How do record transactions in the ledger accounts

Assignment Help Financial Accounting
Reference no: EM132734952

Problem 1: Record the following transactions in the ledger accounts of L. Black for the month of March 2015 and balance-off the accounts, the extract a Trial Balance.

2015

March 1 Started business with $8,000 in the bank.
March 6 Purchased goods on credit from D. Lue $7,200.
March 10 Sold goods for cash $6,500.
March 17 Returned goods to D. Lue $2,000.
March 20 Paid telephone expense by $3,250 cash.
March 27 Purchased Computers $7,000 by cheque
March 30 Sold good for credit to Mr. Tee $1,700.
March 30 Proprietor invested a further $5,000 in the business bank account.

Reference no: EM132734952

Questions Cloud

How should Constant report the financial statements : How should Constant report the suit in its 2018 financial statements. However the lawyer states that the most probable judgement is P1,000,000
What is the amount of anne self-employment : What is the amount of Anne's self-employment (SE) tax and deduction for AGI for her SE tax? Anne has wages of $75,000 and net income from a small unincorporated
Prepare the general journal entry for the required end : Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment
Search on power foods : Do a search on "power foods". Choose one that interests you and share your findings with the class.
How do record transactions in the ledger accounts : How do record transactions in the ledger accounts of L. Black for the month of March 2015 and balance-off the accounts, the extract a Trial Balance.
Record payment of principal and interest : Assume uncollectible amounts are negligible. The county's year ends on June 30. Record payment of principal and interest
What unrealized gains and losses are : Under the fair value through other comprehensive income model, unrealized gains and losses are? recognized in other comprehensive income.
What is the amount of the loss to be reported : The asset cost $100,000 when it was purchased. What is the amount of the loss to be reported in net income for tax purposes
What is the role of natural killer cells : What is the role of Natural killer cells, dendritic cells, monocyte, neutrophil, basophil, eosinophil

Reviews

Write a Review

Financial Accounting Questions & Answers

  Total payroll of walnut co was 184000 of which 320000

total payroll of walnut co. was 184000 of which 320000 represented amounts paid in excess of 106800 to certain

  Journalize all necessary entries for abc co

Journalize all necessary entries for ABC Co. and PQ Co. for 2020. ABC Co. bought equipment to lease for $50,000 on 1/1/20. Incurred $5,000 of expenses

  Calculate the cost assigned to candy

Formula, Inc., processes sugar into candy and powdered drink mix. The sugar costs $61,000 per load. The process involves mixing the sugar for 2 hours, producing 60,000 packs of candy with a market value of $25,000, and 20,000 packs of drink mix with ..

  Abbot corporation splits its common stock 4 for 1 when

abbot corporation splits its common stock 4 for 1 when market value is 40 per share. prior to split abbott had 50000

  Number of investments in common stock

Ann, age 61, and Bob, age 62, have a large number of investments in common stock of publicly traded corporations, some municipal bonds, and a money market cash account worth several million dollars. In addition, they own a ranch in Texas that may ..

  How large must the lump sum amount be

Your high school guidance counsellor encouraged you to follow your dream. Assuming an investment rate of 5%, how large must the lump sum amount be?

  Materials cost and conversion cost per equivalent unit

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Using the weighted-average method, compute the direct materials cost and the conversion cost pe..

  How do calculate the amount of impairment loss allocated

How do calculate the amount of impairment loss allocated to the three assets, and the carrying amounts of the assets after the allocation.

  What should be the price of the stock in year

The required rate of return is 16 percent. What is the current value of this stock? What should be the price of the stock in Year 5?

  Show the relevant extracts from the final accounts

Show the relevant extracts from the 31/12/15 final accounts. KUC PLC revalues its buildings and decides to incorporate the revaluation into the books of account

  Should gray make the gift of the land to charity

Should Gray make the gift of the land to charity in 2010 or in 2011? Provide support for your answer.

  Cost of timber sold related to depletion for 1998

Evaluate the depreciation expense and the cost of timber sold related to depletion for 1998 and determine the cost of timber sold related to depletion for 2009.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd