Below are transactions recorded in the books of Integrated Consulting Ltd for June, for the first month
Fantastic news! We've Found the answer you've been seeking!
Question:
Below are transactions recorded in the books of Integrated Consulting Ltd for June, for the first month of operations for the company.
June | 1 | The owner, Mr John, started a consulting company with cash $43,000. | |
5 | The company paid $860 for rent for the month of June. | ||
7 | The company purchased a motor vehicle, $8,600, by obtaining a loan. The loan will be repaid in 2 years. | ||
10 | Received fees revenue from clients in cash $12,900. | ||
15 | Invoiced Mr Benny, a client, $1,720 for consulting services provided. | ||
20 | Mr Benny paid half of the money he owed, $860, to Integrated Consulting. | ||
28 | Mr John gave $430 to his wife for household expenses. |
(a) Record the above transactions for Integrated Consulting Limited for June in the transaction analysis table below.
Date | Cash | Accounts Receivable | Supplies | Motor Vehicle | Accounts Payable | Loan | Capital | Income | Rent Expense | ||
June | 1 | ||||||||||
5 | |||||||||||
7 | |||||||||||
10 | |||||||||||
15 | |||||||||||
20 | |||||||||||
28 | |||||||||||
Total |
(b) Total each of the columns and prove that the Accounting Equation is in balance by recording the total values for assets, liabilities and equity.
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date: