Part A The following transactions occurred during the first month of operations of Macquarie Consulting for...
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Part A The following transactions occurred during the first month of operations of Macquarie Consulting for Nov 2022. Nov 1 The owner contributed $23,000 cash to the start the business. Nov 3 The business purchased a new motor vehicle for $38,000. $8,000 of the purchase price was paid in cash and remaining amount was financed by a bank loan. Provide investment advice to AG Investment Fund. A consulting fee of $5,000 is received. Nov 10 Nov 15 The business purchased office supplies for $600 cash. Nov 20 Invoiced Peter and Sally $5,200 for providing financial advice. Nov 28 Paid total salary of $2,500. Nov 30 Received a bill of $500 for the electricity usage. Nov 30 Paid interest of $120 for the bank loan. Required: Prepare the general journal entries to record the above transactions for the month of November 2022. Narrations are NOT required (9 marks). Part B Post the transactions that occurred on 1st November and 20th November to the appropriate general ledger T-accounts. Include the account name at the top of each T-account (6 marks). Part A The following transactions occurred during the first month of operations of Macquarie Consulting for Nov 2022. Nov 1 The owner contributed $23,000 cash to the start the business. Nov 3 The business purchased a new motor vehicle for $38,000. $8,000 of the purchase price was paid in cash and remaining amount was financed by a bank loan. Provide investment advice to AG Investment Fund. A consulting fee of $5,000 is received. Nov 10 Nov 15 The business purchased office supplies for $600 cash. Nov 20 Invoiced Peter and Sally $5,200 for providing financial advice. Nov 28 Paid total salary of $2,500. Nov 30 Received a bill of $500 for the electricity usage. Nov 30 Paid interest of $120 for the bank loan. Required: Prepare the general journal entries to record the above transactions for the month of November 2022. Narrations are NOT required (9 marks). Part B Post the transactions that occurred on 1st November and 20th November to the appropriate general ledger T-accounts. Include the account name at the top of each T-account (6 marks).
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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