Jan 2021 (1) Brought in cash of RO 17,000 to start up the business (2) Paid...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jan 2021 (1) Brought in cash of RO 17,000 to start up the business (2) Paid RO 8,000 in cash to Purchase equipment (5) Purchase of supplies on credit for RO 20000 and 10000 on cash from Famy trading (6) Sale of RO 20,000 on credit to Jamu trading and for cash RO 10000 (8) Paid RO 1800 liability to the Famy trading (10) Collection of accounts receivable RO 15,000 from Jamu trading (17) Paid rent of RO 500 for rent (19) Paid insurance of RO 200 (20) Withdraw of RO 1000 for personal use. You required to: a. Prepare Journal entries b. Post ledger accounts c. Trail balances Jan 2021 (1) Brought in cash of RO 17,000 to start up the business (2) Paid RO 8,000 in cash to Purchase equipment (5) Purchase of supplies on credit for RO 20000 and 10000 on cash from Famy trading (6) Sale of RO 20,000 on credit to Jamu trading and for cash RO 10000 (8) Paid RO 1800 liability to the Famy trading (10) Collection of accounts receivable RO 15,000 from Jamu trading (17) Paid rent of RO 500 for rent (19) Paid insurance of RO 200 (20) Withdraw of RO 1000 for personal use. You required to: a. Prepare Journal entries b. Post ledger accounts c. Trail balances
Expert Answer:
Answer rating: 100% (QA)
Tan21 U 21 101 17 Journal entries DE cash Alc To capital Alc 17000 17... View the full answer
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date:
Students also viewed these accounting questions
-
You are an Analyst for the professional service firm, BUSI 1043 LLP. Your firm specializes in providing a wide variety of internal business solutions for different clients. It is your first day on...
-
The National Battery Company produces a wide variety of batteries for home, automobile, and marine use. One example of its many products is the Road Guardian automobile battery. The standard cost for...
-
The Georgeville city government provides a wide variety of services to the community. Among them is the protection provided by the police force. In order to provide that force it spends $ 3 million...
-
Sandhill Company manufactures hockey pucks and soccer balls, For both products, materials are added at the beginning of the production process and conversion costs are incurred evenly. Sandhill uses...
-
A study of about n = 1000 individuals in the United States during September 21-22, 2001, revealed that 43% of the respondents indicated that they were less willing to fly following the events of...
-
The following environmental conditions were measured at the palletizing operation worksite. Evaluate the situation and calculate how long a worker can safely perform the task. Assume that box loading...
-
Given the Irwin-Hall distribution with pdf, \[f_{Y}(y)=\frac{1}{2(n-1) !} \sum_{k=0}^{n}(-1)^{k}\left(\begin{array}{l}n \\k\end{array} ight)(y-k)^{n-1} \operatorname{sign}(y-k)\] where the sign...
-
Distinguish between an auditors responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determining the proper reporting and disclosure of such...
-
315 g of a solution has a volume of 4.2 L. 5 L of this solution sells for $9.29. At these rates, what mass of the solution can we buy with $120? a. (1/10 marks) List the unknown quantity name,...
-
Foreign Exchange Trading at Baldwin Enterprises Baldwin Enterprises is a large manufacturing company with operations and sales divi- sions located in the United States and several other countries....
-
(-1)"-1 The sequence converges to n! O 1 O -1 O -
-
Why do we find evidence of strike-slip and normal-fault stress regimes in addition to the thrust-fault regime in active (contractional) orogens such as the Himalaya and Andes?
-
Someone says: The advertising elasticity of cigarette demand may be small, but it is big enough to warrant policy to ban cigarette advertising. What would big enough mean in this context?
-
Suppose the price elasticity of cigarette demand is 0.4. If we increased the prices of cigarettes by 50 percent, what would we expect to happen to the quantity purchased? To total expenditures on...
-
In what settings do monoclines typically form?
-
What is structural geology all about?
-
There are several reasons why a company would acquire a subsidiary's voting common stock rather than its net assets. Identify at least two advantages to acquiring a controlling interest in the voting...
-
To balance the chemical equation SiH3 + O2 SiO2 + HO, you could introduce coefficients a, b, c, d and write aSiH3 + bO2 cSiO + dHO then write linear equations for each element. The equation for Si...
-
You are the executive director of a community service agency in the inner city. Your operation is funded through a combination of cash contributions, federal government grants, and city contracts....
-
Distinguish between a mandate and an entitlement.
-
What bases of accounting are used in the BFS?
-
The most appropriate measure of profitability from the point of view of the shareholders is: A. Return on equity. B. Return on capital employed. C. Return on non-current assets. D. Profit on sales.
-
The summarized balance sheets of company R at the end of two consecutive financial years were as shown in Figure 7.9. Sales were 541,000 and 675,000 for the years ended 31 March 20X2 and 20X3,...
-
Mosca and Vespa are two sole traders with the financial statements (in euros) for the year ending 31 December as set out in Figure 7.10. Using the information contained in the financial statements,...
Study smarter with the SolutionInn App