Answer: Transactions for Tom Petty Company for the month of October, 2022 are presented below 1....
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Answer: Transactions for Tom Petty Company for the month of October, 2022 are presented below 1. invested $50,000 cash in exchange of ordinary shares. 2. Purchased land costing $28,000 for cash. 3. Purchased equipment costing $20,000 for $3,000 cash and the remainder on account. 4. Received $3,000 cash for services performed. 5. Paid salaries to employees for $2,500. Required Using the below templates, a. Prepare tabular analysis. b. Journalize the transactions. (5 Marks) (CLO 1) (5 Marks) (CLO 2) c. Post to the ledger accounts and balance the accounts. d. Prepare a trial balance on October 30,2022. a. Tabular analysis (3 Marks) (CLO 3) (2 Marks) (CLO 3) Assets Liabilities Owners' Equity Transaction Number Cash Land Equipment Accounts payable Share Capital expenses Service revenues 1 2 3 4 5 Balances Total Assets = Total Liabilities and Owners Equity = 1 Answer: Transactions for Tom Petty Company for the month of October, 2022 are presented below 1. invested $50,000 cash in exchange of ordinary shares. 2. Purchased land costing $28,000 for cash. 3. Purchased equipment costing $20,000 for $3,000 cash and the remainder on account. 4. Received $3,000 cash for services performed. 5. Paid salaries to employees for $2,500. Required Using the below templates, a. Prepare tabular analysis. b. Journalize the transactions. (5 Marks) (CLO 1) (5 Marks) (CLO 2) c. Post to the ledger accounts and balance the accounts. d. Prepare a trial balance on October 30,2022. a. Tabular analysis (3 Marks) (CLO 3) (2 Marks) (CLO 3) Assets Liabilities Owners' Equity Transaction Number Cash Land Equipment Accounts payable Share Capital expenses Service revenues 1 2 3 4 5 Balances Total Assets = Total Liabilities and Owners Equity = 1
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