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?
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?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5PA: Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...
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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
a.
N$2,000
b.
N$6,500
c.
N$4,500
d.
N$1,500
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