Ib. Superman started a business on January 1 2021 and during the same month, he transacted...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ib. Superman started a business on January 1 2021 and during the same month, he transacted the following businesses: 1 Jan, he introduced cash as initial capital 1 Jan, he bought second hand computer 2nd Jan, he made purchases for cash 3d Jan, he made additional purchases on credit from Usman 6th Jan, he made sales for cash 7th Jan, he made sales on credit to Gbenga 10th Jan, he paid 4 months' rent by cash 13th Jan. he bought a car on credit from Udoh and paid a deposit of N5, 000 and agreed to pay the balance of 35,000 in June 15th Jan. he paid N6,200 to Udoh in settlement of debt 20th Jan, he made additional sales on credit to Gbenga 28th Jan, he received N3,000 cash from uman You are required to post the above transactions in the journal N 100,000 3,000 5,500 6,200 2,700 4,000 2,100 40,000 6,200 3,500 3,000 22 marks Ib. Superman started a business on January 1 2021 and during the same month, he transacted the following businesses: 1 Jan, he introduced cash as initial capital 1 Jan, he bought second hand computer 2nd Jan, he made purchases for cash 3d Jan, he made additional purchases on credit from Usman 6th Jan, he made sales for cash 7th Jan, he made sales on credit to Gbenga 10th Jan, he paid 4 months' rent by cash 13th Jan. he bought a car on credit from Udoh and paid a deposit of N5, 000 and agreed to pay the balance of 35,000 in June 15th Jan. he paid N6,200 to Udoh in settlement of debt 20th Jan, he made additional sales on credit to Gbenga 28th Jan, he received N3,000 cash from uman You are required to post the above transactions in the journal N 100,000 3,000 5,500 6,200 2,700 4,000 2,100 40,000 6,200 3,500 3,000 22 marks
Expert Answer:
Answer rating: 100% (QA)
DATE PARTICULARS Dr Cr 01012021 Capital Ac To Cash Ac Being initial capital 100... View the full answer
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date:
Students also viewed these accounting questions
-
George Atlas started a business on June 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and...
-
Sheryl Hansen started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and...
-
Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then...
-
To complete the pipings in the newly constructed power plant, 60 men must work for 72 days. If all 60 men are employed at the start but the number working is decreased by 5 men at the end of each...
-
Journalize the following transactions of Alameda Productions: Jan 21 Issued 1,800 shares of $1.25 par common stock at $13 per share. Jun 23 Purchased 500 shares of treasury stock at $15 per share....
-
A student attempts to solve the equation |3x + 4| = x. The student writes the following working: Explain the error made by the student. 3x + 4 = x 4 = 2x x = -2 or -(3x + 4) = x -3x 4 = x -4 = 4x x =...
-
Casey Ltds accounting system uses special journals and subsidiary ledgers. The following transactions occurred during March 2025 (GST is ignored). All sales are n/30. Required (a) Ignoring GST, enter...
-
The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director...
-
(a) NP and Co. has imported goods for US $ 7,00,000. The amount is payable after three months. The company has also exported goods for US $ 4,50,000 and this amount is receivable in two months. For...
-
Assume the same data as in P20-15 and that Provincial Airlines Corp. has an incremental borrowing rate of 8%. Instructions Answer the following questions, rounding all numbers to the nearest dollar....
-
Edna indicates on the Form 13614-C that she has self-employment income along with other income and expenses. Edna brings in a Form 1099-NEC showing compensation of $7,500. She tells Joe, the...
-
How can different national or organizational cultures affect the management of an information systems development project?
-
Using the Web, find information on the effects that e-waste and backyard recycling has on developing countries. Based on you find, what Green IT policies would you suggest a firm put in place to...
-
What is the primary goal of acceptance testing?
-
What are some of the nonfunctional requirements that can influence the design of the humancomputer interaction layer?
-
What is the purpose of testing?
-
Lucky Lonnie has a loaded die that lands with the following probabilities: Die shows: 1 2 3 4 5 6 Probability 1/4 1/6 1/8 1/6 1/8 1/6 What is the expected value for the game in #1 if Lonnie uses his...
-
What kind of financial pressures can an LBO cause?
-
Oleander Corporation, a calendar year entity, begins business on March 1, 2014. The corporation incurs startup expenditures of $64,000. If Oleander elects 195 treatment, determine the total amount...
-
Andy recently completed medical school and is beginning his medical practice. Most of his patients are covered by health insurance with a co-pay requirement (e.g., the patient pays $10, and the...
-
Why does 357(c) require the recognition of gain when liabilities assumed by a corporation exceed the adjusted basis of the assets transferred?
-
Is there any information that Shuang could get more easily by interview than by researching secondary sources? If so, what is this information and who would you recommend that she contact?
-
Kaplan gives several examples of the need to clearly explain the cafs purpose and goals. Identify specific assumptions or misconceptions that their audience may have. Why is managing or countering...
-
Do you have any additional tips and tricks you use to organize research results? If so, explain how they would be useful for this project.
Study smarter with the SolutionInn App