Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The company has launched the following transactions during Month of June 2010: .1 June, the company issued ordinary shares, which invested 25,000 riyals to start

image text in transcribed
The company has launched the following transactions during Month of June 2010: .1 June, the company issued ordinary shares, which invested 25,000 riyals to start the company. .3 June the company purchased equipment at a cost of 1000 riyals on the account. - June 6, the company paid 10,000 riyals to buy buildings, where it intends to use it as a service office for the company .8% provided services to customers and received 18,000 riyals in cash. . 10 June the company received from customers 8,000 riyals. . 11 June the company paid 500 riyals from the balance of creditors' accounts. - June 15, one of Riyadh's shareholders paid 2,000 riyals of his own money for the holiday. - 17 June The company paid cash expenses for the rent of the office 400 riyals, electricity 100 riyal. . 25 June 25 June the company sold the buildings for 9,000 riyals in cash, which it had purchased on June 6 . 29 June, the company announced dividends and paid it for 2000 riyals. Required: Record transactions in the journal with an explanation of the daily constraint. Note: - The answer is provided on one page

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

Auditing Theory And Practice

Authors: Jerry R. Strawser, Robert H. Strawser

9th Edition

0873939336, 978-0873939331

More Books

Students also viewed these Accounting questions