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USTaxAdvising
USTaxAdvising, Accountant
Category: Finance
Satisfied Customers: 1237
Experience:  Professional with finance related questions.
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Write uo the asses and liablilty and capital accounts to

Customer Question

Write uo the asses and liablilty and capital accounts to record the following records of G Powell. 2007 1 July Started business with 25, 000 in the bank 2 July Bought office furnitire by cheque for 1500.00 3 July Bought machinery 7500 on credit from planers
ltd 5 July bought a moto van paying by cheque 6,000 Sold some of the office furiture -not suitable for firm -600 on credit to J walker & sons 15 July Paid the amount awing the Planers Ltd $7,500 by cheque 23 July Received the amount due from J walker $600.00
in cash 31 July Biugh more Machinery by cheque $2800
Submitted: 1 year ago.
Category: Finance
Expert:  USTaxAdvising replied 1 year ago.

Hello,

I have attached a workbook summarizing the journal entries as well as the preparing the balance sheet.

Let me know if you need anything further.

Best regards,

Cash7800

Furniture900Due to Planers0

Moto Van6000paid in capital25000

Machinery10300

Due from J Walker & Sons0

Total Assets25000Total liabilities and Equity25000

0

1-Jul

DR Cash25000

CR Capital 25000

To record formation of the company.

2-Jul

DR Furniture1500

CR Cash1500

To record purchase of furniture

3-Jul

DR Machinery7500

CR Current Liability (Planers LTd)7500

To record purchase of Machinery

5-Jul

DR Automobile Moto Van6000

CR Cash6000

To record purchase of moto van

DR Current Asset (Receivable from J Walker and Sons600

CR Furniture600

To record sale of furniture to J Walker and Sons

15-Jul

DR Current Liability (Planers Ltd)7500

CR Cash7500

To record payment to Planers Ltd

23-Jul

DR Cash600

CR Current Asset (Recievable from J Walker and Sons600

To record payment from J Walker and sons.

31-Jul

DR Machinery2800

CR Cash2800

To record purchase of machinery

Customer: replied 1 year ago.
thx
Expert:  USTaxAdvising replied 1 year ago.

No problem :)