Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are working as an accountant for Apple Inc. and need to prepare the ledger accounts for the following transactions: On January 1st, Apple Inc.

You are working as an accountant for Apple Inc. and need to prepare the ledger accounts for the following transactions:

  • On January 1st, Apple Inc. started its operations with an initial investment of $500,000 in cash.
  • On January 5th, purchased office equipment worth $50,000 on credit.
  • On January 10th, received $200,000 in cash from customers for services rendered.
  • On January 15th, paid $30,000 in cash for office supplies.
  • On January 20th, made a payment of $20,000 towards the equipment purchased on January 5th.
  • On January 25th, received an invoice for utilities amounting to $10,000, to be paid next month.
  • On January 31st, paid salaries worth $40,000 in cash.

Prepare the general ledger accounts for these transactions. 

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Managerial Accounting for Managers

Authors: Eric Noreen, Peter Brewer, Ray Garrison

4th edition

1259578542, 978-1259578540

More Books

Students also viewed these Accounting questions