Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Shibuya Caf's general ledger shows the following balances as at 1 May 2017 50,000 3,200 55,000 Drawin Fixtures & fittings Bank loan Creditors Debtors Cash

image text in transcribedimage text in transcribed

Shibuya Caf's general ledger shows the following balances as at 1 May 2017 50,000 3,200 55,000 Drawin Fixtures & fittings Bank loan Creditors Debtors Cash at Bank Supplies 8,800 3,300 2,200 CFR 800 Except for the Cash at bank account, all accounts have normal balances. In the month of May 2017, the following transactions occurred Borrowed $15,000 from Mei Bank at an interest rate of 2% per annum. Interest charged on the loan for the month is payable on the last day of each month. The loan is due in 5 years' time 2 Returned defective supplies cost $350 previously bought on credit on 28 5 Paid creditor, AQ Supplies $230 8 Signed an agreement to supply cupcakes $3,000 to a wedding reception on 8 Received full credit refund Jul t industrial oven $5,300 from Elite Kitchen on 30 days credit. 12 Owner Ms Uya 15 Corporate lawyer advised Shibuya Caf that they are likely to win a law case brought in her nal iPad $1,500 for business use worth $10,000 21 Paid rental for caf $2,200 and staff salaries $2,800 23 Provided refreshment for an exhibition at Suntex Hall for Future Skills Training $4,200, of which $1,000 was received and balance owin 31 Paid bank loan and interest expense $1,200 and $300 res 31Balance of supplies on hand $250

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

Students also viewed these Accounting questions