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what is D Trump income statement and trial balance? D. Trump opened his MAGA business on 1 Jan 2021. His assets and liabilities on that
what is D Trump income statement and trial balance?
D. Trump opened his MAGA business on 1 Jan 2021. His assets and liabilities on that date were: RM Cash at bank 480 Cash in hand 150 Equipment 6 000 Motor vehicle 12 000 Bank loan 8 000 Date Transactions Jan 3 6 Purchased goods on credit from Moore full price RM1 800, less 25% trade discount Purchases using cheque for RM230 Returned goods to Moore full price RM150 Cash sales of RM650 7 8 10 11 12 Credit sales to A Hill full price RM1 120 Cash sales RM425 Paid wages using cash in hand RM85 Paid general expenses by cheque RM45 Deposit cash into the bank RM800 Credit purchases from Wright RM672 14 15 17 20 Credit sales to C Parker RM720 24 25 26 27 28 A Hill returned goods full price RM160 D. Trump took RM60 cash from the office for personal use Paid a cheque to Moore for amount owing RM1 200, less 2% cash discount Repaid bank loan by cheque RM400 Paid rent by cheque RM180 Bought office supplies on credit from J Carter RM500, invoice number P74 D. Trump took goods worth of RM200 for personal use Received a cheque from C Parker for the amount owing for goods bought on 20 January, less 2.5% cash discount 29 30 30 31 Interest on the bank loan as shown in the bank statement RM54 Other information: All fixed assets are depreciated using straight line with useful life of 5 years and salvage value of RMO. All depreciation start from Jan 1Step by Step Solution
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