Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose, Nestle incurred the following more transaction from July 1, 2018 to December 31, 2018. 1. Invested more $ 100,000 and other transactions for the

Suppose, Nestle incurred the following more transaction from July 1, 2018 to December 31, 2018.

1. Invested more $ 100,000 and other transactions for the month are:

2. Purchase Furniture for Cash 7,000.

3. Purchase Goods for Cash 2,000 and for Credit. 1,000 from Khalid Retail store.

4. Acquired a building for $5,000 on cash.

5. Sold Goods (revenue) to Khan Brothers 12,000 and Cash Sales 5,000.

6. Owner withdrew of worth 2,000 for personal use.

7. Purchased land for $2,000 on credit.

8. Paid utility bills $ 250

9. Paid Salaries Expense $2,000

10. Bought furniture for $1,500 on credit.

Required: Considering the above given Income statement and transactions from July 1, 2018 to December 31, 2018 of Nestle company, and answer the following Question 1 to 3. Question No. 1 Marks 15 Make the journal entries, ledger and trial balance the transaction July 1 to December 31, 2002. Question No. 2 Marks 15 Prepare the closing entries of revenue and expense from July 1st to December 31.2002. Question No. 3 Make the balance sheet for year January, 2002 to December 2002 (include all changings).

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

ACC 120 Wake Tech Financial Accounting W Connect Plus Access

Authors: J. David Spiceland

1st Edition

1308168926, 978-1308168920

More Books

Students also viewed these Accounting questions