wages to its employee for last week

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

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

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

More Books

Students also viewed these Accounting questions

Question

c. Acafeteriawhere healthy, nutritionally balanced foods are served

Answered: 1 week ago