To understand the questions is a part of the assessment. Therefore, don't ask for any clarification...

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To understand the questions is a part of the assessment. Therefore, don't ask for any clarification This is an open book assessment However, interaction with anyone else during the exam. time is strictly prohibited Use A4 loose sheet and write your name, ID, and section at the top right of the first page. Within 5 minutes after the end of assessment time, send me your answer (scan copy in a single pdf file) at mohiuddin@aiub edu The file name should be your name Problem Lee Feng started an interior decorator company on January 1, 2022. The following selected events and transactions occured during January. January 1 Invested Tk. 40,000 cash in the busıness 3. Purchased a used car for Tk. 20,000 cash for use in business Purchased supplies on account for Tk 5,000 6. Received Tk 6,000 from a customer for a service performed. 10 Billed another customer Tk 2,500 for services performed 18 Paid advertisıng expense of Tk 2,000. 19 Paid the supplier Tk. 5,000 for the supplies purchased on Jan 5. 25 Withdrew Tk 1,000 for personal use. 30 The rent of the office for the month of January is Tk 3,000 which will be paid on February 19 Requirements: 1. Journalize the January transactions (explanations not required), 2 Post to ledger accounts, 3 Prepare the trial balance on January 31, 4. Prepare the income statement for January 5 Prepare Statement of Owner's Equity for January, and, 6. Prepare Balance Sheet on January 31 To understand the questions is a part of the assessment. Therefore, don't ask for any clarification This is an open book assessment However, interaction with anyone else during the exam. time is strictly prohibited Use A4 loose sheet and write your name, ID, and section at the top right of the first page. Within 5 minutes after the end of assessment time, send me your answer (scan copy in a single pdf file) at mohiuddin@aiub edu The file name should be your name Problem Lee Feng started an interior decorator company on January 1, 2022. The following selected events and transactions occured during January. January 1 Invested Tk. 40,000 cash in the busıness 3. Purchased a used car for Tk. 20,000 cash for use in business Purchased supplies on account for Tk 5,000 6. Received Tk 6,000 from a customer for a service performed. 10 Billed another customer Tk 2,500 for services performed 18 Paid advertisıng expense of Tk 2,000. 19 Paid the supplier Tk. 5,000 for the supplies purchased on Jan 5. 25 Withdrew Tk 1,000 for personal use. 30 The rent of the office for the month of January is Tk 3,000 which will be paid on February 19 Requirements: 1. Journalize the January transactions (explanations not required), 2 Post to ledger accounts, 3 Prepare the trial balance on January 31, 4. Prepare the income statement for January 5 Prepare Statement of Owner's Equity for January, and, 6. Prepare Balance Sheet on January 31

Answer rating: 100% (QA)

Q 1 Journalize the January transactions Solution Lee Feng Journal Entries for January Date Particulars Debit Tk Credit Tk January Cash AC Dr 40000 1 To Capital AC 40000 3 Car AC Dr 20000 To Cash AC 20... View the full answer