Question

In: Accounting

Exercise 1- 1 May Toshiba, Inc., issued shares of common stock for $80,000 cash deposited in...

Exercise
1- 1 May Toshiba, Inc., issued shares of common stock for $80,000 cash deposited in the new business account.
2- 7 May Toshiba purchased supplies on account from Office Nadia for $2000 and paid $ 3000 cash for purchased a computer.
3- 10 May Toshiba Corporation sold goods of $ 30 000 for Tamer company and collected $ 10 000 cash and the rest amount on account.
4- 13 May Toshiba Corporation paid a total of $500 for salaries and $ 1500 for rents.
Required:
1-Make journal entry
2- Post the journal entries to the general ledger
3- prepare initial trial balance

Solutions

Expert Solution

Journal entry is known as the basic book of original entry. It records the transactions in the books based on debit and credit. The journal entries are posted to ledgers and a trial balance is prepared based on the balances in the ledger

1. Journal entries:

2. General Ledger:

3. Trial Balance:

ekkarill92 answered 1 year ago
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