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Problem 1: You are the Financial Accountant of ABC Ltd which is a small manufacturing company. build journal entries to record the following transactions that occurred in June 2021:
(a) Issued common stock for cash, $15,000(b) Purchased merchandise inventory on account. $9,200(c) Paid creditor for part of purchase in April 2021, $11,350(d) Received cash from a customer for an invoice issued in May 2021, $800(e) Purchased supplies, on account, $1,800(f) Billed customer after delivery of goods, $950(g) Paid salaries to employees, $2,000(h) Paid utility bill for May 2021, $100(i) Paid one-year premium for an insurance policy, $300(j) Received cash in advance from a customer for goods to be delivered in July 2021, $500
Financial Statement Analysis and Preparation
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