Question

Hello. I need minimum 15 transactions for a car dealership also containing adjusting entries. Can anyone please help?

Answer 1

1. Started business with cash 100,000, cars 500,000, land and building 50,000

2. Insurance paid for the year 3,000. This has been prepaid for 2 months.

3. Sale of cars during the year amounted to 300,000. Invoice billed beyond year end date to be deferred 500.

4. Salaries paid 10,000

5. Closing stock 300,000

6. Selling expenses 5000

7. Office and admin expenses 3000

8. Depreciation amounted to 600

9. Advertising expenses to be accrued for 700

10. Sales income to be accrued for 200 as missed to bill the same

11. Repairs and maintenance 1000

12. Staff welfare expenses 400

13. Loan taken from bank 20000

14. Client entertainment expenses 1000

15. Internet charges paid in advance 1000