Transactions for Ing Ltd. for the month of June, its first month of operations, are presented below.
Question:
Transactions for Ing Ltd. for the month of June, its first month of operations, are presented below. For each transaction, prepare a (a) basic analysis, (b) equation analysis, and (c) debit-credit analysis.
June 1 Issued common shares to shareholders in exchange for $2,500 cash.
4 Purchased supplies on account for $250.
7 Billed J. Kronsnoble $300 for welding work done.
18 Received partial payment of $200 from J. Kronsnoble for work billed on June 7.
25 Hired a new employee to start work on July 3.
27 Received cash of $200 from Liu Controls Ltd. as a deposit for welding work to be done in July.
28 Paid for supplies purchased on June 4.
29 Paid $100 for monthly income tax instalment.
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine