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Example 2

The document summarizes the initial assets, capital, expenses and transactions of BYTE Company for the month of May 20XX. It provides the starting balances of accounts like tools, goods, equipment, salaries, receivables and payables. It then lists 29 transactions that occurred during the month relating to purchases, expenses, sales, payments and drawings. The requirements are to record these transactions in a general journal and prepare a trial balance as of May 31, 20XX.

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Huyền Trang
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180 views

Example 2

The document summarizes the initial assets, capital, expenses and transactions of BYTE Company for the month of May 20XX. It provides the starting balances of accounts like tools, goods, equipment, salaries, receivables and payables. It then lists 29 transactions that occurred during the month relating to purchases, expenses, sales, payments and drawings. The requirements are to record these transactions in a general journal and prepare a trial balance as of May 31, 20XX.

Uploaded by

Huyền Trang
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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At the beginning of May, 20XX, BYTE Company 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 expense 10,500

Trade Receivables 145,000

Trade Payables 105,300

Cash 126,800

Owner’s Capital 47,500

Total 402,800 402,800

During May, 20XX of operations of this business, the following transactions occurred.
2. Additional goods acquired on cash, $14,000.
3. Utilities expenses, paid in cash, $2,000.
5. Purchased Tools and jigs, $5,000 cash.
6. Paid office rent of $1.900 cash for the month
7: Sales on credit to HC company $15,000, cost of sale: 13,500.
15. Cash paid to creditors for accounts payable due $25,000.
18. Cash Received from customers in payment of accounts receivable $18,000.
24. Salaries for May, paid in cash, $10,500.
26. Advertising expense of $5,100 on credit.
29. Owner’s drawings during May were $2,500.

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

Date Description Debit $ Credit $


1
2
5
7
Balance the accounts of BYTE Company. Then prepare the trial balance for BYTE Company
on 31 May 20XX as the following sample:
Trial Balance of …………… on …………….. 20XX

ACCOUNT Dr $ Cr $

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