Kimberley Kites had the following transactions in January 2014 : 1 Jan: Owner contributed R10 000 into
Question:
Kimberley Kites had the following transactions in January 2014:
1 Jan: Owner contributed R10 000 into the business bank account as his initial contribution.
2 Jan: Purchased 20 hand-painted kites for cash from a small supplier in Ocean View for R250 each.
6 Jan: Purchased a sander (which will be used to smooth the kite frames) for R4 000 on credit from Mica Hardware.
18 Jan: Sold 3 kites on credit to Total Sports for R450 each.
25 Jan: Sold 2 kites for R480 cash each and deposited the money into the business bank account.
27 Jan: Purchased prepaid electricity amounting to R1 000 for cash. The electricity will only be used in February 2010.
30 Jan: The owner, who had forgotten that it was her niece's birthday, took a kite from the shop as a birthday present.
31 Jan: Paid wages for January 2010 amounting to R600.
Expert Answer:
To analyze Kimberley Kites transactions for January 2014 lets categorize them into relevant accounti... View the full answer
