During the current financial period, the following transactions took place for Corona Ltd: 1. Damaged inventory...
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During the current financial period, the following transactions took place for Corona Ltd: 1. Damaged inventory purchased previously on credit at a cost of $4200 was returned to supplier. 2. Inventory worth $32500 is bought on account. 3. Wages totaling $28000 were paid for the period. 4. Machinery is purchased for $13500 cash. 5. Paid $20200 to credit suppliers. 6. Borrowed $108000 cash from the bank. 7. Provided services for $29500 cash. Required: Record the effect of the above transactions in the accounting worksheet below. Important - Type "-" in front of the amount if the account considered decreases as a result of the individual transaction considered. - Do not type anything in front of the amount if the account considered increases as a result of the individual transaction considered. - Type "0" if the account considered is not affected by the individual transaction considered. - Do not include "5" sign or any thousands separators, Le. 546,000-should be written as 46000. Accounts Cash Inventory Machinery Loan payable Share capital Profit/less payable Opening balance 35000 21000 59000 69000 24000 22000 4200 4200 32500 32500 Total During the current financial period, the following transactions took place for Corona Ltd: 1. Damaged inventory purchased previously on credit at a cost of $4200 was returned to supplier. 2. Inventory worth $32500 is bought on account. 3. Wages totaling $28000 were paid for the period. 4. Machinery is purchased for $13500 cash. 5. Paid $20200 to credit suppliers. 6. Borrowed $108000 cash from the bank. 7. Provided services for $29500 cash. Required: Record the effect of the above transactions in the accounting worksheet below. Important - Type "-" in front of the amount if the account considered decreases as a result of the individual transaction considered. - Do not type anything in front of the amount if the account considered increases as a result of the individual transaction considered. - Type "0" if the account considered is not affected by the individual transaction considered. - Do not include "5" sign or any thousands separators, Le. 546,000-should be written as 46000. Accounts Cash Inventory Machinery Loan payable Share capital Profit/less payable Opening balance 35000 21000 59000 69000 24000 22000 4200 4200 32500 32500 Total
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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