A. Work out the changes for the above transaction. Remember to include the opening capital. Record these in the T-accounts provided in your Workbook. B. For each of the transactions listed below, work out the changes for the transaction and record these changes in the T-accounts.
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- Michael Anderson is starting his computer programming business and has deposited in initial investment of $15,000 into the business cash account. Identify how the accounting equation will be affected.hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)Suppose on February 1, 20X6, Deer Motors paid $380 million for a 40% investment in Phase Motors. Assume Phase earned net income of S50 million and paid cash dividends of $25 million during 20X6. What method should Deer Motors use to account for the investment in Phase? Give your reason. Journalize these three transactions on the books of Deer Motors. Show all amounts in millions of dollars and include an explanation for each entry Post to the Long-Term Investment T-account What is its balance after all the transactions are posted? 1. 2. 3. 1. What method should Deer Motors use to account for the investment in Phase? Give your reason is appropriate because Deer Motors holds a 40% investment in Phase and, therefore, will have V over Phase. 2. Journalize these three transactions on the books of Deer Motors. (Show all amounts in millions of dollars. Record debits first, then credits. Explanations will appear on the last line of the journal entry) Begin with the purchase of the investment…
- Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.Required: post entries to the relevant accounts in the general ledger and balance the accounts: On 1/1/2023, Jassim started his commercial business with a capital of $3,735,000 distributed over the following assets: 1500,000 cash, 700,000 cars, 350,000 goods, 1,185,000 bank, If you know that the following operations took place during January 2023: 1. On 1/3 he bought a building for $950,000 by check, and the costs of registering it amounted to $5200 and the expenses of preparing it for use amounted to $43000, which I paid in cash. 2. On 9/1 he sold his goods on account to Mahmoud for $280,000. 3. On 1/10, he bought goods from Daoud for $324,000, he paid half of them in cash, and wrote the rest as a promissory note due after two months. He also paid the costs of transporting the purchased goods, amounting to $1,800. 4. On 1/12 he sold his goods to Al-Tafa'il stores for the amount of $198,000 in cash, of which $65,000 was deposited in the bank. 5. On 1/15, he sold the most valuable car…K Analyze the following transactions of Trendy Party Planners in the manner shown below for the August 1 transaction. Also, record each transaction in the journal. i (Click the icon to view the transactions.) August 4. Borrowed $10,000 cash, signing a note payable. The asset, Cash, is ; therefore, Note Payable. Cash. The liability, Note Payable, is therefore,
- B. Study the following items related to transactions during the year to September 30, 2020 for Thompson’s Tours’ Inc. All transactions are reported on the financial statements in $XCD. I. A bank overdraft of $200,000 in a chequing account at St Kitts National Bank. II. A saving account with a balance of $400,000 at Open Campus Bank and chequing account with an overdraft of $100,000 at the same bank repayable on demand. III. The Operation Manager was given a salary advance of $2,000 on August 24, 2020 and this amount was deducted from his October salary. IV. CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID operations when the exchange rate was CAD$1 = $2.01 XCD. On September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD V. Special Edition Independence postage stamps on hand valued at $200. VI. Cash holdings of US$100,000, the exchange rate on September 30, 2020 is $2.70. VII. Petty cash on hand valued at $1,500. VIII. A cheque in the…Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,0002. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
- Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…Review the following transactions. (Click the icon to view the transactions.) Requirement 1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. Determine the ending balance in each account. (Select the "Bal" label on the normal balance side of the account and enter the ending balances.) Cash Common Stock More info Luke Newton opened a law firm by investing $22,000 cash and office furniture with a fair value of $8,700. Organized as a professional corporation, the а. business issued common stock to Newton. Paid monthly rent of $1,000 Purchased office supplies on account, $1,500. b. с. Accounts Receivable Dividends d. Paid employees' salaries of $2,700. Paid $550 of the accounts payable created in transaction c. Performed legal service on account, $11,100. Declared and paid dividends of $2,300. е. f. g. Office Supplies Service Revenue Print Done