Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 The following business transactions and business events relate to Violet Chans Business Consultancy Pty Ltd. (10 marks) June 2016 1 Violet commences business

Question 1 The following business transactions and business events relate to Violet Chans Business Consultancy Pty Ltd. (10 marks) June 2016 1 Violet commences business with $15 000 given to her by her Aunt Kate 4 Purchased new computer for her business $1200 on credit 5 Received $500 for services rendered 6 Paid rent on office $400 7 Negotiated with Ingrid and Olivia possible casual employment contracts totalling $1500 8 Aunt Kate injected a further $2000 gift into Violets business 9 Billed a client $500 for services rendered 10 Received an invoice for new reception desk $3400 15 Paid for telephone connection fee $65 16 Sent a quote for a large prospective job $4800 16 Paid gas charges $231 23 Received $250 for consultation work completed 28 Paid in full for the reception desk bought on 10 June 2013 30 Paid advertising $200 a. Prepare general journal entries for the above transactions b. Enter these transactions into ledger accounts for the business.

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

Students also viewed these Accounting questions