What is the solution of Question P4.5 (part a to c)? c. Journalize the adjustifd. Journalize the closing entries.e. Prepare a post-closing trial balance.cycle.omoont toShareholders invested €20.000 cash in the business in exchange for ordinary sharesPurchased used truck for €12.000, paying €4,000 cash and the balance on account3.ing transactions were completed.Purchased cleaning supplies for €2,100 on account.Paid €1,800 cash on a 1-year insurance policy effective July 1.12Paid €1,500 cash on amount owed on truck and €1,400 on amount owed on cleaning supplies20Billed customers €4,500 for cleaning services.18lad bas onihobnu basPaid €2,800 cash for employee salaries.21Collected €3,400 cash from customers billed on July 12.Billed customers €6,000 for cleaning services.Paid €350 for the monthly gasoline bill for the truck.Declared and paid a €5,600 cash dividend.ponslad Isin gricLA 12253131The chart of accounts for Anya's Cleaning Service contains the following accounts: No. 101 Cash.No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and WaoesPayable, No. 311 Share Capital-Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense.No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.Instructionsa. Journalize and post the July transactions. Use page J1 for the journal and the three-column form ofaccount.b. Prepare a trial balance at July 31 on a worksheet.c. Enter the following adjustments on the worksheet and complete the worksheet.visost ainuondao1. Unbilled and uncollected revenue for services performed at July 31 were €2,700.Rnl bisg2. Depreciation on equipment for the month was €500.104,900basl104.900 3. One-twelfth of the insurance expired.4. An inventory count shows €600 of cleaning supplies on hand at July 31.5. Accrued but unpaid employee salaries were €1,000.laso 008,12Td. Prepare the income statement and a retained earnings statement for July and a classified statementof financial position at July 31.e. Journalize and post adjusting entries. Use page J2 for the journal.f. Journalize and post closing entries and complete the closing process. Use page J3 for the journal.dasog. Prepare a post-closing trial balance at July 31.

Business events are the business transactions which affect the activities, assets, liabilities of…

a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form of account. b. Prepare a tríal balance at July 31 on a worksheet. c. Enter the following adjustments on the worksheet and complete the worksheet.visost zinuonh 500 da0

