The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22:  Owner deposited N$10,000 as capital contribution. 02/02/22:  Bought a coffee machine paid by EFT – N$2,500. 04/02/22:  Cash purchases paid by cheque – N$1,500. 10/02/22:  Credit sales to Mrs. Hamutenya N$1,500. 15/02/22:  Rendered catering services at EN Dorado for N$2,000. Received payment via EFT.  25/02/22:  Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5PA: Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...
icon
Related questions
Question

The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022:

01/02/22:  Owner deposited N$10,000 as capital contribution.

02/02/22:  Bought a coffee machine paid by EFT – N$2,500.

04/02/22:  Cash purchases paid by cheque – N$1,500.

10/02/22:  Credit sales to Mrs. Hamutenya N$1,500.

15/02/22:  Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 

25/02/22:  Purchased sugar and tea from Sweeteners cc on Credit N$500.

How much is the balance transferred to the profit and loss from the Purchases Ledger account?

a.

N$2,000

b.

N$6,500

c.

N$4,500

d.

N$1,500

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage