Please help me finish this problem. Thank you.

timer Asked: Jan 26th, 2021

Question Description

I'm working on a accounting question and need an explanation to help me understand better.

Please help me finish this problem. Thank you.............................. ........

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THIS TEST CONTAINS 3 QUESTIONS ANSWER THE QUESTIONS IN THE HIGHLIGHTED AREAS Question 1 Question 2 Record the journal entries for the following transactions: Post the following journal entries in the 15-Jan 18-Jan 25-Jan 31-Jan Sold goods to Alex on credit for $13,500 Alex returned goods worth $700 Purchased inventory paying cash $28,400 Owner with computer equipment worth $2,000 from the business for personal use 6-Feb Purchased a motor vehicle for $35,000 paying $8,000 cash and the balance using a loan 13-Feb Paid creditor Morell $4,000 after receiving a $300 discount Date JOURNAL Details Date 10-Mar 21-Mar 28-Mar L Debit Credit Question 2 Post the following journal entries in the ledger accounts: Details Machinery Capital Debit 32,000 Credit 32,000 Cash Discount allowed Debtors 8,500 450 Creditors Purchases returns 2,000 8950 2000 LEDGER ACCOUNTS Machinery Capital Cash Discount Allowed Debtors Creditors Purchases Returns Question 3 From the following trial balance, prepare an income statement and a balance sheet for Elise Traders Elise Traders Trial Balance as at 31 December 2020 Debit Credit Capital 132,000 Sales 35,500 Purchases 14,000 Inventory 8,000 Machinery 40,000 Equipment 44,450 Debtors 9,000 Creditors 17,000 Sales returns 600 Purchases returns 400 Buying expense 250 Drawings 550 Delivery inwards 600 Wages expense 3,000 Rent revenue 1,200 Discounts allowed 1,000 Delivery outwards Advertising expense 2,800 Rent expense 3,600 Loan (due on 31/3/2028) 30,000 Cash 10,250 Buildings 78,000 216,100 216,100 Elise Traders Income Statement for the year ended 31 December 2020 $ REVENUE LESS COST OF SALES OTHER REVENUE LESS SELLING EXPENSES ** Closing inventory on 31 December 2020 was $4,200 LESS ADMIN EXPENSES LESS FINANCE EXPENSES nded 31 December 2020 $ $ Elise Traders Balance Sheet as at 31 December 2020 $ ASSETS Current Assets Non Current Assets LIABILITIES Current Liabilities Non Current Liabilities EQUITY $ $ ...
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