Question

Current Attempt in Progress The following transactions of Jaker Ltd. occurred in the month of January: Date: 1 3 5 9 15 Borrowed $13,300 from the bank. Issued 2,300 common shares for $23,000. Purchased inventory on account totalling $26,200. Bought computer equipment costing $8,500 for $4,200 cash and the balance on account. (a) Made sales totalling $26,500, of which $9,500 were on account. (b) The cost of the products sold from inventory was $14.800. Made payments on accounts owing to suppliers totalling $15,900. Collected on accounts from customers totalling $8,300. (a) Made sales totalling $11,100, all on account. (b) The cost of the products sold from inventory was $8,100. Employees earned wages of $2,500 during the month, of which $2,300 was paid. Incurred $800 of utilities expenses during the month. 19 25 27 28 28 Analyze and record these transactions. (Enter amounts that decrease account balance using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Indicate whether it is Revenues, Expenses or Dividends declared in the last column. In case if there is no effect then select "Not Applicable". Post entries in the order presented in the problem statement.)

Answer 1

Cash ASSETS LIABILITIES SHAREHOLDER'S EQUITY Date Revenues/Expenses/Dividends Declared Accounts Receivable Inventory Equipment Accounts Payable Wages Payable Loan Payable Common Shares Retained Earnings 1 13,300 13,300 Not Applicable 3 23,000 23,000 Not Applicable 5 26,200 26,200 Not Applicable 9 -4,200 8,500 4,300 Not Applicable 15 (a) 17,000 9,500 26,500 Revenues 15(b) -14,800 -14,800 Expenses 19 -15,900 - 15,900 Not Applicable 25 -8,300 Not Applicable 27 (a) 11,100 11,100 Revenues 27(b) -8,100 -8,100 Expenses 28 -2,300 200 -2,500 Expenses 28 -800 -800 Expenses 8,300