Owner withdrew of worth $ 5,000 for personal use. *O Personal useOwnerO DrawingO CashPaid Khalid Retail Store $ 400. *O StoreO Account payableCashBankPaid Salaries Expense $ 5,000 *O PaidO SalariesO Cash

Name: Owner withdrew of worth $ 5,000 for personal use. *O Personal useOwne
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Description: Owner withdrew of worth $ 5,000 for personal use. *O Personal useOwnerO DrawingO CashPaid Khalid Retail Store $ 400. *O StoreO Account payableCashBankPaid Salaries Expense $ 5,000 *O PaidO SalariesO Cash

Answered: Owner withdrew of worth $ 5,000 for…

Business

Accounting

Owner withdrew of worth $ 5,000 for personal use. * Personal use O Owner Drawing Cash Paid Khalid Retail Store $ 400.

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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1st January, 2019, Munawer Ahmad started business other transactions for the month of June as follows: Purchased from Aleem goods of Rs. 5,000 by cash. Sold goods to Muhammad Ali Rs. 700 and cash sales of Rs. 200. Distributed goods worth Rs. 300 as free samples and goods taken away by the proprietor for personal use Rs. 150. Goods returned by Muhammad Ali Rs. 150 and payment other outstanding amount. Furniture lost by fire of worth Rs. 400. Paid Salaries Expense Rs. 1,000. Requirement: Prepare the necessary journal entry for the month of January.
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19 )
On May 1, a petty cash fund was established for $200. The following vouchers were issued during May. Date Voucher Purpose Amount May 1 1 Office supplies $ 3.00 3 2 Birthday gift for office worker (misc. exp.) 15.00 5 3 Mileage reimbursement 5.00 7 4 Postage due 2.00 8 5 Office supplies 4.00 11 6 Donation—Goodwill (contribution exp.) 10.00 15 7 Telephone call (telephone exp.) 5.00 21 8 Mileage reimbursement 11.00 23 9 Withdrawal by owner (Carla Sanchez) 20.00 25 10 Postage due 3.50 26 11 Office supplies 17.00 28 12 Copier repair (misc. exp.) 18.50 Required: 1. Prepare the journal entry to establish the petty cash fund on May 1. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record. 3. Prepare the journal entry to replenish the petty cash fund. Make…
Subject: acounting
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N2.
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