Transactions of Bud\'s Computer are as follows: May 1 Buddy Bungal invested210,
ID: 2458060 • Letter: T
Question
Transactions of Bud's Computer are as follows:
May 1 Buddy Bungal invested210, 000 in an accounting entitled Bud's Computer Repair Shop. The deposit slip was#100.
2 Purchasedrepair equipment from the Ocean Park for 30, 000. Check #4801 was issued in the amount of18, 000, with the balance being placed on account. The invoicenumber was A998.
8 Repaired acustomer's computer billing him for 5, 000 on billing #690.
10 Repaired a customer'scomputer for 8, 800, of which 80% was collected, with thebalance placed on account. The billing slip was #691. The depositslip was #398765.
12 Received and paid thetelephone bill by issuing check #4802 in the amount of 3, 000.
13 Purchased repairsupplies by issuing check #4803 in the amount of 2, 500.
14 Collected the amount duefrom the customer of billing slip #690. The deposit was number 459086.
18 Issued check #4804 inthe amount of 9, 000 to the Ocean Park as a partial payment for the equipment purchased on May3.
20 Repaired acustomer’s computer and collected 6, 000. The deposit slipwas #789190; the billing slip was #692.
21 Received electric billfor the month of May in the amount of 1, 500.
Required:
1. Give the journal entries ofthe above transactions. Record and post the transactions in ageneral journal and general ledger.
2. Determine the correct amountof the following:
a. Total cashcollections ___________
b. Total cashavailable ___________
c. Accountsreceivable ___________
d. Revenue ___________
e. Expenses ___________
Explanation / Answer
x.x
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.