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Q3. Required: Prepare the journal entries and post to necessary ledger accounts for the below transactions of Teta Co. a) Opened a bank account and deposited $ 15,000. b) Purchased goods for $ 19,500 from Delta Co. by issuing a daily check for $ 4,500, rest is on account. c) Sold goods for $ 15,000 to Lambda Co. by receiving a maturity check for $10,000, rest is on account. d) Received a promissory note from Lambda Co. for the rest of receivables. e) Endorsed the check and the promissory note to Delta Co.

Q3. Required: Prepare the journal entries and post to necessary ledger accounts for the below transactions of Teta Co. a) Opened a bank account and deposited $ 15,000. b) Purchased goods for $ 19,500 from Delta Co. by issuing a daily check for $ 4,500, rest is on account. c) Sold goods for $ 15,000 to Lambda Co. by receiving a maturity check for $10,000, rest is on account. d) Received a promissory note from Lambda Co. for the rest of receivables. e) Endorsed the check and the promissory note to Delta Co.

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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A 19.

Subject:- accounting 

Q3. Required: Prepare the journal entries and post to necessary ledger accounts for the below transactions of Teta Co. a) Opened a bank account and deposited $ 15,000. b) Purchased goods for $ 19,500 from Delta Co. by issuing a daily check for $ 4,500, rest is on account. c) Sold goods for $ 15,000 to Lambda Co. by receiving a maturity check for $ 10,000, rest is on account. d) Received a promissory note from Lambda Co. for the rest of receivables. e) Endorsed the check and the promissory note to Delta Co.
Transcribed Image Text:Q3. Required: Prepare the journal entries and post to necessary ledger accounts for the below transactions of Teta Co. a) Opened a bank account and deposited $ 15,000. b) Purchased goods for $ 19,500 from Delta Co. by issuing a daily check for $ 4,500, rest is on account. c) Sold goods for $ 15,000 to Lambda Co. by receiving a maturity check for $ 10,000, rest is on account. d) Received a promissory note from Lambda Co. for the rest of receivables. e) Endorsed the check and the promissory note to Delta Co.
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