Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solution required ASAP. Principles of Accounting Practice: Write four steps of analysis 1. Rahim invested Rs.500.000 personal cash in the business by depositing that amount

Solution required ASAP. image text in transcribed
image text in transcribed
Principles of Accounting Practice: Write four steps of analysis 1. Rahim invested Rs.500.000 personal cash in the business by depositing that amount in a bank account entitled Silverstar Cinemas. The business gave Rahim owner's equity in the company. Title of Account Nature of Increase/Decrease Debit/Credit Account 2. PaidRs.400,000 cash to purchase a theater building Title of Account Nature of Increase/Decrease Debit/Credit Account 3. BorrowedRs.220.000 from the bank. Rahim signed a note payable to the bank in the name of Silver Star Cinemas Title of Account Nature of Increase/Decrease Debit/Credit Account 4. Purchased theater supplies on account, Rs.1.700. Title of Account Nature of Increase/Decrease Debit/Credit Account 5. Paid Rs.800 on account Title of Account Nature of Account Increase/Decrease Debit/Credit 13 Principles of Accounting 6. Paid property tax expense on theater building, Rs.1,200. Title of Account Nature of Increase/Decrease Debit/Credit Account 7. Paid employee salaries, Rs.2,800, and rent on equipment, Rs.1,800. Title of Account Nature of Increase/Decrease Debit/Credit Account 8. Withdrew Rs.6,000 from the business for personal use. Title of Account Nature of Increase/Decrease Debit/Credit Account 9. ReceivedRs.20,000 cash from ticket sales and deposited that amount in the bank. (Label the revenue as Sales Revenue.) Title of Account Nature of Increase/Decrease Debit/Credit Account

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

Horngren S Financial And Managerial Accounting The Managerial Chapters

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

4th Edition

0133255433, 978-0133255430

More Books

Students also viewed these Accounting questions

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago

Question

4. Describe how cultural values influence communication.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago