User Account

All Pages

Open the appropriate ledger accounts

Assignment Help Financial Accounting
Reference no: EM132877733

Question - Came across this question in a sheet. And up to now can't get it right. It reads as follows:

Call A Meal was established on January 1, 2020. The following transactions occurred during the company's most recent quarter.

Jan 1. Issued common stock for K80,000 cash.

Jan 2. Purchased equipment costing K82,000 financed by a long term loan from Fund Solutions for the full amount.

Feb 7. Provided delivery service to customers, K72,000 in accounts receivable and K16,000 in cash.

Feb 18. Incurred repair costs of K3,000 on account from Mbewe Bikes.

Mar 12. Collected K65,000 cash from customers on account.

Mar 20. Borrowed K90,000 by signing another long-term loan from Fund Solutions.

Mar 25. Paid K74,400 cash for bike rentals during the quarter.

Mar 25. Paid employees K38,000 cash for work done during the quarter.

Mar 26. Paid (with cash) K49,000 fuel for delivery equipment used during the quarter.

Mar 28. Paid K2,000 cash on accounts payable.

Mar 30. Ordered, but haven't yet received, K700 in supplies.

Required -

A. Open the appropriate ledger accounts and post the accompanying transactions.

B. Close off the accounts and prepare the Trial Balance as at 31 March.

Reference no: EM132877733

Questions Cloud

Think of an example where change was attempted but failed : Focuses on the creation of an implementation plan and associated change management.
Why would employers want to minimize worksafe claims : Why would employers want to minimize their WorkSafe claims? To answer this question, think about who pays for this insurance.
System operates in the context of the organization : In an essay, choose an organization you are familiar with in your own country (i) explain why it is an open system and (ii) describe how the open system operate
What is your monthly payment now : You were just informed that they rate just increased to 3.5 percent as inflation has picked up. What is your monthly payment now
Open the appropriate ledger accounts : Mar 20. Borrowed K90,000 by signing another long-term loan from Fund Solutions. Open the appropriate ledger accounts
Prepare famfa inc income statement : You have been provided the following information for FAMFA Inc for the year ending December 31, 2015. Prepare FAMFA Inc income statement
Structural approaches to conflict management : Resolving conflict is an especially important skill. Our personal conflict resolution styles help us understand how we individually approach conflict resolution
Match the demographics and diversity of student body : In the 'George Dorion School Division,' the demographics of the teaching staff does not match the demographics and diversity of its student body. In fact, only
Make the statement of comprehensive income extract : The loan was acquired from National Commercial Bank at an effective interest rate of 12%. Make the Statement of Comprehensive Income Extract for the year

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much profit share will G receive

S and G share profits in the ratio 3:2. Assuming S bonus is computed on profit after deducting the said bonus, how much profit share will G receive?

  What would be the amount of the impairment loss

Peter, What would be the amount of the impairment loss on S&L's income statement related to its PPE assets in the current year?

  Government savings bonds and bank certificates of deposit

Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2016 gross income. On September 30, 2016, she cashed in Series EE bonds ..

  Calculation of material price and quantity variances

Calculation of Material price and quantity variances - Evaluate diekow production's direct materials price and quantity variances for the year

  Generally accepted accounting principles

Research, discuss, and explain five differences between GAAP (Generally Accepted Accounting Principles) and IFRS (International Accounting Standards Committee). Analyze the accounting implications with examples.

  Prepare the unadjusted trial balance of entity a on december

Prepare the unadjusted trial balance of Entity A on December 31, 20x1. Be sure to provide a proper heading for the trial balance.

  What would be rented if the recipient received

what would be rented if the recipient received $200 in cash each month in lieu of the housing vouchers. Would this recipient be as well off under the housing voucher scheme as he would be with a cash transfer of equal value?

  How many bonds need issued to receive required amount

How many bonds need to be issued to receive the required amount of fund? What is the firm after-taxed cost of debt given the tax rate is 30%?

  Prepare the stockholders equity portion

Prepare the Stockholders Equity Portion of the Balance Sheet on January 1, 2012 - sole proprietor owner's equity accounts must be closed and the equity must now reflect a corporate stockholders' equity account.

  What the team safety margin in sales dollars would be

What the team's safety margin in sales dollars would be? Fixed costs, including player salaries and operating expenses, total $1.2 million for the season.

  How much money will you have in account at the end

Suppose the account pays 12% APR, compound quarterly. How much money will you have in your account at the end of the fifth year?

  What career paths in accounting would choose

What career paths in accounting would you choose and explain why you have chosen that career. future job outlook (in the next five years)

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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