General Journal, General Ledger, Trial Balance
QUESTION 1: General Journal, General Ledger, Trial Balance (35 marks) Paul is the sole proprietor of Auldana Custom Concrete Foundations (ACCF), a specialist construction company. The following is a list of transactions that took place during the month of May 2016. May 1 The business purchased additional equipment costing $22,400 by increasing the loan with the bank. May 5 The construction of a housefoundation was completed and the client was invoiced. The client paid $8,500 in cash and agreed to pay the remaining $33,500 over the following ten months. May 10 Paul withdrew $1,200 cash for personal use. May 15 An Advertising Bill for $1,680 was paid for in cash. May 17 Paul hurt his wrist at work and visited his local…
Details