Assignment $2$

BU $102$

Consider the following transactions. Complete the full Accounting Cycle. Submit this assignment on Thursday March $21,2024$ before exam.

March $1$ Mr$.$ Smith added $$50,000$ Capital to his business ABC company Ltd$.$

March $2$ Purchased an Insurance Policy paying $$2,400$ annual premium in advance.

March $5$ Purchased goods by paying cash $25000$

March $5$ Purchased Office Supplies on credit from $$2,000$

March $6$ Sales of goods customer will pay later $30,000$

March $6$ Purchased Furniture for cash $18000$

March $7$ Sold goods for cash $10,000$

March $10$ Equipment purchased on account $40000$

March$15$ Wages paid to employees $10000$

March $25$ Purchased inventory for cash $19000$

March $29$ Withdrew for personal use $1500$

March $31$ Paid salaries $10000$