Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. : 1. mcjohn officially started the business on jun

: 1. McJohn officially started the business on June 1, 2019. Opened a bank account...

70.2K

Verified Solution

Question

Accounting

: 1. McJohn officially started the business on June 1, 2019. Opened a bank account an deposits $200,000 of his personal savings.

2. On June 5, he purchased land from the city for $ 40,000 cash

3. On June 6, he purchased an old garage for $ 25,000. He made a cash down payment of $5,000 and, issued a 90-day non-interest bearing note payable for the $ 15,000 balance owed.

4. On June 15, he purchased tools and automotive repair equipment. The purchase price was $12,800.

5. On June 20, he sold some of its new tools for $2,400. Buying company made no down payment but agreed to pay the amount due within 45 days.

6. On June 25, he received $1000 from the neighboring business who purchased some tools and equipment on account.

7. On June 26, he made a partial payment of $7,600 on its account payable.

8. On June 27, he made a partial payment of $5,600 on its account payable.

9. Sales of repair services from 15th -30th June were $3,200.

10. In order to earn $4,400 of revenue, McBryan had to pay some operating expenses.

11. For November, he owed $700 for utilities and $5,600 for wages. : Show and Find the statement of cashflows, income statement and balance sheet on excel.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students