RECORDING TRANSACTION PROCESS • On March 2, AB company received 400,000$ in cash and Issued shares • On March 3, AB company paid office rent of $500 in cash. • On March 4, AB company bought office supplies $250 cash. • On March 5, AB company purchased equipment on account $4,500 • On March 6, Purchased a car for $25,000. Paid the half cash, and issued note for the rest. • On March 10, Provided service for clients $24,000 on account. • On March 11, AB company announced dividends of 3000$ and will be distributed in December. • On march 13, purchases $70,000 of inventory on account. • On March 15 AB company paid utility bills for $180. • On March 20: AB company collected $20,000 cash from clients on March 10. • On march 25, the company paid the account payable in March 5. • On March 27, AB company paid salary of $7,500. REQUIREMENTS: 1. Prepare the journal entries 2. Prepare the ledger
RECORDING TRANSACTION PROCESS • On March 2, AB company received 400,000$ in cash and Issued shares • On March 3, AB company paid office rent of $500 in cash. • On March 4, AB company bought office supplies $250 cash. • On March 5, AB company purchased equipment on account $4,500 • On March 6, Purchased a car for $25,000. Paid the half cash, and issued note for the rest. • On March 10, Provided service for clients $24,000 on account. • On March 11, AB company announced dividends of 3000$ and will be distributed in December. • On march 13, purchases $70,000 of inventory on account. • On March 15 AB company paid utility bills for $180. • On March 20: AB company collected $20,000 cash from clients on March 10. • On march 25, the company paid the account payable in March 5. • On March 27, AB company paid salary of $7,500. REQUIREMENTS: 1. Prepare the journal entries 2. Prepare the ledger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please solution below image...
Transcribed Image Text:イ*:Y\
RECORDING TRAN... +966 56 056 5955
RECORDING TRANSACTION
PROCESS
• On March 2, AB company received 400,000$
in cash and Issued shares
• On March 3, AB company paid office rent of
$500 in cash.
• On March 4, AB company bought office
supplies $250 cash.
• On March 5, AB company purchased
equipment on account $4,500
• On March 6, Purchased a car for $25,000.
Paid the half cash, and issued note for the
rest.
• On March 10, Provided service for clients
$24,000 on account.
• On March 11, AB company announced
dividends of 3000$ and will be distributed in
December.
• On march 13, purchases $70,000 of inventory
on account.
• On March 15 AB company paid utility bills
for $180.
• On March 20: AB company collected $20,000
cash from clients on March 10.
• On march 25, the company paid the account
payable in March 5.
• On March 27, AB company paid salary of
$7,500.
REQUIREMENTS:
1. Prepare the journal entries
2. Prepare the ledger
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
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