Sledge Rental Services was established on June 1, 2021. The following transactions took place during th first month of business. 2021 June 1 Mr. Sledge invested Tk.80,000 cash in the business. 8 Purchased equipment for Tk.10,000 of which 80% paid is cash and rest payable on notes. 10 Revenues earned for services performed are worth Tk. 20,000 where 4/5 of the amount is received in cash and the remaining is due. 18 Received Tk.5,000 cash in advance as rent from tenant. 20 Salaries expense Tk.10,000 and utilities expense Tk.2,000 accrued for the month. Requirements: Þrepare the followings using the transactions above: i) Journal entries for the month of June (ignore explanations) ii) Ledger iii) Trial Balance

Sledge Rental Services was established on June 1, 2021. The following transactions took place during th first month of business. 2021 June 1 Mr. Sledge invested Tk.80,000 cash in the business. 8 Purchased equipment for Tk.10,000 of which 80% paid is cash and rest payable on notes. 10 Revenues earned for services performed are worth Tk. 20,000 where 4/5 of the amount is received in cash and the remaining is due. 18 Received Tk.5,000 cash in advance as rent from tenant. 20 Salaries expense Tk.10,000 and utilities expense Tk.2,000 accrued for the month. Requirements: Þrepare the followings using the transactions above: i) Journal entries for the month of June (ignore explanations) ii) Ledger iii) Trial Balance

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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