Good Year Co. started a business on 1 MAY 2020. During the month of MAY, the...
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Good Year Co. started a business on 1 MAY 2020. During the month of MAY, the following transactions has occurred. A. Journalise these transactions using the double entry system format provided: [4 Marks] 1. 1 MAY; Started the business by investing JD 20000 cash in exchange for Ordinary Shares – Capital. Date Account title Dr Cr 1-5- 2020 2. 2 MAY; Purchased office equipment of the amount JD 5000 from Sally Co. on account. Date Account title Dr Cr 2-5- 2020 3. 7 MAY; Provided a service to LONA Cosmetics for JD 8000 in cash. Date Account title Dr Cr 7-5- 2020 4. 15 MAY; Paid half of Sally Co. balance (from transaction on 2 MAY) in cash. Date Account title Dr Cr 15-5- 2020 B. Prepare the ledger account for Cash (posting to cash T account):[2 Marks] Cash Dr Cr Good Year Co. started a business on 1 MAY 2020. During the month of MAY, the following transactions has occurred. A. Journalise these transactions using the double entry system format provided: [4 Marks] 1. 1 MAY; Started the business by investing JD 20000 cash in exchange for Ordinary Shares – Capital. Date Account title Dr Cr 1-5- 2020 2. 2 MAY; Purchased office equipment of the amount JD 5000 from Sally Co. on account. Date Account title Dr Cr 2-5- 2020 3. 7 MAY; Provided a service to LONA Cosmetics for JD 8000 in cash. Date Account title Dr Cr 7-5- 2020 4. 15 MAY; Paid half of Sally Co. balance (from transaction on 2 MAY) in cash. Date Account title Dr Cr 15-5- 2020 B. Prepare the ledger account for Cash (posting to cash T account):[2 Marks] Cash Dr Cr
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PART A Date Account Title Debit Credit 010520 Cash 20000 Ordinary Share ... View the full answer
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