Company X had following account balances at the beginning of January: Cash in hand 15 000...

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Company X had following account balances at the beginning of January: Cash in hand 15 000 a) On January 5" company purchased on deferred payment a land at a value of 27 00. b) On January 12" company gave a pre-payment to an employee in the amount of 500 to buy office materials. c) On January 18th company took a long-term bank loan of 12 000. d) On January 30" company decided to sign a contract for building a new warehouse; value of contract 69 000; works will begin next month. Required: Record all transactions in appropriate T-accounts, close all accounts and calculate ending balances. Company X had following account balances at the beginning of January: Cash in hand 15 000 a) On January 5" company purchased on deferred payment a land at a value of 27 00. b) On January 12" company gave a pre-payment to an employee in the amount of 500 to buy office materials. c) On January 18th company took a long-term bank loan of 12 000. d) On January 30" company decided to sign a contract for building a new warehouse; value of contract 69 000; works will begin next month. Required: Record all transactions in appropriate T-accounts, close all accounts and calculate ending balances.

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Company X had following account balance at he begining of January Cash in hand 15000 a Jan 5th Compa... View the full answer