4 5805514475188521062
4 5805514475188521062
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Jan 2: Collected Br 40,000 on an open account receivable.
Jan 3: Purchased additional Track of Land for Br 80,000.
Jan 5: Provided services on account to a customer for Br 60,000.
Jan 7: Borrowed Br 48,000 on a term loan payable.
Jan 11: Paid Salaries of Br 12,000.
Jan 12: Provided services to a customer for cash Br 44,000.
Jan 15: Purchased (and used) office supplies on account Br 8,000.
Jan 17: The Company paid shareholders Br 10,000 dividend.
Jan 20: Paid rent of Br 6,800.
Jan 23: Paid salaries of Br 16,000.
Jan 24: Paid Br 64,000 on the open accounts payable.
Jan 29: Collected Br 200,000 on account receivable.
Jan 31: Repaid loan of Br 88,000.
Jan 31: Paid interest on loan of Br 2,400.
Required:
A. Prepare journal entries for January’s transactions
B. Post journal entries to the general ledger
C. Prepare a trial balance as of Jan 31, 2007
D. Prepare:
I. Income statement
II. Statement of retained earnings, and
III. Balance sheet as of Jan 31, 2007
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i. Interest amounting to Br 228 had been debited by the bank but not entered in the cash
book.
Required:
A. Prepare Bank Reconciliation for Saba Company at Nov 30, 2007.
B. Prepare the general journal entries necessary to bring the cash in bank into agreement
with the adjustment.
Additional Infromation:
1. All Employees are permanent and all worked 40 hours per week.
2. During Sane, 2007 E.C all workers have done as they have been expected.
3. WeldayNiguse monthly pay Br 550.00 from his salary for Credit Association.
4. Assuming that pension contribution 7% from Employee and 11% from Employer.
Required:
1. Prepare Payroll Register Sheet.
2. Prepare necessary journal entry for preparation of payroll and payments of deductions to
concerned party.
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