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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On January 1,2020 Kit Company, Inc establishes a branch in bauang. During the year, kit inc transfers cash and merchandise to the branch worth 15,000 and 45,000 respectively. Freight was paid by the home office worth 1,500 included in the cost of merchandise. the home office also incurred 5,700 expenses of which 30 percent was allocated to the branch. On december 31,2020, the branch incurred a loss of 4,000. what is the balance of the branch account as per home office books
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