6.7 You are required to open the asset and liability and capital accounts and record thefollowing transactions for June 2017 in the records of Digital Computer Systems.20171 JuneStarted business with $15,000 in the bank.'3 JuneBought motor car and paid by cheque, $6,500.9 JuneBought office furniture from Cheetham & Co. $1,150 paid by cheque.12 JuneBought computer equipment on credit from Computext Ltd, $2,400.17 JuneTook $200 out of the bank and put it in the cash till.19 JuneBought office chair and paid by cash, $42.25 JunePaid Computext Ltd $1,000 by cheque on account.27 JuneBought second-hand motor van, $2,450 paid by cheque.29 JuneBought desk for reception area and paid cash, $100.30 JunePaid the outstanding account to Computext Ltd by cheque.

As per accounting equation, assets equal to sum of liabilities and equity.

Answered: 6.7 You are required to open the asset…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 9C

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