Data for Decorators Mill Ltd. were presented in E3.6. In E3.6. Mar. 2 Issued common shares for
Question:
Data for Decorators Mill Ltd. were presented in E3.6.
In E3.6.
Mar. 2 Issued common shares for $11,000 cash.
4 Purchased used car for $1,000 cash and $9,000 on account, for use in the business.
10 Billed customers $2,300 for services performed.
13 Paid $225 cash to advertise business opening.
25 Received $1,000 cash from customers billed on March 10.
27 Paid amount owing for used car purchased on March 4.
30 Received $700 cash from a customer for services to be performed in April.
31 Declared and paid $300 of dividends to shareholders.
Instructions
Set up T accounts, post the journal entries recorded in E3.6 to the general ledger, and determine the ending balances in each account.
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