Question 1 The following events apply to PK Co. for 2009, its first year of operation.
1. Received cash of K50, 000 from the sale of trade goods
2.
Performed K90, 000 worth of services on account.
3.
Paid K64, 000 cash for salaries expense.
4.
5.
6.
7.
8.
Purchased supplies for K12, 000 on account.
Collected K78, 000 of accounts receivable.
Paid K8, 500 of the accounts payable. G
PK withdrew K1000 to visit dentist for his teeth
Required
Had K1, 500 of supplies on hand at the end of the period.
a.
Record these events in general journal form. 20 Marks
Post the entries to T-accounts and determine the ending balance in each account
(20 Marks)
Chart 120 Marksl
​