RAYA UNIVERSITY

COLLEGE OF BUSINESS AND ECONOMICS

DEPARTMENT OF ACCOUNTING AND FINANCE

PRINCIPLE OF ACCOUNTING I WORKSHEET ONE FOR 2nd YEAR

TO ILLUSTRATE THE COMPLET ACCOUNTING CYCLE, WE WILL CONSIDER THE

FOLLOWING LIST OF SELECTED TRANSACTIONS; THE TRANSACTIONS WERE
COMPLETED BY BETI TRANSPORT IN THE MONTH OF 2004.

JAN 1: ato Abreham Br 450,000 from his personal savings and deposited it in the name of beti
transport

JAN 2: Beti transport two used trucks for Br 150,000each on cash.

JAN 4: Beti transport received a check for Br 650 for services given to Alem Trading

JAN4: received an invoice for truck expenses Br 90.

JAN 11: paid Br 600 for awash insurance Company to buy an insurance policy for its trucks.

JAN 16: ato Abrham issued a check for 9,400 to the workers as a salary for two weeks.

JAN20: Beti trading billed Muradu super market for goods transported from Djibouti to Gondar
Br2, 650.

JAN 21: Ato Abreham wrote a check for Br 450 to have one of the trucks repainted.

JAN21: Beti trading purchased stationary materials and other supplies of Br 740 on account.

JAN 22: office equipment of Br 11,600 is bought on account.

JAN 23: purchase an additional truck Br 250,000 paying Br 100,000 in cash and issuing a note
for the difference.

JAN23: recorded services billed to customers on account Br 14,600.

JAN25: received cash from customers on account 15,000

JAN 27: the owner withdrew Br 500 in cash for personal use.

JAN 28: paid Br 9,400 to workers as a salary for the last two weeks of the month.

JAN30: paid telephone expense of Br95 and electric expenses of Br 125 for the month.

JAN30: paid other miscellaneous expenses Br 50.

JAN31: paid Br 4000 as a rent for a building used for office space.

Instruction: A) Analyzing and Recording the above transaction in the general journal

B) Transferred the transactions from journal to ledger and Prepare trial balance