Mbalamwezi Merchandising Enterprise conducted the following transactions during its first month of operations 1st Jan Issued sh500,000 of capital stock to owners 2nd Jan Obtained a loan for sh200,000 from XY Bank 3rd Jan Equipment was purchased for sh400,000 paying by cheque 4th Jan Merchandise inventory was purchased for sh250,000 on account 15th Jan Employees who earned sh5,000 this period were paid 16th Jan A utility bill for sh1,500 was received but not paid 17th Jan Merchandise inventory costing sh100,000 was sold to customers for sh175,000 on account 26th Jan Customers paid sh80,000 on their accounts 29th Jan Dividends of sh5,000 were paid REQUIRED: i) Conduct the debit credit analysis for the above transactions for the month of January 2022. ii) Journalize the events for the month
Mbalamwezi Merchandising Enterprise conducted the following transactions during its first month of operations
|
1st Jan |
Issued sh500,000 of capital stock to owners |
|
2nd Jan |
Obtained a loan for sh200,000 from XY Bank |
|
3rd Jan |
Equipment was purchased for sh400,000 paying by cheque |
|
4th Jan |
Merchandise inventory was purchased for sh250,000 on account |
|
15th Jan |
Employees who earned sh5,000 this period were paid |
|
16th Jan |
A utility bill for sh1,500 was received but not paid |
|
17th Jan |
Merchandise inventory costing sh100,000 was sold to customers for sh175,000 on account |
|
26th Jan |
Customers paid sh80,000 on their accounts |
|
29th Jan |
Dividends of sh5,000 were paid |
REQUIRED:
i) Conduct the debit credit analysis for the above transactions for the month of January 2022.
ii) Journalize the events for the month
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