A Company Finance Assignment Help With Solution
The balances of the accounts of A company LAW at the 30/09/2014 were as follows :
Long term loans $12000
Owners Equity ?
Accounts Payable $8200
Accounts Receivable $17000
a. Opened business by investing cash of $20,000.
b. Billed customers for services rendered, $4,000.
c. Paid for six months’ rent in advance, $1,000.
d. Received telephone bill, to be paid next week, $200.
e. Withdrawals of $1,600 were made by owner.
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f. Received $3,000 from customers billed in b.
g. Paid half of telephone bill.
h. Received $400 in advance of performing service.
i. Provided services in the amount of $2,000, receiving $600 in partial payment.
j. Received $800 of the amount owed from i, transaction
k. Received an $800 bill for this month’s rent. Payment won’t be made right away.
l. Agreed to offer services for a price of $1,600.
m. Performed the services, will get paid later
n. Owner contributes cash of $10,000 and a truck worth $12,000 into the business
o. Purchased gasoline on credit, $40.
1) Open the accounts
2) Make the Journal entries
3) Inform the ledger
4) Prepare the trial balance
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