1. M. Lewis opened an Innovation Furniture shop on 01 August. During August, the following transactions of the business took place. (Note GST is ignored). The owner invested cash of $24,000 to start the business. ut of 2. The shop borrowed $6,000 from the bank. 3. A 6-month shop supplies inventory (boxes, scissors, tape, glue gun, ribbon, etc.) was purchased for $1,200 cash. 4. Office equipment was purchased at the cost of $20,000 in cash. 5. A store location was rented and $1,200 was paid for the first month's rent. 6. Inventory of $16,000 was purchased, $6,000 cash was paid to the suppliers and the balance will be paid within 30 days. 7. During the first month, Sales totalled $26,000, of which $10,400 was sold on account. The cost of the goods sold totalled 40% of sales. 8. Paid a total of $ 1,700 of the amount owed to suppliers from the transaction (6). 9. M. Lewis withdrew $ 640 for personal use. Time left 1:28: 10. At the end of the month, a stocktake of the supplies showed an amount of supplies worth $590. Answer the following five (5) questions based on the above information and enter only the whole number as an answer, for example, 123456. Two (2) marks for each correct answer, a total of ten (10) marks. What is the Net income of Innovation Furniture Shop for August ($)? What is the Cash balance on 31 August ($)? What is the Account payable balance on 31 August ($)? What is the Owner's capital balance on 31 August ($)? What is the Expense for August ($)? 00000 Next page Woolworths Group Annual Report 2020 ►
1. M. Lewis opened an Innovation Furniture shop on 01 August. During August, the following transactions of the business took place. (Note GST is ignored). The owner invested cash of $24,000 to start the business. ut of 2. The shop borrowed $6,000 from the bank. 3. A 6-month shop supplies inventory (boxes, scissors, tape, glue gun, ribbon, etc.) was purchased for $1,200 cash. 4. Office equipment was purchased at the cost of $20,000 in cash. 5. A store location was rented and $1,200 was paid for the first month's rent. 6. Inventory of $16,000 was purchased, $6,000 cash was paid to the suppliers and the balance will be paid within 30 days. 7. During the first month, Sales totalled $26,000, of which $10,400 was sold on account. The cost of the goods sold totalled 40% of sales. 8. Paid a total of $ 1,700 of the amount owed to suppliers from the transaction (6). 9. M. Lewis withdrew $ 640 for personal use. Time left 1:28: 10. At the end of the month, a stocktake of the supplies showed an amount of supplies worth $590. Answer the following five (5) questions based on the above information and enter only the whole number as an answer, for example, 123456. Two (2) marks for each correct answer, a total of ten (10) marks. What is the Net income of Innovation Furniture Shop for August ($)? What is the Cash balance on 31 August ($)? What is the Account payable balance on 31 August ($)? What is the Owner's capital balance on 31 August ($)? What is the Expense for August ($)? 00000 Next page Woolworths Group Annual Report 2020 ►
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 12PB: Prepare journal entries to record the following transactions that occurred in March: A. on first day...
Related questions
Question
None
![1.
M. Lewis opened an Innovation Furniture shop on 01 August. During August, the following transactions of the business took place. (Note GST is ignored).
The owner invested cash of $24,000 to start the business.
ut of
2.
The shop borrowed $6,000 from the bank.
3.
A 6-month shop supplies inventory (boxes, scissors, tape, glue gun, ribbon, etc.) was purchased for $1,200 cash.
4.
Office equipment was purchased at the cost of $20,000 in cash.
5.
A store location was rented and $1,200 was paid for the first month's rent.
6.
Inventory of $16,000 was purchased, $6,000 cash was paid to the suppliers and the balance will be paid within 30 days.
7.
During the first month, Sales totalled $26,000, of which $10,400 was sold on account. The cost of the goods sold totalled 40% of sales.
8.
Paid a total of $ 1,700 of the amount owed to suppliers from the transaction (6).
9.
M. Lewis withdrew $ 640 for personal use.
Time left 1:28:
10. At the end of the month, a stocktake of the supplies showed an amount of supplies worth $590.
Answer the following five (5) questions based on the above information and enter only the whole number as an answer, for example, 123456. Two (2) marks for each correct answer, a total of ten (10)
marks.
What is the Net income of Innovation Furniture Shop for August ($)?
What is the Cash balance on 31 August ($)?
What is the Account payable balance on 31 August ($)?
What is the Owner's capital balance on 31 August ($)?
What is the Expense for August ($)?
00000
Next page
Woolworths Group Annual Report 2020 ►](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d93f631-b437-430a-8624-8650c64bdd2a%2F9a431057-a65c-4e9e-a9f8-143cfd9db30c%2Fem9x11b_processed.png&w=3840&q=75)
Transcribed Image Text:1.
M. Lewis opened an Innovation Furniture shop on 01 August. During August, the following transactions of the business took place. (Note GST is ignored).
The owner invested cash of $24,000 to start the business.
ut of
2.
The shop borrowed $6,000 from the bank.
3.
A 6-month shop supplies inventory (boxes, scissors, tape, glue gun, ribbon, etc.) was purchased for $1,200 cash.
4.
Office equipment was purchased at the cost of $20,000 in cash.
5.
A store location was rented and $1,200 was paid for the first month's rent.
6.
Inventory of $16,000 was purchased, $6,000 cash was paid to the suppliers and the balance will be paid within 30 days.
7.
During the first month, Sales totalled $26,000, of which $10,400 was sold on account. The cost of the goods sold totalled 40% of sales.
8.
Paid a total of $ 1,700 of the amount owed to suppliers from the transaction (6).
9.
M. Lewis withdrew $ 640 for personal use.
Time left 1:28:
10. At the end of the month, a stocktake of the supplies showed an amount of supplies worth $590.
Answer the following five (5) questions based on the above information and enter only the whole number as an answer, for example, 123456. Two (2) marks for each correct answer, a total of ten (10)
marks.
What is the Net income of Innovation Furniture Shop for August ($)?
What is the Cash balance on 31 August ($)?
What is the Account payable balance on 31 August ($)?
What is the Owner's capital balance on 31 August ($)?
What is the Expense for August ($)?
00000
Next page
Woolworths Group Annual Report 2020 ►
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub