1:21 14.41% Randi Morrison is a sole proprietor who set up his business in Mpigi. The following were the transactions that took place in the month of January 2020. Amounts are in Uganda shillings. Jan 1 started the business with cash in hand shs 10,000,000 and cash at bank of shs 20,000,000. Jan 2nd purchased stock of goods on credit of shs 3,000,000. Jan 3rd bought a motor vehicle for business operations using the cash at bank of shs 2,000,000. Jan 4th Sold goods to James for shs 600,000 cash which had costed him shs 500,000. Jan 5th paid the shopkeeper shs 50,000 cash as salary. Jan 6th bought more stock of goods for shs 500,000 cash. Jan 8th Used business cash of shs 300,000 to buy for his wife and children Christmas clothes. Required. a) Construct an accounting Equation. b) Extract a simple balance sheet. < ▷ D ☑

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PA5. LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies S200, Maintenance Expense S140, Miscellaneous Expense S65. Cash on Hand $93. Check #106. J. Increased Petty Cash by S100, check #107.

Q.1 The following transactions are for the Sun’s Corporation, December, 2018.   12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash. 17 Mar. Sold goods on credit for Rs. 90000. 21 Apr. Account receivable collected for Rs 10000, made on 17 March. 21 Apr Sun’s Corporation purchased computer 30000 on account payable. 23 Jun. Paid advertising expense for Rs. 9000. 12 Sep. Paid salary for Rs. 17000 30 Dec. Declared and paid dividend to shareholders 40000.   Required: Pass Journal entries. Post each of the above transactions in the Ledger Prepare Trial Balance.