ABC Company had the following transactions during the month of January: January 1: Purchased merchandise for $15,000
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Question:
ABC Company had the following transactions during the month of January:
- January 1: Purchased merchandise for $15,000 on credit from XYZ Company.
- January 10: Sold merchandise for $25,000 on credit to a customer.
- January 15: Received $10,000 cash from a customer who had previously purchased merchandise on credit.
- January 20: Paid $5,000 cash to XYZ Company for merchandise purchased on credit.
- January 25: Paid $2,000 cash for rent expense.
- January 31: Received a bill for utilities expense in the amount of $1,000.
Prepare the journal entries for these transactions and post them to the ledger. Then, prepare the trial balance as of January 31.
Related Book For
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
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