Complete the table T# Date Entries Dr. Cr. 1 please answer for the 16 transaction Transaction number
Question:
Complete the table
T# | Date | Entries | Dr. | Cr. |
1 |
please answer for the 16 transaction
Transaction number | Date June | Transaction |
1 | 1st | The owner invests £175,000 cash in the business. |
2 | 2nd | The business purchases office equipment for £42,000 cash. |
3 | 4th | The business purchases for £2,500 on account from a Supply Company computer paper and other supplies expected to last for several months |
4 | 6th | The business receives £7,500 cash from customers for programming services it has provided |
5 | 9th | The business provides £12,000 of programming and maintenance services for a customer. It receives cash of £8,000, and it bills the balance of £4,000 on account. |
6 | 10th | The business purchases computer accessories as an inventory in order to resell them. The business purchases 1,200 headsets for £13 each with credit term of 8/10, n/30. |
7 | 11th | The business finds out that 112 pieces of headsets are defective and returns them back to the supplier. |
8 | 19th | The business pays the purchases due balance for the supplier. |
9 | 20th | The business sells 720 units for customers for £22 each, with credit term of 5/15, n/ 30. |
10 | 22nd | The customer returns 85 headsets that don’t meet the specifications. |
11 | 29th | The business receives the sales due balance from the customers. |
12 | 28th | The business owner withdraws £1,800 cash from the business for his personal use. |
13 | 29th | The business hires a new secretary with basic salary of £1,000. |
14 | 30th | The business receives £9,000 for programming services that will provide during the next 5 months. |
15 | 30th | The business pays the following expenses in cash for February: Store rent £1,250, salaries and wages of employees £2750 and utilities £1,320. |
16 | 30th | The business purchases a 6-month insurance policy for £9,500 |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill