Question

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Question 1- The trial balance of Makkah Inc: Credit Debit 15,000 Account title Cash Account payable Retained earnings Total 10,000 5,000 15,000 15,000 Makkah, Inc., completed the following transactions during April 2016: a. Received $18,200 and issued ordinary shares. b. Purchased $200 office supplies on account. C. Paid $15,200 cash for land to use as a building site. d. Performed service for customers and received cash of $3,300. e. Paid $100 on accounts payable. f. Performed service for ShipEx on account totaling $2,100. g. Collected $1,000 from ShipEx on account. h. Paid the following expenses: salary, $1,200; rent, $600. Requirements 1. Record the transactions in the journal of Makkah, Inc and include a description for each entry. 2. After journalizing the transactions, post the entries to the ledger, using T-accounts. 3. Prepare the trial balance of Makkah Inc., at April 30, 2016. 4. How much are total assets, total liabilities, and total shareholders' equity on April 30?

Answer 1

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Debit 1 SI. No. Particulars Credit Cash Alo $18,200 a To, Common Stook $18,200 (Being Ordinary issued for Cash) Office supplies Alc To, Account payables (Being office supplies purchased on account $200 ь $200 Land Alc $15,200 C To, Cash $15,200 (Being Land purchased in Cash for site) Cash Alo d $3,300 To, Sale of service (Being services performed and cash received] $3,300 Account payable Alc To, Cash $100 e $100 (Being amount paid to the vendors) Account receivable (ShipEx) Alo f $2,100 To, Sale of service $2,100 (Being credit sale made to Shipex) Cash Alc $1,000 To, Account receivable (ShipEx) Alc (Being cash collected from ShipEx) $1,000 Salary Alo $1,200 Rent Alc $600 To, Cash Ala (Being salary and rent paid) Cash A/c $1,800 Particulars Debit Particulars Credit To, Balance b/d $15,000 $18,200 By, Land $15,200 To, Common stock $3,300 By, Account payable $1,000 By, Salary $100 To, Sale of Serivice $1,200 To, Account receivable By, Rent By, Balance C/d $600 $20,400 $37,500 $37,500 Common Stock A/c To, Balance C/d $18,200 Cash $18,200 $18,200 $18,200 Office Supplies A/c To, Account payable $200 To, Profit and Loss A/c $200 $200 $200 Account payable A/c By Balance b/d $100 By office supplies $10,000 To, Cash $200 To, Balance C/d $10,100 $10,200 $10,200 Land A/c To, Cash $15,200 By, Balance C/d $15,200 $15.200 $15.200 Sale of Service A/c To, Profit and Loss A/ $5,400 Cash Account receivable (ShipEx) A/ $3,300 $2,100 $5,400 $5,400 Account receivable (ShipEx) A/c $2,100 By, Cash By, Balance C/d $1,000 $1,100 $2,100 To, Sale of service $2,100 Salary A/c $1,200 By, Profit and Loss A/c $1,200 To, Cash $1,200 $1,200 Rent A/c To Cash $600 By, Profit and Loss A/c $600 $600 $600 Profit and Loss A/c Office Supplies A/c $200 Sale of Service A/c $5,400 Salary A/c Rent A/c $1,200 $600 Retained earning $3,400 $5,400 $5,400 Retained Earnings By, Balance b/d $5,000 $3,400 To, Balance c/d $8,400 By, Profit and loss Ac $8.400 S8.400 Trial balance Debit Credit 3 $20,400 Cash Account payable $10,100 $8,400 $18,200 Retained Earnings Common Stock $15,200 $1,100 Land Account Receivable(ShipEx) $36,700 $36,700 $36,700 4 Total Assets $10,100 $26,600 Total Liabilities Shareholders equity