On 1/1/2020, a young pioneer started his commercial project with a capital of 10,000 dinars, and he deposited this amount in a current account of the project with a bank. - Day 1/2 rent a store in a commercial area and pay in advance 3 months' rent with a check of 600 dinars. - On 1/3, a 1000 dinars were withdrawn from the bank to be deposited in the store fund for petty cash. - On 1/5, he bought a commodity for 3,000 dinars, and paid for it by check. - On January 12, he paid 50 dinars in cash for a funded advertisement on Facebook. On January 17th, he sold goods for cash for 1500 dinars. - On January 22, he sold merchandise on the account with a value of 1800 dinars to Abu Ali stores. - On January 23, he bought an office with a chair and a small wardrobe for the shop, at a total price of 400 dinars, which he paid in cash. - On January 31, pay the electricity and water bill for January, at an amount of 45 dinars. Required : 1) Record the journal entries for the above operations. 2) Posting and balancing these entries in the ledger.
On 1/1/2020, a young pioneer started his commercial project with a capital of 10,000 dinars, and he deposited this amount in a current account of the project with a bank. - Day 1/2 rent a store in a commercial area and pay in advance 3 months' rent with a check of 600 dinars. - On 1/3, a 1000 dinars were withdrawn from the bank to be deposited in the store fund for petty cash. - On 1/5, he bought a commodity for 3,000 dinars, and paid for it by check. - On January 12, he paid 50 dinars in cash for a funded advertisement on Facebook. On January 17th, he sold goods for cash for 1500 dinars. - On January 22, he sold merchandise on the account with a value of 1800 dinars to Abu Ali stores. - On January 23, he bought an office with a chair and a small wardrobe for the shop, at a total price of 400 dinars, which he paid in cash. - On January 31, pay the electricity and water bill for January, at an amount of 45 dinars. Required : 1) Record the journal entries for the above operations. 2) Posting and balancing these entries in the ledger.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 9PB: Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On...
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On 1/1/2020, a young pioneer started his commercial project with a capital of 10,000 dinars, and he deposited this amount in a current account of the project with a bank.
- Day 1/2 rent a store in a commercial area and pay in advance 3 months' rent with a check of 600 dinars.
- On 1/3, a 1000 dinars were withdrawn from the bank to be deposited in the store fund for petty cash.
- On 1/5, he bought a commodity for 3,000 dinars, and paid for it by check.
- On January 12, he paid 50 dinars in cash for a funded advertisement on Facebook.
On January 17th, he sold goods for cash for 1500 dinars.
- On January 22, he sold merchandise on the account with a value of 1800 dinars to Abu Ali stores.
- On January 23, he bought an office with a chair and a small wardrobe for the shop, at a total price of 400 dinars, which he paid in cash.
- On January 31, pay the electricity and water bill for January, at an amount of 45 dinars.
Required :
1) Record the journal entries for the above operations.
2) Posting and balancing these entries in the ledger.
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