Homework Answers
Answer:
| Journal Entries in the books of Tricom Limited | |||
| Date | Particulars | Amount (Dr.) | Amount (Cr.) |
| 15th April, 2020 | Salary A/c Dr. | 15000 | |
| To Bank A/c | 15000 | ||
| (Salary paid to employees) | |||
| 15th April, 2020 | Tax Authorities (Pay as you earn tax)A/c | 5000 | |
| To Bank A/.c | 5000 | ||
| (PAYE withheld the amount) | |||
On 15th April 2020, only 2 transaction was held. So, for this date, only 2 entry entries are registered.
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Part A
Ajayi Art, Inc. opened for business on April 1st.
Listed below are the transactions for Ajayi Art, Inc. for the month
of April:
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next two months....
PART-D On 15 April 2020, Tricom Limited directly transferred $15,000 to employees' bank accounts for salaries for the first half of April 2020. PAYE withheld amounted to $5,000. The next payroll will be paid on 1 May 2020 for the same amount. Additionally, on 5 May 2020, PAYE for the 15 April 2020 transaction will be paid to the taxation authorities. (a) Journalise, in general journal format, the 15 April 2020 payroll transaction.
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please solve this requirment
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Part A
Ajayi Art, Inc. opened for business on April 1st.
Listed below are the transactions for Ajayi Art, Inc. for the month
of April:
April 1 Issued common stock in exchange for $250,000 cash.
April 1 Purchased office equipment for $17,500 cash.
April 1 Borrowed $20,000 from Novus Bank and signed a 10% note.
Interest and principal to be paid in 12 months.
April 5 Paid $4,000 rent in advance for the art gallery for the
next two months....
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