FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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ABC Company opened for business on January 25, 2015. The company engaged in the
following business activity in January.
Jan 20
Issued 5000 shares of capital stock for Rs.50, 000.
Jan 20
Paid Rs. 400 Office rent for the remainder of January.
Jan 21
Purchased office supplies for Rs. 200.The supplies will last for several months and
payment is not due until February 15.
Jan 22 Purchased office equipment for Rs .15, 000 cash.
Jan 26
Performed consulting services and billed clients Rs. 2000.The entire amount will
not be collected until February.
Jan 31
Recorded Rs.100 utilities expense. Payment is not due until February 20.
Part a:
Record each of these transactions in the journal.
Part b:
Post each entry to the appropriate ledger account
Part c:
Prepare a trial balance dated January 31, 2015
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Transcribed Image Text:ABC Company opened for business on January 25, 2015. The company engaged in the following business activity in January. Jan 20 Issued 5000 shares of capital stock for Rs.50, 000. Jan 20 Paid Rs. 400 Office rent for the remainder of January. Jan 21 Purchased office supplies for Rs. 200.The supplies will last for several months and payment is not due until February 15. Jan 22 Purchased office equipment for Rs .15, 000 cash. Jan 26 Performed consulting services and billed clients Rs. 2000.The entire amount will not be collected until February. Jan 31 Recorded Rs.100 utilities expense. Payment is not due until February 20. Part a: Record each of these transactions in the journal. Part b: Post each entry to the appropriate ledger account Part c: Prepare a trial balance dated January 31, 2015
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