Th
ABC Ltd decided to open Recover Upholstery Repains on 1 January 2021. ABC Lid contributed office equipment valued at 110 00, a commercial van valued at 512 000, and deposited $5 000 cash in a business bank account. Transactions during January were;
Jan 1
Took a three-year lease on a shop and paid the first month's rent $350.
4 Purchased office supplica for $260 and issued a cheque for $100 in part payment
for these supplies,
Cash received for minor repairs, $120.
667 Revenue earned for repair work for Shipshape Ltd on credit, $350.
Purchased an upholstery sewing machine for \$18 , paying $400 cash with the balance to be paid at a later date.
8 Cash revenue earned $230.
11
13
Engaged an upholsterer at an agreed wage of $350 per week. Cash of $200 received for over-the-counter repairs
13 Revenue of $450 earned from sales to a customer on credit.
14 Paid the balance owing for office supplies purchased on 4th Jan.
15
18
The owner withdrew $100 for her own use.
Paid weekly wages to the upholsterer.
21 Revenue earned for repairs: cash $80, on credit $170.