Prepare for Allison Ltd, the year-end Ledger Accounts for Inventory, Accounts Receivable, Accounts Payable, Rent and...

  

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Prepare for Allison Ltd, the year-end Ledger Accounts for Inventory, Accounts Receivable, Accounts Payable, Rent and Insurance. The Balances in the Statement of Financial Performance for Allison Ltd at December 31* 2020 were as follows. Cash (Dr Balance) Inventory (9 Compressors Accounts Receivable Equipment Prepaid Rent Accounts Payable Accumulated Depreciation Taxes Payable Wages Payable Retained Profit Capital 35,000 45,000 10,000 450,000 2,000 15,000 150,000 10,000 12,000 205,000 150,000 £5,000 each) During 2021 the following transactions occurred: January - Paid the Accounts Payable Balance owed to Suppliers at the end of 2020 January - Received Accounts Receivable Balance owed by Customers at the end of 2020 January - Obtained a Loan for $100,000 to be repaid in five years. Interest is charged at 10% and payable each December 31 February - Purchased 20 Compressors at £6,000 each, 30% in Cash and the balance of 70% on Credit February - Sold 24 Compressors for £16,000 each, 40% for Cash and the balance of 60% on account March - Paid Cash for Wages of £36,000 April - Paid 2020 taxes May - Received Cash from Customers who bought Compressors in February £50,000 June - Paid £30,000 to Accounts Payable July - Paid E8,000 for Rent which is charged at £1,000 per month August - Purchased a one-year insurance policy for £6,000 September - Paid £9,000 Advertising for 2021 October - Invested further Capital of £30,000 November - Paid £12,000 Utility Bill for 2021 December - Paid £40,000 for Wages Prepare for Allison Ltd, the year-end Ledger Accounts for Inventory, Accounts Receivable, Accounts Payable, Rent and Insurance. The Balances in the Statement of Financial Performance for Allison Ltd at December 31* 2020 were as follows. Cash (Dr Balance) Inventory (9 Compressors Accounts Receivable Equipment Prepaid Rent Accounts Payable Accumulated Depreciation Taxes Payable Wages Payable Retained Profit Capital 35,000 45,000 10,000 450,000 2,000 15,000 150,000 10,000 12,000 205,000 150,000 £5,000 each) During 2021 the following transactions occurred: January - Paid the Accounts Payable Balance owed to Suppliers at the end of 2020 January - Received Accounts Receivable Balance owed by Customers at the end of 2020 January - Obtained a Loan for $100,000 to be repaid in five years. Interest is charged at 10% and payable each December 31 February - Purchased 20 Compressors at £6,000 each, 30% in Cash and the balance of 70% on Credit February - Sold 24 Compressors for £16,000 each, 40% for Cash and the balance of 60% on account March - Paid Cash for Wages of £36,000 April - Paid 2020 taxes May - Received Cash from Customers who bought Compressors in February £50,000 June - Paid £30,000 to Accounts Payable July - Paid E8,000 for Rent which is charged at £1,000 per month August - Purchased a one-year insurance policy for £6,000 September - Paid £9,000 Advertising for 2021 October - Invested further Capital of £30,000 November - Paid £12,000 Utility Bill for 2021 December - Paid £40,000 for Wages

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Date Page alee AMOUNT AMOUNT 21 To Balance 45000 cash 6000 so3680 By Ca ... View the full answer