Question
Steakly Delivery Service began operations during May of the current year. During a short period thereafter, the entity engage the following transactions: a. Lou Steakley,
Steakly Delivery Service began operations during May of the current year. During a short period thereafter, the entity engage the following transactions: a. Lou Steakley, the owner, deposited $3,500 cash in a bank account entitled Steakley Delivery Service and also invested in the business a delivery truck valued at $8,000. b. Purchased $40 fuel for the delivery truck, using a business credit card. c. Paid $100 cash for supplies. d. Completed a delivery job and received cash, $700. e. Performed delivery service on account, $3,200. f. Purchased advertising leaflets for cash, $200. g. Paid the office manager salary, $950. h. Received $1,000 cash for performing delivery services. i. Received cash from customer on account, $1,800. j. Purchased used office furniture on account, $600. k. Paid office utility bills, $120. I. Purchased $70 fuel on account for the truck. m. Completed a delivery job and received the customer's promise to pay the amount due. S100, within 10 days. n. Withdrew $1,900 for personal use. Required: Journalize the transections, post them to ledger and prepare a trial balance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started