Financial Accounting Studyguide

–    Inventory of $$30 000 is bought on credit. 

–    Equipment costing $$300 000 was purchased, financed by a loan from the bank repayable in five years. 

–    Paid $$10 000 to accounts payable. 

–    Issued $$400 000 of shares to shareholders.

–    Inventory of $$30 000 is bought on credit. 

–    Equipment costing $$300 000 was purchased, financed by a loan from the bank repayable in five years. 

–    Paid $$10 000 to accounts payable. 

–    Issued $$400 000 of shares to shareholders.

–    Inventory of $$30 000 is bought on credit. 

–    Equipment costing $$300 000 was purchased, financed by a loan from the bank repayable in five years. 

–    Paid $$10 000 to accounts payable. 

–    Issued $$400 000 of shares to shareholders.

–    Cash sales of $$100 000 in 2019 

–    Credit sales of $$600 000 in 2019 of which $$450 000 was received in 2019 

–    Received $$50 000 from accounts receivable in 2019, related to sales in 2018  

–    Received electricity bill for $$1000 for use of electricity in June 2019; payable in July 2019 

–    Paid $$1200 in June for a 12-month insurance policy