Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: a. Cash e. Accounts Payables . Accounts Receivables j. Salaries b. Capital c. Rent d. Furniture f. Purchases g. Computer & Software h. Sales k. Drawings I. Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis accounting:

Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: a. Cash e. Accounts Payables . Accounts Receivables j. Salaries b. Capital c. Rent d. Furniture f. Purchases g. Computer & Software h. Sales k. Drawings I. Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis 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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