Ali Furniture Business Starting from owner investment of $100,000. Post the following transactions into General Journal, make ledger and trial balance for those entries. Owner invested $100,000 in business. Purchased Land for $10000 on cash and machinery for $25000 and signed a note for payment. Sold furniture for total of $20000 on cash. Purchased land for expanding factory for $50000. Paid $25000 on cash and remaining is accounts payable. Sold the old machinery $10000. Received $5000 cash and signed a note for balance. Received $5000 of notes receivables.
Ali Furniture Business Starting from owner investment of $100,000. Post the following transactions into General Journal, make ledger and trial balance for those entries. Owner invested $100,000 in business. Purchased Land for $10000 on cash and machinery for $25000 and signed a note for payment. Sold furniture for total of $20000 on cash. Purchased land for expanding factory for $50000. Paid $25000 on cash and remaining is accounts payable. Sold the old machinery $10000. Received $5000 cash and signed a note for balance. Received $5000 of notes receivables.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ali Furniture Business Starting from owner investment of $100,000.
Post the following transactions into General Journal, make ledger and
- Owner invested $100,000 in business.
- Purchased Land for $10000 on cash and machinery for $25000 and signed a note for payment.
- Sold furniture for total of $20000 on cash.
- Purchased land for expanding factory for $50000. Paid $25000 on cash and remaining is accounts payable.
- Sold the old machinery $10000. Received $5000 cash and signed a note for balance.
- Received $5000 of notes receivables.
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