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record the transactions in the ledger accounts (ensure to balance the account) Griffith Museum operates a museum in Downtown New York. The trial balance below
record the transactions in the ledger accounts (ensure to balance the account)
Griffith Museum operates a museum in Downtown New York. The trial balance below represents the activity for the month of August. Additional activity for the month of August are noted below. Arthur Griffith Museum Trial Balance 31-Aug Description Debit Credit Revenue 11,200.00 Purchases 8,700.00 Rent Expense 3,000.00 Wages 12,000.00 Advertising 550.00 Electricity 200.00 Cash at Bank 48,450.00 Furniture and Fixtures 20,000.00 Office Equipment 3,500.00 Accounts Payable 900.00 Drawings 1,700.00 Capital 86,000.00 98,100.00 98,100.00 On August 31, the business had a closing stock of inventory valued at $800 1) The owner withdrew $1,000 out of the bank account for petty cash 2) Sold goods on credit to MIC Enterprises for 2,500. He was allowed a discount of $10% if paid by 10 days n/30 3) Carriage costs on goods sold to MIC was $250 paid by check 4) The owner sublet a portion of his property and received rent of $4,000 5) Returned some of the goods bought from C&F Wholesalers $350 6) MIC Enterprises paid the balance due within the discount period 7) Paid the outstanding balance due to C&F Wholesalers 8) Bought a Motor Vehicle on credit from B&M Motors Step by Step Solution
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