a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form of account. b. Prepare a tríal balance at July 31 on a worksheet. c. Enter the following adjustments on the worksheet and complete the worksheet.visost zinuonh 500 da0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question:- Following are the transachons of M/S. Alam 8 Co. You ave requived to prepare journal and ledger account Also prepare rial balance with balancing method. Started business by investing Rs. SO 00. Purchased furniture for Rs. So00; from X, paying Rs. 2000 at spot, and balance to be paid after a month. Jan I Jan 2 Jan 3 Purchased goods Rs. 10000, subject to 107. trade discount Jan 4 Deposited Rs. So00 into bank. Jan 5 Sold merchandise for Rs. IS00, recieved cash Rs 1000 , cheque Rs. Soo Jan 6 Purchased Çoods on dedit Rs. SO00 from Zafar Jan 7 Deposited dheque recieved on Sth Jon. Jan 10 Sold goods for Rs. 1000 Jan 1a Paid tiansporting expenses by issuing a cheque for Rs. 1000 Jan 13 Proprietor withdrew Rs. So0 for private use. Jan IS Cash sales lincuding a cheque for Rs. S00 , which was deposited into bank) Rs. 2000
2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A ems a < Print Item Transactions and T Accounts The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $73,900. 2. Purchased supplies on account, $1,960. 3. Received cash from customers on account, $62,770. 4. Paid creditors on account, $820. a. Journalize these transactions in a two-column journal. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable ✓ 73,900 ✓ Fees Earned (2) Supplies - ✓ Accounts Payable (3) Cash Accounts Receivable (4) Accounts Payable Cash ✓ ✓ 1,960 62,770 820 ✓ ✓ ✓ 73,900 1,960 62,770 820 ✓ b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate number to identify the transactions. FA 00 7:33 PM 8/23/2022…
Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank account
HEAD OF DEPART ENT below Transactions of Lubanz's Garden Services for January 2020 1. Lubanzi Gumede deposited R200 000 into the bank account of the business the tosin issued receipt number 001 According to cash register roll, a total of 16 000 was received for services rendered Bought equipment of R7000 and paid by cheque number 01 Purchased a business vehicle for 63 500 paid by cheque number 02 3. 10 21 28 Paid the manager S Ntuli, his salary of R 8000 with cheque 03 DATE SOURCE JOURNAL ASSETS OWNER'S EQUITY DOCUMENT LIABILITIES HEAD
3. Service Revenue 4. Accounts Receivable. 5. Share Capital-Ordinary. 6. Dividends. cred ited for cach transaction. June 1 * Purchases equipment on account for €900. 3. welding business. on account. €800 cash is paid to landlord for June rent. Sent an invoice to L. Nigh €300 for welding work performed 12 e process. Identify and briefly explain the steps in the order in which they occur. trated on pages 65-70. Opens an office as a financial advisor, investing R$5,000 in cash in exchange for ordinary shares. Pays insurance in advance for 6 months, R$1,800 cash. 4. Receives R$1,100 from clients for services performed. 16 Aug. 1 27 Pays secretary R$1,000 salary. BE2-6 Using the data in BE2-5, journalize the transactions. (You may omit explanations BE2-7 Selected transactions for the Gilles Ltd. are presented in journal form on the ne page. Post the transactions to T-accounts. Make one T-account for each item and determit ach account's ending balance.
The Trial Balance of Song Hae Kyo Service Center on July 1 2009, list the entity assets, liabilities and owners equity on that date. Balance Account Title Debit Credit Cash .. $ 35,000 Account Receivable.... 4,500 Account Payable . Song Hae Kyo, Capital.. $ 2,000 37,500 Total... ... $ 39,500 $ 39,500 ..... ... During July, the business engaged in the following transactions: a. Borrowed $35,000 from bank and sing note payable in the name of business b. Paid cash $ 25,000 to real estate company to acquire the land c. Performed customer service and received cash $ 3,500 d. Purchase supplies $ 580 on account e. Performed customer service and earned revenue on account $ 7,800 f. Paid $ 1,500 on account g. Paid interest $ 750 h. Paid the following expenses; salaries $ 3,500 ; rent $ 1,500; utilities $ 500 i. Received $ 3,800 on account j. Withdrawal $2,600 for personal use Required : 1. Open the following accounts with the balances indicated, in the ledger of Song Hae Kyo Computer Service…
.ComDino takeASSignmenu takeASsigmentMain.do?invoker=assignments&takeAssignmentSessionLocator%=Dassignment-take&inpro. Q < Show oie riow Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 30O days in a year. For a compound transaction, I an amount box does not require an entry, leave it blank. Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 30. Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. May 18 The note dated April 18 from Glenn Cross is dishonored, and the customer's account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is'dishonored, and the customer's 'account is charged for the note, including interest. Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus Interest for 90 days at 8% on the total amount…
Choose the correct answer Which of the following accounts is increased by a credit?A. CashB. Accounts receivableC. Accounts payableD. Owner’s drawings At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account? A. 230,000B. 210,000C. 350,000D. 90,000
On Ontober 1, 20Y6, Jay Crowley estabished Afiordable Reakty, which oompleted the following transactions during the month: 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of Oet 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for account titles. common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,450. PAGE 1 JOURNAL ACCOUNTING EQUATION 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $860. DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 5 Earned sales commissions, receiving cash, $16,430. 6 Paid automobile expenses (including rental charge) for 2 month, $1,650, and miscellaneous expenses, $690. 7 Paid office salaries, $2,200. 4 * Determined that the cost of supplies used was $1,100. * Paid dividends, $3,600. 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for…
Trial balance of Billion Sdn. Bhd. as at 31 December 2023 Sales Purchases Premises (cost) Accumulated depreciation at 1 January 2023_Premises Plant (cost) Accumulated depreciation at 1 January 2023_Plant Wages and salaries Rent expense Opening inventory Capital Drawings Carriage inwards Account receivables and Account payables Bad debts written off Other revenue Cash at bank Bank loan Closing inventory is RM12,500. Debit(RM) You are required to prepare the following for Billion Sdn. Bhd.: a) The journals for adjusting entries of additional information. 99,850 100,000 c) Statement of Financial Position as at 31 December 2023. 18,000 8,900 7,500 5,000 25,000 4,000 27,500 5,000 300,750 Credit (RM) 126,500 b) Statement of Comprehensive Income for the year ended 31 December 2023. 25,000 2,300 80,000 Additional information as at 31 December 2023: i. Wages and salaries accrued amount to RM700. ii. Rent prepaid amounts to RM300. iii. Bank loan interest of 10 per cent per annum is outstanding.…