Exercise 1: Record the following transactions of Sur Company in the respective day book. Also prepare ledgers for sales, purchases, A/R, A/P, Sales returns and Purchases Returns. Jan 1 Sur Company issued $50,000 in shares to investors. Jan 5 Purchased an equipment by paying $15,000 cash Jan 8 Purchased $2,000 in inventory from Bottle Inc. terms 1/10, N30 Jan 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10,N30. Jan 15 Made a partial payment to Bottle Inc. for $1,500. Jan 16 Purchased $1,000 of inventory for cash. Jan 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. Jan 20 Received full payment for Jan 10 sale to ABC less the discount.

Exercise 1: Record the following transactions of Sur Company in the respective day book. Also prepare ledgers for sales, purchases, A/R, A/P, Sales returns and Purchases Returns. Jan 1 Sur Company issued $50,000 in shares to investors. Jan 5 Purchased an equipment by paying $15,000 cash Jan 8 Purchased $2,000 in inventory from Bottle Inc. terms 1/10, N30 Jan 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10,N30. Jan 15 Made a partial payment to Bottle Inc. for $1,500. Jan 16 Purchased $1,000 of inventory for cash. Jan 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. Jan 20 Received full payment for Jan 10 sale to ABC less the discount.

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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