Sea Co. has the following transactionsin the month of April 2021: 10th April :Commenced business with a capital of100,000. 14th April : Purchased Goodsfor cash 15,000. 16th April : BoughtGoods on credit 12,000. 21st April :Sold goods on credit 17,000. 22th April: Bought Land for 50,000. 24th April :Purchased machinery for cash 45,000.25th April : Paid 2,000 for goodspurchased. 26th April : Use a cash forpersonal use 2,000. 27th April :Received 3,000 from the customer.28th April : Purchased Goods for cash5,000. Write (1) Journal Entries, (2)ledgers and (3) Trial balance for thetransactions.

The ledgers are the accounts of the respective party or the accounts of the revenue and expenses as…

Answered: 5,000. Write (1) Journal Entries, (2)…

Business

Accounting

5,000. Write (1) Journal Entries, (2) ledgers and (3) Trial balance for the transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Sea Co. has the following transactions
in the month of April 2021: 10th April :
Commenced business with a capital of
100,000. 14th April : Purchased Goods
for cash 15,000. 16th April : Bought
Goods on credit 12,000. 21st April :
Sold goods on credit 17,000. 22th April
: Bought Land for 50,000. 24th April :
Purchased machinery for cash 45,000.
25th April : Paid 2,000 for goods
purchased. 26th April : Use a cash for
personal use 2,000. 27th April :
Received 3,000 from the customer.
28th April : Purchased Goods for cash
5,000. Write (1) Journal Entries, (2)
ledgers and (3) Trial balance for the
transactions.

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