1. March 1, lawyer Abdulaziz begins his own business as a real estate with a cas
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Question
1. March 1, lawyer Abdulaziz begins his own business as a real estate with a cash investment of 100,000$.
2. On March 2, $20000 was paid as a rent for the office.
3. On March 3, he purchased office equipment for10000$ paid 2000 cash and 8000 on credit.
4. On March 3, he purchased supplies for 500$ cash.
5. On march 3, $1500 was paid for advertising expenses
6. On March 20, he paid workers salaries s of $ 3,000 cash.
7. On March 1, Abdulaziz borrowed 10,000$ by signing 5%, one-year note on April1, 2000.
8. On march 23, Purchased a one-year fire insurance policy for 30,000$.
9. On march 23, he withdrew $ 1000 in cash for personal use.
10. On march 24, he performed a legal services for clients for $5000 cash
11. On march 25, he performed a legal service for client for $10000 of service he received cash of 6000 and it bill the balance 4000 on account.
12. On march 27,$500 paid cash as a payment of equipment credit
13. On march 29,hr received 1800 in cash from client who had been billed
14. Utilities expense incurred but not paid on March 31, 1999.250$.
15. On march 31, used office supply during the month $150
Prepare journal and ledger and trial balanc
Explanation / Answer
journal :
trial balance :
Date Accounts title Dr Cr March 1 Cash 100000 To Abdulaziz's Capital 100000 2 Rent expense 20000 To cash 20000 3 Office equupment 10000 To cash 2000 To Accounts payable 8000 4 Supplies 500 To cash 500 5 advertising expenses 1500 To cash 1500 6 wages and salaries expenses 3000 To cash 3000 7 Cash 10000 To Notes payable 10000 8 Prepaid insurance 30000 To cash 30000 9 Drawing 1000 To cash 1000 10 Cash 5000 To service revenue 5000 11 Cash 6000 Accounts receivable 4000 To service revenue 10000 12 Accounts payable 500 To cash 500 13 Cash 1800 To Accounts receivable 1800 14 Utilities expense 250 To Utilities expense payable 250 15 Supplies expense 150 To supplies 150Related Questions
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