Question: Complete the table T# Date Entries Dr. Cr. 1 please answer for the 16 transaction Transaction number Date June Transaction 1 1 st The owner
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 |
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To complete the table we need to record each transaction in the journal and then post those journal entries to the ledger accounts Here are the journal entries for the transactions listed Transaction ... View full answer
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