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Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each month. During the month of June entered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account . June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance. June 3 Paid $ 10,000 four months advance rent. June 4 Received $12000 cash as advance payment on equipment from xyz company. June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days. June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor. Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE) June 10 Paid salaries for $ 3200. June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash. June 18 Paid the accounts payable to F.P. distributor. June 19 Collected $ 800 of the accounts receivable. June 23 Rented an equipment to M.L. company at a price $ 110 per day to be paid when returned back. This equipment is expected to remain with M.L company two to three weeks. June 25 Paid salaries $ 3200. June 28 Owner withdrew $ 3000 cash from the business for personal use. June 30 Equipment rent fees earned and received in cash amounted $ 7850. June 30 Received a bill from WAPDA for the month of June $ 340. Payment is due in 15 days. Required: A. Prepare ledger in T format.

Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each month. During the month of June entered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account . June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance. June 3 Paid $ 10,000 four months advance rent. June 4 Received $12000 cash as advance payment on equipment from xyz company. June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days. June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor. Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE) June 10 Paid salaries for $ 3200. June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash. June 18 Paid the accounts payable to F.P. distributor. June 19 Collected $ 800 of the accounts receivable. June 23 Rented an equipment to M.L. company at a price $ 110 per day to be paid when returned back. This equipment is expected to remain with M.L company two to three weeks. June 25 Paid salaries $ 3200. June 28 Owner withdrew $ 3000 cash from the business for personal use. June 30 Equipment rent fees earned and received in cash amounted $ 7850. June 30 Received a bill from WAPDA for the month of June $ 340. Payment is due in 15 days. Required: A. Prepare ledger in T format.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 2PB: J. Carrie established Carries Photo Tours during June of this year. The accountant prepared the...
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Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each month. During the month of June entered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account. June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance. June 3 Paid $ 10,000 four months advance rent. June 4 Received $12000 cash as advance payment on equipment from xyz company. June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days. June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor. Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE) June 10 Paid salaries for $ 3200. June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash. L June 18 Paid the accounts payable to F.P. distributor. June 19 Collected $ 800 of the accounts receivable. June 23 Rented an equipment to M.L. company at a price $ 110 per day to be paid when returned back. This equipment is expected to remain with M.L company two to three weeks. June 25 Paid salaries $ 3200. June 28 Owner withdrew $ 3000 cash from the business for personal use. June 30 Equipment rent fees earned and received in cash amounted $ 7850. June 30 Received a bill from WAPDA for the month of June $ 340. Payment is due in 15 days. a. Required: A. Prepare ledger in T format.
Transcribed Image Text:Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each month. During the month of June entered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account. June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance. June 3 Paid $ 10,000 four months advance rent. June 4 Received $12000 cash as advance payment on equipment from xyz company. June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days. June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor. Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE) June 10 Paid salaries for $ 3200. June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash. L June 18 Paid the accounts payable to F.P. distributor. June 19 Collected $ 800 of the accounts receivable. June 23 Rented an equipment to M.L. company at a price $ 110 per day to be paid when returned back. This equipment is expected to remain with M.L company two to three weeks. June 25 Paid salaries $ 3200. June 28 Owner withdrew $ 3000 cash from the business for personal use. June 30 Equipment rent fees earned and received in cash amounted $ 7850. June 30 Received a bill from WAPDA for the month of June $ 340. Payment is due in 15 days. a. Required: A. Prepare ledger in T format.
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