Integrity Siding Company, owned by S. Integrity began operations in May

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

2:50

CLASS ASSIGNMENT- 3

RECORDING PROCESS

Please read pages 180-189 of Chapter 7, The Journal, in Frank Wood before attempting these exercises.

Q1. Integrity Siding Company, owned by S. Integrity began operations in May and completed the following transactions during that first month of operations.

Required:

a. record the following transactions in the journal

b. post to the relevant accounts

e. extract a trial balance

May 1

rent.

2

S. Integrity invested GHC90,000 cash in the company.

The company purchased GHC25,000 in office equipment. It paid GHC10,000 in cash and signed a note payable promising to pay the GHC15,000 over the next three years.

2 The company rented office space and paid GHC3,000 for the May

6

The company installed new vinyl siding for a customer and immediately collected GHC5,000.

7

The company paid a supplier GHC2,000 for siding materials used on the May 6 job.

credit.

8

9

The company purchased a GHC2,500 copy machine for office use on

The company completed work for additional customers on credit in the amount of GHC16,000.

15

of the month.

17

The company paid its employees' salaries GHC2,300 for the first half

The company installed new siding for a customer and immediately collected GHC2,400.

20 The company received GHC10,000 in payments from the customers billed on May 9.

28

The company paid GHC1,500 on the copy machine purchased on May 8. It will pay the remaining balance in June.

31

The company paid its employees' salaries GHC2,400 for the second half of the month.

31

The company paid a supplier GHC5,300 for siding materials used on the remaining jobs completed during May.

31

The company paid GHC450 for this month's utility bill.

Your answer must be typed in your own handwriting, snapped shot and saved as pdf

• The pdf must be saved with your surname and ID

⚫ Date of Submission: 23 March, 2023. 11.59PM

. All submissions must be made through SAKAL. DO NOT SEND ASSIGNMENTS TO MY EMAIL. THESE WILL NOT BE GRADED.

⚫ No late submissions

sakai.ug.edu.gh

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