Question

BALANCE SHEET Bank Recevables Inventory Tangible Asset Prepayments (Insurance) 6.000 Payables 3.150 3.500 Accumulated depreciation 3.780 120 10.000 7.450 1.800 Accruals (rent) 10.800 Capital 2.400 IReserves 24.500 24.500 After having opened the accounts, record entity transactions of the period 2015 and adjustments at the end of that period using "T" accounts. Prepare an income statement and a balance sheet for the year ended 31 December 2015 (no specific classification of financial statements items is required) Transactions of the period 2015: 1. Purchase of raw material 3.500 (payables) 2. Loan received from bank: 6.700 (bank) 3. Sales of finished goods: 20.000 (half paid in cash to bank and half receivables) 4. Rent paid for 360 from 01/11/2014 to 30/04/2015 (bank) 5. Payables paid: 1.750 (bank) 6. Receivables paid: 9.000 (bank) 7. Wages paid: 3.250 (bank) 8. Insurance paid for period from 01/09/2015 to 31/08/2016: 3.600 (bank) End of the period adiustments: 9. Closing inventory is valued at 600 10. Annual depreciation of tangible assets: 1.800 11. Taxation expense is estimated for 1.200 12. Insurance expense adjustment 13. Accrued interests on loan are 1.900 14. Provision for doubtful debts is estimated to be 800

When creating the T charts, next to each transaction if you could number them so I know which transaction they belong to.

Answer 1