6.7 You are required to open the asset and liability and capital accounts and record thefollowing transactions for June 2017 in the records of Digital Computer Systems.20171 JuneStarted business with $15,000 in the bank.'3 JuneBought motor car and paid by cheque, $6,500.9 JuneBought office furniture from Cheetham & Co. $1,150 paid by cheque.12 JuneBought computer equipment on credit from Computext Ltd, $2,400.17 JuneTook $200 out of the bank and put it in the cash till.19 JuneBought office chair and paid by cash, $42.25 JunePaid Computext Ltd $1,000 by cheque on account.27 JuneBought second-hand motor van, $2,450 paid by cheque.29 JuneBought desk for reception area and paid cash, $100.30 JunePaid the outstanding account to Computext Ltd by cheque.

As per accounting equation, assets equal to sum of liabilities and equity.

Answered: 6.7 You are required to open the asset…

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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Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent$650 with check #101. C. Initiated a petty cash fund $650 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days. G. Received s1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: office supplies $250, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $137. Check #106. J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance Deposits Checks A. $9,000 101 $650 G. 1,200 102 650 103 180 106 513 Bank service charges 150 Total $10,200 $2,143 Ending balance $8,057…
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hh. Subject:- Accounting On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash.Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
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