Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: • Started business with cash • Goods purchase for cash • Goods purchased on credit • Any asset purchased and paid cash • Any asset purchase on credit • Sold goods for cash • Sold goods on credit • Paid any bill • Paid salary to staff • Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement
Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: • Started business with cash • Goods purchase for cash • Goods purchased on credit • Any asset purchased and paid cash • Any asset purchase on credit • Sold goods for cash • Sold goods on credit • Paid any bill • Paid salary to staff • Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 3A
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Assume that you are going to start a Business after graduation. Describe 10 transactions that the
business might undertake by using your own idea with the following assumptions:
• Started business with cash
• Goods purchase for cash
• Goods purchased on credit
• Any asset purchased and paid cash
• Any asset purchase on credit
• Sold goods for cash
• Sold goods on credit
• Paid any bill
• Paid salary to staff
• Cash withdraw from business for personal use
Based on your own 10 transactions, prepare:
1.
2. Journal
3. Ledger
4. Trail Balance
5. Financial statement
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