Mr. Joe started a stationery shop business on 1 Jan 2021 and, entered the following transactions...
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Mr. Joe started a stationery shop business on 1 Jan 2021 and, entered the following transactions during the first month: 1 Jan Mr Joe starts business as a sole proprietor with $10,000 in cash 2 Jan he pays $7,500 cash into a business bank account 4 Jan he purchases goods on credit from a vendor 1 for $1,000 6 Jan he purchases goods from vendor 2 on credit for $1,500 7 Jan he pays wages in cash $30 10 Jan he pays shop rent by cheque $40 12 Jan he sells goods for cash $105 16 Jan he buys furniture for $750 paying by cheque 19 Jan he sells goods on credit to ABC organization for $290 22 Jan he buys goods for cash $1,950 24 Jan he buys wooden fittings for cash $300 Pays transportation outwards costs by cheque $12 25 Jan he pays wages by cash $55 He sells goods for cash $215 27 Jan he receives part payment from ABC organization of $165 by cheque He pays transportation inwards costs by cheque $10 28 Jan he pays advertising by cheque $12 He sells goods for cash $445 29 Jan Sells goods on credit to XYZ organization for $4,045 30 Jan he withdraws $50 cash for his own use List of Account Titles to be used: . Bank . . • Wages Rent . Cash Capital Purchases . Sales ABC Organization XYZ Organization Vendor 1 . Vendor 2 . Furniture • Fittings • Advertising . Drawings Transportation inward Transportation outward Required: 1. Prepare ledger account entries to record the transactions. Hint: Please see below picture to report account title Oct Debits Date 2011 Note: When you start preparing your accounts, you can leave additional blank lines/ space right after the bank account (approximately 10 lines). Similarly, leave additional blank lines after all ledger accounts (approximately 4 per account). 2. After making all ledger account entries, prepare General Journal entries. Hint: Please see below picture for general journal entries. General Journal 2 9 Account title Inventory Credits Account Title and Explanations Account Payable (Inventory purchase on credit) Account Receivable Sales (Credit sales) Ref Amount (Rs.) Debit 3,150 4.000 Credit 3.150 4,000 Mr. Joe started a stationery shop business on 1 Jan 2021 and, entered the following transactions during the first month: 1 Jan Mr Joe starts business as a sole proprietor with $10,000 in cash 2 Jan he pays $7,500 cash into a business bank account 4 Jan he purchases goods on credit from a vendor 1 for $1,000 6 Jan he purchases goods from vendor 2 on credit for $1,500 7 Jan he pays wages in cash $30 10 Jan he pays shop rent by cheque $40 12 Jan he sells goods for cash $105 16 Jan he buys furniture for $750 paying by cheque 19 Jan he sells goods on credit to ABC organization for $290 22 Jan he buys goods for cash $1,950 24 Jan he buys wooden fittings for cash $300 Pays transportation outwards costs by cheque $12 25 Jan he pays wages by cash $55 He sells goods for cash $215 27 Jan he receives part payment from ABC organization of $165 by cheque He pays transportation inwards costs by cheque $10 28 Jan he pays advertising by cheque $12 He sells goods for cash $445 29 Jan Sells goods on credit to XYZ organization for $4,045 30 Jan he withdraws $50 cash for his own use List of Account Titles to be used: . Bank . . • Wages Rent . Cash Capital Purchases . Sales ABC Organization XYZ Organization Vendor 1 . Vendor 2 . Furniture • Fittings • Advertising . Drawings Transportation inward Transportation outward Required: 1. Prepare ledger account entries to record the transactions. Hint: Please see below picture to report account title Oct Debits Date 2011 Note: When you start preparing your accounts, you can leave additional blank lines/ space right after the bank account (approximately 10 lines). Similarly, leave additional blank lines after all ledger accounts (approximately 4 per account). 2. After making all ledger account entries, prepare General Journal entries. Hint: Please see below picture for general journal entries. General Journal 2 9 Account title Inventory Credits Account Title and Explanations Account Payable (Inventory purchase on credit) Account Receivable Sales (Credit sales) Ref Amount (Rs.) Debit 3,150 4.000 Credit 3.150 4,000
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