Answer to Question #232155 in Accounting for Nana

Question

Zamcarb hires was established on January 1, 2021. The following transactions occurred during the company's most recent quarter.-January 1.Issued common stock for K80,000
-January 2.Purchased equipment costing K82,000 financed by a long term from Bizzbucks for the full amount.
-February 7.Provided delivery service to customers, K72,000 in accounts receivable and K16,000 in cash.
-February 18.Incurred repair costs of K3,000 on account from Mbewe Bikes.
-March 12.Collected K65,000 cash from customers on account.
-March 20.Borrowed K90,000 by signing another long-term loan from Bizzbucks.
-March 25.Paid K74,400 cash cash for the bike rentals during the quarter.
-March 25.Paid employees K38,000 cash for work done during the quarter.
-March 26.Paid (with cash) K49,000 fuel for delivery equipment used during the quarrer.
-March 28.Paid K2,000 cash on accounts payable.
-March 30.Ordered, but haven't yet received, K700 in supplies.
Required:
i. Open the appropriate ledger accounts and post the accompanying transactions.
ii. Close off the accounts and prepare the trial balance as at 31 March.

Answer 1

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