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
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