sudarshan ranaw
Aug 17, 2014, 10:29 PM
Complete the following problem.
Bill Jacobs set up his own domestic painting business on June 1 2014. The following transactions occurred during June;
June 1 -Bill invested $3400 into his business via a deposit into the business bank account June2 - Bill bought a spray painter for $2880 – this was purchased on credit. Bill expects the spray painter to work for 4 years after which it will be worn out.
June 3 - Bill bought paint for $60 paid for out of his bank account
June 6 – Bill completed his first paint job for a client, on credit for $300
June 8 – purchased $300 paint supplies for use on future jobs. Paid for by cheque. June 17 – Completed his first large paint job for $1600. Client paid in cash.
June 18 – Received $200 on account of the June 6 job.
Required
Set up T-accounts
Journalise the transactions
Post journals to T-accounts
Prepare a trial balance as at June 30, 2014.
Bill Jacobs set up his own domestic painting business on June 1 2014. The following transactions occurred during June;
June 1 -Bill invested $3400 into his business via a deposit into the business bank account June2 - Bill bought a spray painter for $2880 – this was purchased on credit. Bill expects the spray painter to work for 4 years after which it will be worn out.
June 3 - Bill bought paint for $60 paid for out of his bank account
June 6 – Bill completed his first paint job for a client, on credit for $300
June 8 – purchased $300 paint supplies for use on future jobs. Paid for by cheque. June 17 – Completed his first large paint job for $1600. Client paid in cash.
June 18 – Received $200 on account of the June 6 job.
Required
Set up T-accounts
Journalise the transactions
Post journals to T-accounts
Prepare a trial balance as at June 30, 2014.