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BUS 503 Advanced Accounting Exercise 1
BUS 503 Advanced Accounting Exercise 1
Exercise 1
ABC Corporation has the following financial activities. Record the relevant journal entries:
ABC Corporation has the following financial activities. Record the relevant journal entries:
5. Traded goods are sold in cash for TL 35.000 TL. TL 22.000 was paid for these goods
when they were purchased.
6. TL 20.000 worth of traded goods is sold to a customer. According to the books, the
cost of these goods was TL 12.000.
8. Total amount of salaries is TL 10.000. TL 1.500 from this amount is deducted as taxes
and the rest is transferred to the employee accounts from the bank account.
9. Rent of the factory building is TL 5.000. %20 tax is deducted from this amount and
the rest is transferred to the landlord’s account.
10. The company buys raw materials and gives a note to the supplier for TL 5.000.