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$800. Required: a) Journalize the transactions in the books of original entry b) Post in the respective ledger accounts and balance the accounts c) Prepare a trial balance at the end of August d) Prepare the income statement and statement of financial

$800. Required: a) Journalize the transactions in the books of original entry b) Post in the respective ledger accounts and balance the accounts c) Prepare a trial balance at the end of August d) Prepare the income statement and statement of financial

FINANCIAL ACCOUNTING
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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The following transactions relate to the opening and first months trading of the Arthur Griffith Museum in Dublin city, which operates a café as well as viewing rooms Date Description 1-Aug Started the business with $86,000 capital Signed a lease on a property paying $3,000 in rent and purchased 2-Aug furniture and fittings paying $20,000 by check 3-Aug Bought equipment for $3,500 paying by check 7-Aug Paid $5,000 on memorabilia by check Purchased food and drink and merchandise stocks on credit 8-Aug from C&F wholesalers for $3,000 10-Aug Paid wages of $7,000 by check Cash revenues generated $3,000 which was banked 12-Aug immediately 13-Aug The owner took $1,500 for his own use 15-Aug Cash revenues banked immediately $2,500 17-Aug|Paid electricity $200 by check 19-Aug Paid $550 to advertising paying by check 20-Aug Paid wages of $5,000 by check 22-Aug Cash sales banked immediately $3,000 23-Aug Paid C&F wholesalers $3,000 Purchased additional inventory worth $900 on credit from 24-Aug C&F wholesalers 26-Aug Cash revenues banked immediately $1,200. 27-Aug Paid advertising $300 29-Aug The owner took inventory worth $200 for his own use 31-Aug Cash revenues banked immediately $1,500 On 31, August, the business had a closing inventory valued of $800. Required: a) Journalize the transactions in the books of original entry b) Post in the respective ledger accounts and balance the accounts c) Prepare a trial balance at the end of August d) Prepare the income statement and statement of financial position at the end of August
Transcribed Image Text:The following transactions relate to the opening and first months trading of the Arthur Griffith Museum in Dublin city, which operates a café as well as viewing rooms Date Description 1-Aug Started the business with $86,000 capital Signed a lease on a property paying $3,000 in rent and purchased 2-Aug furniture and fittings paying $20,000 by check 3-Aug Bought equipment for $3,500 paying by check 7-Aug Paid $5,000 on memorabilia by check Purchased food and drink and merchandise stocks on credit 8-Aug from C&F wholesalers for $3,000 10-Aug Paid wages of $7,000 by check Cash revenues generated $3,000 which was banked 12-Aug immediately 13-Aug The owner took $1,500 for his own use 15-Aug Cash revenues banked immediately $2,500 17-Aug|Paid electricity $200 by check 19-Aug Paid $550 to advertising paying by check 20-Aug Paid wages of $5,000 by check 22-Aug Cash sales banked immediately $3,000 23-Aug Paid C&F wholesalers $3,000 Purchased additional inventory worth $900 on credit from 24-Aug C&F wholesalers 26-Aug Cash revenues banked immediately $1,200. 27-Aug Paid advertising $300 29-Aug The owner took inventory worth $200 for his own use 31-Aug Cash revenues banked immediately $1,500 On 31, August, the business had a closing inventory valued of $800. Required: a) Journalize the transactions in the books of original entry b) Post in the respective ledger accounts and balance the accounts c) Prepare a trial balance at the end of August d) Prepare the income statement and statement of financial position at the end of August
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