Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Something is wrong with my accounting equation. Will someone please help me identify where I am going wrong. Enter the following accounting transactions incurred in

image text in transcribed

image text in transcribed

Something is wrong with my accounting equation. Will someone please help me identify where I am going wrong.

Enter the following accounting transactions incurred in the books of BDM Consulting Limited under the appropriate head of account

G E D F B 1 BDM CONSULTING LIMITED 2 Enter the following Accounting Transactions incurred during the month of June 2019 in the books of BDM Consulting Limited under an appropriate head of account and prepare Trial Balance, Profit & Loss and the Balance Sheet at the end of the month 3 4 5 ASSETS Trade Receivables Prepaid Insurance Office Supplies Prepaid Adv Bank Cash +10000 -2200 +1000 -200 +500 +500 -500 - 1000 +1000 -500 +1000 +500) -500 16 7 Transactions 8 Started a business with cash at bank 10,000 and Furniture & Fixture 5,000 9 Withdraw cash 2,200 for the petty business expenses 10 Invoiced Alpha Limited for the services rendered for 1,000 11 Paid 200 for the meals and entertainment 12 Rendered services to Mr. Sylvester and received cash 500 13 Deposited cash 500 in bank account 14 Paid 1,000 for the prepaid insurance through bank 15 Paid 500 for the prepaid advertising through bank 16 Purchased office supplies on credit for 1,000 17 Received 500 from Alpha Limited in bank account directly. 18 Paid 100 for travelling & conveyance through cash 19 Paid 500 towards the supplies purchased on credit. 20 Salaries accrued for the month 2,000 21 Rent accrued for the month 1,000 22 Utilities accrued for the month 500 23 Grand Total 24 25 26 27 28 29 BO -100 -500 5,500 1,000 500 1,000 1,000 B1 B2 . 70 000 Lori Checkler Formatting Table Explanatory... Input Insert Delete Format Sort & Find & Filter Select Ideas Clear Number Styles Cells Editing Ideas U M N o Q R S T LIABILITIES REVENUE & EXPENSES Payable Accrued Salaries Rent Payable Utilities Payables Service Revenue Salaries Expense Rent Expense Utilities Expense Meals & Entertainment Travelling & Conveyance EQUITY Capital +15000 -2200 +200 +500 -200 +500 +1000 +500 -500 +100 +500 -100 2000 +2000 -1000 +1000 500 0 0 -500 EO +500 $ f1,000 2,000 -2000 -1000 -500 f10,000 1,000 f500 E200 E100

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

Security Of Computerisation In Accounting And Auditing System

Authors: M.S. Baghel

1st Edition

8178801132, 978-8178801131

More Books

Students also viewed these Accounting questions

Question

2. What are the components of IT infrastructure?

Answered: 1 week ago