1. The following information relates to ABC Company: A. Joe Tribianni started the ABC Company on...

 

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1. The following information relates to ABC Company: A. Joe Tribianni started the ABC Company on 1 March 2020, with $85,000. B. On March 3, Joe Tribianni purchased few equipments that will be used for the business. The total cost of the equipments were $16,000. The owner paid half of the amount in cash immediately and signed a 5- month, 8% notes payables for the remaining amount. C. On March 3, Joe Tribianni also purchased one apartment floor of a commercial building for $10,000, that will be used as the corporate office for ABC Company. D. On March 5, the company paid $700, for advertising the opening of ABC Company. E. On March 10, Joe Tribianni received $26,000 from clients for services performed. F. On March 11, the company sent bills to it's customers, worth $1,500. G. On March 12, ABC Company purchased supplies worth $2,300, on account. H. On March 15, ABC Company sold goods to it's customers worth $5,000, on account. I. On March 19, Joe Tribianni withdrew $2,000 from the business for personal use. J. On March 20, ABC Company owner paid salary and wages of $20,000, to it's employees, for the month of March. K. On March 21, Joe Tribianni paid $1,000 out of the balance that was due from March 12. The remainder will be paid later. L. On March 22, the company sold goods and received $4,000. M. On March 25, Joe Tribianni received payment from previously billed customers, from March 11. N. On March 28, ABC Company paid rent of $2,400, for the current month. O. On March 28, ABC Company received electricity bill of $1,000 and paid the amount in cash. P. On March 30, Joe Tribianni received $2,200 from a client for services that will be performed and completed in May 30. Required: i. Prepare a tabular analysis for ABC Company's transactions for the month of March, with the aid of the Accounting Equation. (8 marks) ii. Journalise the above mentioned transactions. (16 marks). 1. The following information relates to ABC Company: A. Joe Tribianni started the ABC Company on 1 March 2020, with $85,000. B. On March 3, Joe Tribianni purchased few equipments that will be used for the business. The total cost of the equipments were $16,000. The owner paid half of the amount in cash immediately and signed a 5- month, 8% notes payables for the remaining amount. C. On March 3, Joe Tribianni also purchased one apartment floor of a commercial building for $10,000, that will be used as the corporate office for ABC Company. D. On March 5, the company paid $700, for advertising the opening of ABC Company. E. On March 10, Joe Tribianni received $26,000 from clients for services performed. F. On March 11, the company sent bills to it's customers, worth $1,500. G. On March 12, ABC Company purchased supplies worth $2,300, on account. H. On March 15, ABC Company sold goods to it's customers worth $5,000, on account. I. On March 19, Joe Tribianni withdrew $2,000 from the business for personal use. J. On March 20, ABC Company owner paid salary and wages of $20,000, to it's employees, for the month of March. K. On March 21, Joe Tribianni paid $1,000 out of the balance that was due from March 12. The remainder will be paid later. L. On March 22, the company sold goods and received $4,000. M. On March 25, Joe Tribianni received payment from previously billed customers, from March 11. N. On March 28, ABC Company paid rent of $2,400, for the current month. O. On March 28, ABC Company received electricity bill of $1,000 and paid the amount in cash. P. On March 30, Joe Tribianni received $2,200 from a client for services that will be performed and completed in May 30. Required: i. Prepare a tabular analysis for ABC Company's transactions for the month of March, with the aid of the Accounting Equation. (8 marks) ii. Journalise the above mentioned transactions. (16 marks).