Question
The following are the transactions of Kristines business during her first month of trading. Record each transaction in t-accounts. (a) Kristine starts a business and
The following are the transactions of Kristines business during her first month of trading. Record each transaction in t-accounts. (a) Kristine starts a business and pays in $5,000 as capital (b) The business buys a car for $1,000 cash (c) They buy goods for resale for $500 cash (d) They buy more goods for resale for $600 on credit from Mr A (e) They pay rent of $200 cash (f) They sell half the goods for $800 cash (g) They sell the remaining goods on credit for $900 to Mrs X (h) They pay $400 cash on account of the amount owing to Mr A (i) They receive $500 from Mrs X (j) Kristine withdraws $100 cash from the business
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