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    Final Practice

    Uploaded by

    Huyền Trang
    The document summarizes the initial assets, liabilities, and equity of Smithson Co. as of May 1, 20XX. It then lists various business transactions that occurred throughout May, including purchasing equipment, making sales, collecting payments from customers, repaying a loan, and paying suppliers. The requirements are to record these transactions in a general journal, update the general ledger accounts, and prepare a trial balance as of May 31, 20XX.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Final Practice

    Uploaded by

    Huyền Trang
    124 views2 pages
    The document summarizes the initial assets, liabilities, and equity of Smithson Co. as of May 1, 20XX. It then lists various business transactions that occurred throughout May, including purchasing equipment, making sales, collecting payments from customers, repaying a loan, and paying suppliers. The requirements are to record these transactions in a general journal, update the general ledger accounts, and prepare a trial balance as of May 31, 20XX.

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    final practice

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    The document summarizes the initial assets, liabilities, and equity of Smithson Co. as of May 1, 20XX. It then lists various business transactions that occurred throughout May, including purchasing equipment, making sales, collecting payments from customers, repaying a loan, and paying suppliers. The requirements are to record these transactions in a general journal, update the general ledger accounts, and prepare a trial balance as of May 31, 20XX.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    124 views2 pages

    Final Practice

    Uploaded by

    Huyền Trang
    The document summarizes the initial assets, liabilities, and equity of Smithson Co. as of May 1, 20XX. It then lists various business transactions that occurred throughout May, including purchasing equipment, making sales, collecting payments from customers, repaying a loan, and paying suppliers. The requirements are to record these transactions in a general journal, update the general ledger accounts, and prepare a trial balance as of May 31, 20XX.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    At the beginning of May, 20XX, Smithson Co commenced business with the following assets

    and capitals:

    Dr ($) Cr ($)

    Sales 250,000

    Tools and Jigs 10,000

    Goods 105,000

    Office equipment 5,500

    Salaries and wages 20,500

    Trade Receivables 135,000

    Trade Payables 115,300

    Cash 136,800

    Owner’s Capital 47,500

    Total 412,800 412,800

    During May, 20XX of operations of this business, the following transactions occurred.
    5/5: Smithson Co purchased office equipment on credit for business use for $2 000
    7/5: Sales to C Matthews $500, cost of sale: 350$, C Matthew was allowed to make payment
    within October, 20XX.
    15/5 Sold goods to a formal employee on cash $150, cost of goods sold: $150
    17/5 A credit customer, P. Holden made the payment of $10 for previous sale
    19/5 Smithson Co repaid to Overseas Bank Ltd: 3000$ of principle
    24/5: The business paid a trade creditor $700 in cash
    31/5 Bought a machine on credit from A, cost $2.500

    Requirement:
    Recording these above transactions in general journal as this sample
    Sample:

    Date Description Debit $ Credit $


    1
    2
    5
    7

    General Ledger of Smithson Co (accounts in T format)

    Account name
    Date Particulars Debit $ Date Particulars Credit $

    Balance the accounts of Smithson Co. Then prepare the trial balance for Smithson Co on 31 May 20XX
    as the following sample:
    Trial Balance of …………… on …………….. 20XX

    ACCOUNT Dr $ Cr $

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