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Question 4 (6 marks) (CLO2) Selected transactions for Mr. Ibrahim, civil engineer, in his first month of business, are as follows. 2Jan39111620252930Invested$200,000cashinthebusiness.3Pilledcustomers$7,000forservicesperformed.notepayable.Paid$2,400foraone-yearinsurancepolicy.Purchased$3,000officesupplies(anasset)oncredit.Paid$1,000cashforadvertising.Received$7,000cashfromcustomersbilledonJanuary3.Receivedcash$1,500forservices.1/3oftheservicewillbecompletedPaftertwo$50,000Weeks. Instructions: a- Journalize
Question 4 (6 marks) (CLO2) Selected transactions for Mr. Ibrahim, civil engineer, in his first month of business, are as follows. 2Jan39111620252930Invested$200,000cashinthebusiness.3Pilledcustomers$7,000forservicesperformed.notepayable.Paid$2,400foraone-yearinsurancepolicy.Purchased$3,000officesupplies(anasset)oncredit.Paid$1,000cashforadvertising.Received$7,000cashfromcustomersbilledonJanuary3.Receivedcash$1,500forservices.1/3oftheservicewillbecompletedPaftertwo$50,000Weeks. Instructions: a- Journalize the January transactions. (5 marks) b- Calcualte the balance for cash account. (1 mark)
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Financial Accounting International Financial Reporting Standards Global Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
11th Edition
