Passjoumal entries and post themto the following concemedledgers required Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank accountin ADCB and deposited$20,000. During the month of January 2011 the following transactions took place: 1 Bought goods for cash 70,000 2 Sold goods to Steve Co. (Credit) 38,000 15 Sold goods for cash 9,000 21 Steve Co. paid by cheque 35,000 Jan 22 Stationery bill paid by cheque 2,000 22 Telephone bill by cash 500 31 Paid rent by cash 2,000 Paid salaries by cash 3,000 Withdrew cash personal use 5,000
Passjoumal entries and post themto the following concemedledgers required Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank accountin ADCB and deposited$20,000. During the month of January 2011 the following transactions took place: 1 Bought goods for cash 70,000 2 Sold goods to Steve Co. (Credit) 38,000 15 Sold goods for cash 9,000 21 Steve Co. paid by cheque 35,000 Jan 22 Stationery bill paid by cheque 2,000 22 Telephone bill by cash 500 31 Paid rent by cash 2,000 Paid salaries by cash 3,000 Withdrew cash personal use 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Pass journal entries and post them to the following concerned ledgers required.
Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank account in ADCB and deposited $20,000. During the month of January 2011 the following transactions took plac
Transcribed Image Text:Passjoumal entries andpost themto the following concemedledgers
required.
Mr Robert commenced business on 1st January, 2011 with a capital of
$100,000 in cash. On the same date he opened the bank accountin
ADCB and deposited$20,000. During the month of January 2011 the
following transactionstook place:
1 Bought goods for cash 70,000
2 Sold goods to Steve Co. (Credit) 38,000
15 Sold goods for cash 9,000
Jan
21 Steve Co. paid by cheque 35.000
22 Stationery bill paid by cheque 2,000
22 Telephone bill by cash 500
31 Paid rent by cash 2,000
Paid salaries by cash 3,000
Withdrew cash personal use 5,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education