Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: a. Cash e. Accounts Payables . Accounts Receivables j. Salaries b. Capital c. Rent d. Furniture f. Purchases g. Computer & Software h. Sales k. Drawings I. Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis accounting:

Q1. Record each of the above transactions in general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: a. Cash e. Accounts Payables . Accounts Receivables j. Salaries b. Capital c. Rent d. Furniture f. Purchases g. Computer & Software h. Sales k. Drawings I. Insurance expenses Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis accounting:

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEA

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