Answered step by step
Verified Expert Solution
Question
1 Approved Answer
WEEKD Question 2. The following are the business transactions of a Mr. Muriel a sole proprietor for the month of 31st December 2021. (S4 6
WEEKD Question 2. The following are the business transactions of a Mr. Muriel a sole proprietor for the month of 31st December 2021. (S4 6 marks) Date Transactions Amount In $ December Mr.Muriel started business with cash as his 170,000 1 capital December 5 Purchased suppliers for cash 50,000 December 9 Bought Equipment's for cash 40,000 December Sold goods for cash 23,000 10 December Paid monthly Rent by cash 9,000 14 December Deposited cash in bank 19,000 18 December Purchased supplies on account 7,000 25 December Withdrawn cash for personal use. 500 30 a. From the above information prepare journal entries for the companies for the year ended 31st December 2021 (2 Marks) b. From the journal entries post the entries in the companies Ledger accounts so as to know the classification of accounts c. In order to know the accuracy of the accounts prepare a Trial balance. (3 Marks) (1 Marks)
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