QUESTION ONE Juan Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions July 1. Owner invested sh 500,000 cash along with computer equipment that had a market value of php. 120,000 July 2. Paid sh. 15,000 cash for the rent of office space for the month. July 4. Purchased sh 12,000 of additional equipment on credit (due within 30 days). July 8. He completed a work for Mr. Patrick and immediately he was paid the sh. 32,000 cash. July 10. Completed work for Mr. simon and sent a bill for sh. 27,000 to be paid within 30 days. July 12. Purchased additional equipment for sh. 8,000 in cash. July 15. Paid assistant sh. 6,200 cash as wages for 15 days. July 18. Collected sh. 15,000 on the amount owed by Mr. simon. July 25. Paid sh 12,000 cash to settle the liability on the equipment purchased. July 28. Owner withdrew sh. 500 cash for personal use. July 30. Completed work for Miss Akinyi who paid only sh. 40,000 for 50% of the system design. July 31. Paid salary of assistant sh.700. July 31. Received water bill, sh. 1,800 and telephone bill sh. 3,800. Required: i) The journal entries ii) Ledger accounts iii) Trial balance for this business.
QUESTION ONE
Juan Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions
July 1. Owner invested sh 500,000 cash along with computer equipment that had a market value of php. 120,000
July 2. Paid sh. 15,000 cash for the rent of office space for the month.
July 4. Purchased sh 12,000 of additional equipment on credit (due within 30 days).
July 8. He completed a work for Mr. Patrick and immediately he was paid the sh. 32,000 cash.
July 10. Completed work for Mr. simon and sent a bill for sh. 27,000 to be paid within 30 days.
July 12. Purchased additional equipment for sh. 8,000 in cash.
July 15. Paid assistant sh. 6,200 cash as wages for 15 days.
July 18. Collected sh. 15,000 on the amount owed by Mr. simon.
July 25. Paid sh 12,000 cash to settle the liability on the equipment purchased.
July 28. Owner withdrew sh. 500 cash for personal use.
July 30. Completed work for Miss Akinyi who paid only sh. 40,000 for 50% of the system design.
July 31. Paid salary of assistant sh.700.
July 31. Received water bill, sh. 1,800 and telephone bill sh. 3,800.
Required:
i) The
ii) Ledger accounts
iii)
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