Answered step by step
Verified Expert Solution
Question
1 Approved Answer
with calculation please The following transactions during October 2020 for Ludacris & Lazer Analytics Ltd (LLA) are shown below. Prepare journal entries, in proper format,
with calculation please
The following transactions during October 2020 for Ludacris & Lazer Analytics Ltd (LLA) are shown below. Prepare journal entries, in proper format, for each of the following transactions. If no entry is required, clearly indicate by writing "No Entry. 1. October 1 LLA obtained a bank loan of $100,000 from Standard Bank. 2. October 3: LLA purchased $1,700 of office supplies on account from Cabello Stationers Ltd. 3. October 5 LLA received $8,000 from Derulo Wealth Management for marketing analytic services to be provided in November 2020. 4. October 7 LLA purchased land and building for a total cost of $400,000. The amount applicable to land is 25% of the total cost and the amount applicable to building is 75% of the total cost. The purchase was made by a 20% cash down payment and a mortgage was obtained for the remaining balance 5. October 12: LLA provided $9,000 of marketing analytic services to Supreme Promotions who paid cash in the amount of $2,000 and agreed to pay the balance on November 12 6. October 31: LLA paid a total of $10,000 to Standard Bank which includes $600 of interest on the bank loan obtained on October 1. The remaining balance pertains to repayment of the bank loanStep 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