Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following events occurred in Balk A. during the first month of its operations: Oct.1 Mrs. Balk invested 250,000 TL. cash in her business Oct.5
The following events occurred in Balk A. during the first month of its operations:
Oct.1 | Mrs. Balk invested 250,000 TL. cash in her business |
Oct.5 | Purchased equipment for 20,000 TL cash |
Oct. 8 | Rented an office space for 1,000 TL per month and prepaid the rent for two |
years in advance. | |
Oct.11 | Purchased supplies on account for 18,000 TL |
Oct. 12 | Performed service for a client for 30,000 TL on account |
Oct.14 | Paid 9,000 TL for the supplies purchased on account on Oct.11 |
Oct.20 | Received half of the payment (15,000 TL) from the client who purchased |
on account on Oct.12 | |
Oct.23 | Received cash of 5,000 TL. in advance for services to be performed next month |
Oct.25 | Paid salaries for employees, 12,000 TL. and advertising expense of 8,000 TL |
Oct. 30 | Borrowed 20,000 from a bank by signing a note |
a. Journalize the above transactions for the Balk A.. Use the relevant account titles and proper journal format
b. Post journal entries to the -t-accounts and determine the ending balances of the accounts.
c. Prepare the trial balance of Balk A..
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