Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 5 (20 Marks) The post-closing trial balance of Sharon Smith Accounting Services as at 30 June 2021 is as follows: Debit $ Credit $

image text in transcribed

Question 5 (20 Marks) The post-closing trial balance of Sharon Smith Accounting Services as at 30 June 2021 is as follows: Debit $ Credit $ Cash at bank 23,000 Accounts receivable 8,200 Office supplies 550 Office equipment 12,000 Accumulated depreciation - Office equipment 2,400 Accounts payable 4,500 Salaries payable 2,700 Sharon, capital 34,150 43,750 43,750 The following transactions occurred during the month of July 2021. July 1 Paid employee salaries, $2,700 for June. Sharon pays her employees accrued salaries on the first day of each calendar month. 1 Paid office rent for the month of July, $2,300. 8 Received $7,200 cash from a client on account. 9 Purchased office supplies on credit, 52,000 Paid $3,500 of the accounts payable. 15 Invoiced customers for accounting services performed, 512,300. Sharon withdrew capital of $2,250. 31 Paid $4,200 for a one-year insurance policy. Required Journalise the transactions for the month of July 2021. Narrations are required. (16 Marks) b) Prepare the cash at bank ledger account as at 31 July 2021. (4 Marks) 14 25 a)

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

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

More Books

Students also viewed these Accounting questions

Question

What is the relation of physical mathematics with examples?

Answered: 1 week ago

Question

What are oxidation and reduction reactions? Explain with examples

Answered: 1 week ago