B-02.05 Problem

B-02.05 Problem - 6-Jan-05 Accounts Receivable 300,000...

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B-02.05 Bikash Mishra recently formed a financial services and consulting firm in Nepal. He was very busy during the first month and has not yet had an opportunity to install his computerized accounting package. But, he did understand the need to keep track of all transactions as they occurred. Following is a manual journal that he maintained for transactions occurring during January. All amounts are in the Nepalese rupee (NPR). Bikash has requested that you prepare a ledger of the company's accounts, and post these transactions to determine the balance of each account. He needs this data in order to begin the process of transitioning to his new computerized accounting system. GENERAL JOURNAL Page 1 Date Accounts Debit Credit 2-Jan-05 Cash 1,000,000 Capital Stock 1,000,000 Bikash invested cash in exchange for stock 4-Jan-05 Equipment 200,000 Loan Payable 200,000 Purchased equipment with proceeds of loan
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Unformatted text preview: 6-Jan-05 Accounts Receivable 300,000 Revenues 300,000 Provided services to customers on account 7-Jan-05 Supplies Expense 10,000 Accounts Payable 10,000 Purchased (on account) and used supplies 11-Jan-05 Accounts Payable 10,000 Cash 10,000 Paid for purchase of Jan. 7 15-Jan-05 Wage Expense 100,000 Cash 100,000 Paid employee 1 of 2 B-02.05 GENERAL JOURNAL Page 2 Date Accounts Debit Credit 17-Jan-05 Cash 150,000 Accounts Receivable 150,000 Collected partial payment on receivables 18-Jan-05 Cash 180,000 Revenues 180,000 Provided services to customers for cash 20-Jan-05 Supplies Expense 20,000 Accounts Payable 20,000 Purchased (on account) and used supplies 31-Jan-05 Wage Expense 100,000 Cash 100,000 Paid employee 31-Jan-05 Loan Payable 200,000 Interest Expense 2,000 Cash 202,000 Paid off the loan with interest 2 of 2...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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B-02.05 Problem - 6-Jan-05 Accounts Receivable 300,000...

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