Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions were completed by M & M Traders during the month of March, 2019: 3 5 6 8 12 15 17 18 19

The following transactions were completed by M & M Traders during the month
of March, 2019:
3
5
6
8
12
15
17
18
19
19
23
27
28
Larah invested Rs. 1,86,000 in starting of M&M Traders.
Purchased merchandise from Lassen Company Rs.6,000
Sold merchandise on account Rs.12.000 to Casio.
Sold merchandise to Feroz Company of Rs.20,000 and received Rs.7,200 cash.
Purchased Store Supplies from Niacin & Co Rs.2,100
Feroz Company returned merchandise for Rs.1,200.
Paid for insurance Rs.2.800
Received cash from Feroz Company Rs.6,000
Paid to Lassen Company Rs.3,000
Bought Furniture cash Rs.18,000.
Bought equipment from Bill Traders Rs.5,000.
Withdraw cash for purchase of computer for personal use Rs.1,000
Returned merchandise to Lassen Company Rs.900.
Paid salaries Rs. 12,000.
REQUIRED: Record the above transactions in the General Journal. Give
explanation below each entry.

Step by Step Solution

3.44 Rating (163 Votes )

There are 3 Steps involved in it

Step: 1

Required journal enteries are Date 20190303 Date 20190305 Date 201... 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

Explain which relational transgressions are hardest to forgive.

Answered: 1 week ago