Question

I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you..

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

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. 18.200.00 Cash Common Stock (To record issue of common Stock) $ 18,200.00 2,000.00 Office Supplies Accounts Payable (To record purchase of office supplies) $ 2,000.00 $ 15,200.00 Land Cash (To record land purchased) $ 15,200.00 d 3,300.00 Cash Service Revenue |(To record Service provided for cash) 3,300.00

$ 3,300.00 Cash Service Revenue (To record Service provided for cash) 3,300.00 100.00 Accounts Payable Cash (To record payment of payables) $ 100.00 2,100.00 Accounts Receivable Service Revenue |(To record Service provided on account) S 2,100.00 1,000.00 Cash Accounts Receivable (To record collection of receivables) $ 1,000.00 h 1,200.00 600.00 Salaries Expense Rent Expense Cash |(To record payment of salaries and rent expenses) $ 1,800.00