Give a complete, meaningful, detailed, accurate and correct answer to the question below. On March 1, 2002, Tahir Muktar
Posted: Fri Jul 01, 2022 8:20 am
Give a complete, meaningful, detailed, accurate andcorrect answer to the question below.
On March 1, 2002, Tahir Muktar, a famous businessman in Addis,opened a business named “Universal Garage” which is organized as asole proprietorship. The business is established to render carrepair, maintenance and related services for fees. Below are chartof accounts for and selected transactions completed by UniversalGarage in March 2002. Mar 1 Received the following assets from itsowner, Tahir: Cash....................................... Br, 8,300Supplies ................................. 2,000 OfficeEquipment................... 10,000 2 Borrowed Br 5,000 from DashenBank 3 Paid Br 1,800 for rent on a building leased for businesspurposes 3 Purchased welding and other repair machinery for Br3,600 cash 4 Paid Br 200 for a radio advertisement 8 Sold for Br200 cash an old office equipment with a recorded cost of Br 200 13Paid weekly salary Br 1,200 16 Received Br 4,400 from servicesrendered on cash 20 Paid weekly salary Br 1,200 includetransactions for other income 20 Delivered service on credit, Br6,000 21 Purchased additional repair machinery on account for Br2,000 from Sámi-Engineers 23 Received Br 5,000 additional cashinvestment from its owner 24 Repaid Br 1,000 bank loan and paid Br100 interest on bank loan 26 Purchased supplies for Br 800 cash 27Paid Br 100 for customer entertainment and other items 27 Paidweekly salary Br 1,200 31 Paid Br 500 for electricity and otherutilities consumed during the month 31 Received Br 4,200 cash fromcredit customers 31 Paid Tahir Br 1,800 for personal uses Required:Journalize the above transactions in a two-column journal Post thejournal entries to “T” accounts Prepare and complete a worksheetbased on the following additional information Cost of suppliesremained unconsumed on Mar 31 is Br 900 The amount paid on Mar 3 isfor a three-month rent The amounts of depreciation for machineryand office equipment are estimated to be Br 560 and Br 1,900respectively Universal Garage usually pays Br 1,200 for employee'ssalary every Saturday for a six-day work week ended on that dayInterest on bank loan accrued but not paid on March 31 total Br100
Prepare financial statements for the month
Journalize and post adjusting entries
Journalize and post closing entries
Prepare post-closing trial balance
On March 1, 2002, Tahir Muktar, a famous businessman in Addis,opened a business named “Universal Garage” which is organized as asole proprietorship. The business is established to render carrepair, maintenance and related services for fees. Below are chartof accounts for and selected transactions completed by UniversalGarage in March 2002. Mar 1 Received the following assets from itsowner, Tahir: Cash....................................... Br, 8,300Supplies ................................. 2,000 OfficeEquipment................... 10,000 2 Borrowed Br 5,000 from DashenBank 3 Paid Br 1,800 for rent on a building leased for businesspurposes 3 Purchased welding and other repair machinery for Br3,600 cash 4 Paid Br 200 for a radio advertisement 8 Sold for Br200 cash an old office equipment with a recorded cost of Br 200 13Paid weekly salary Br 1,200 16 Received Br 4,400 from servicesrendered on cash 20 Paid weekly salary Br 1,200 includetransactions for other income 20 Delivered service on credit, Br6,000 21 Purchased additional repair machinery on account for Br2,000 from Sámi-Engineers 23 Received Br 5,000 additional cashinvestment from its owner 24 Repaid Br 1,000 bank loan and paid Br100 interest on bank loan 26 Purchased supplies for Br 800 cash 27Paid Br 100 for customer entertainment and other items 27 Paidweekly salary Br 1,200 31 Paid Br 500 for electricity and otherutilities consumed during the month 31 Received Br 4,200 cash fromcredit customers 31 Paid Tahir Br 1,800 for personal uses Required:Journalize the above transactions in a two-column journal Post thejournal entries to “T” accounts Prepare and complete a worksheetbased on the following additional information Cost of suppliesremained unconsumed on Mar 31 is Br 900 The amount paid on Mar 3 isfor a three-month rent The amounts of depreciation for machineryand office equipment are estimated to be Br 560 and Br 1,900respectively Universal Garage usually pays Br 1,200 for employee'ssalary every Saturday for a six-day work week ended on that dayInterest on bank loan accrued but not paid on March 31 total Br100
Prepare financial statements for the month
Journalize and post adjusting entries
Journalize and post closing entries
Prepare post-closing trial balance