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    Getu Tadese
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    Firm-Z had various cash transactions in June 2020 including the owner investing $72,000 initially and another $12,000, purchasing equipment for $32,000 and $12,000 on credit, paying creditors $6,000 and rent of $5,200, receiving $8,400 and $7,300 from clients, and purchasing supplies for $6,300 while the owner withdrew $10,000. The assistant was instructed to record the transactions in a general journal, prepare individual ledger accounts, and compile a trial balance.

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    Firm-Z had various cash transactions in June 2020 including the owner investing $72,000 initially and another $12,000, purchasing equipment for $32,000 and $12,000 on credit, paying creditors $6,000 and rent of $5,200, receiving $8,400 and $7,300 from clients, and purchasing supplies for $6,300 while the owner withdrew $10,000. The assistant was instructed to record the transactions in a general journal, prepare individual ledger accounts, and compile a trial balance.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    5 views1 page

    Transactions

    Uploaded by

    Getu Tadese
    Firm-Z had various cash transactions in June 2020 including the owner investing $72,000 initially and another $12,000, purchasing equipment for $32,000 and $12,000 on credit, paying creditors $6,000 and rent of $5,200, receiving $8,400 and $7,300 from clients, and purchasing supplies for $6,300 while the owner withdrew $10,000. The assistant was instructed to record the transactions in a general journal, prepare individual ledger accounts, and compile a trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Assume that firm-Z has the following transactions during June 2020

    a. June1, the owner invested $72,000 in cash to begin the business.


    b. June3, purchased equipment for $32,000 in cash.
    c. June 4, purchased $12,000 of additional equipment on credit.
    d. June 5paid $6,000 in cash to creditors.
    e. June 7, the owner made an additional investment of $12,000 in cash.
    f. June 10, the firm delivered services for clients for $8,400 in cash.
    g. June 15, the firm delivered services for clients for $7,300 on account.
    h. June 20, paid $5,200 for rent expense.
    i. June 28, received $5,000 in cash from credit clients.
    j. June 30, purchased office supplies for $6,300 in cash.
    k. June 31, the owner withdrew $10,000 in cash for personal expenses.

    Instruction:

     Record the above entries in general journal, considering the standard format
     Prepare ledger for each account, and
     Prepare trial balance

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