Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question: 2 (Journal entries. Marks: 4] Mr. Kopil is a Chartered Accountant. He started a new consultancy firm on July 1, 2021. During the first

image text in transcribed

Question: 2 (Journal entries. Marks: 4] Mr. Kopil is a Chartered Accountant. He started a new consultancy firm on July 1, 2021. During the first month of operations the following transactions occurred: July 1; He invested Tk.2,80,000 cash in the consultancy firm. 10; Paid Tk.9,500 cash for office rent for the month of May. 15; Purchased office equipment for Tk.45,000 paying Tk.20,000 in cash and for remaining, he signed on a 3-month, 9% Notes Payable. 17; Paid Tk.6,000 for one-year fire insurance policy. 59 21; Performed service for a client and received cash of Tk.15,000. 26; Performed service for a client but not yet received Tk.5,000. 30; Withdrew Tk. 1,000 cash for personal use. 31; Received bill for utility expenses Tk. 1,400. The bill will be paid later on. Prepare journal entries to record each of the July transactions. Omit explanations. 99 Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

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

4th Edition

978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584

Students also viewed these Accounting questions