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  • Problem Proper

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    Karl William Sorima
    392 Ansichten2 Seiten
    Mr. Robert started a business on January 1, 2011 with $100,000 in capital and deposited $20,000 into his bank account at ADCB. Throughout January 2011, he purchased goods for $70,000 in cash, sold goods to Steve Co. for $38,000 on credit and for $9,000 in cash, received $35,000 payment from Steve Co. by cheque, paid stationery and telephone bills totaling $2,500 in cheque and cash, and paid rent, salaries, and personal withdrawals totaling $12,500 in cash and cheque.

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    Mr. Robert started a business on January 1, 2011 with $100,000 in capital and deposited $20,000 into his bank account at ADCB. Throughout January 2011, he purchased goods for $70,000 in cash, sold goods to Steve Co. for $38,000 on credit and for $9,000 in cash, received $35,000 payment from Steve Co. by cheque, paid stationery and telephone bills totaling $2,500 in cheque and cash, and paid rent, salaries, and personal withdrawals totaling $12,500 in cash and cheque.

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    © All Rights Reserved
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    392 Ansichten2 Seiten

    Problem Proper

    Hochgeladen von

    Karl William Sorima
    Mr. Robert started a business on January 1, 2011 with $100,000 in capital and deposited $20,000 into his bank account at ADCB. Throughout January 2011, he purchased goods for $70,000 in cash, sold goods to Steve Co. for $38,000 on credit and for $9,000 in cash, received $35,000 payment from Steve Co. by cheque, paid stationery and telephone bills totaling $2,500 in cheque and cash, and paid rent, salaries, and personal withdrawals totaling $12,500 in cash and cheque.

    Copyright:

    © All Rights Reserved
    Als DOCX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 2

    Problem 1:

    Mr. Robert commenced business on 1st January, 2011 with a capital of $100,000 in
    cash. On the same date he opened the bank account in ADCB and deposited $20,000.
    During the month of January 2011 the following transactions took place:

    Jan 1 Bought goods for cash 70,000

    2 Sold goods to Steve Co. (Credit) 38,000

    15 Sold goods for cash 9,000

    21 Steve Co. paid by cheque 35,000

    22 Stationery bill paid by cheque 2,000

    Telephone bill by cash 500

    31 Paid rent by cash 2,000

    Paid salaries by cash 3,000

    Withdrew cash personal use 5,000

    Required:
    Make journal entries for the transactions and post them to ledgers.

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