Instruction : Based on the transaction, show the effect on the expanded accounting equation (indicating the name of the accounts, amounts and which accounts increase/decreases) based on the format below: EXAMPLE : - Liabilities + Owner Capital - Drawings- Revenue Sales Revenue Asset Expensese Acc.Receivable Increase Increase RM50 RM50 Use the following terms to identify the accounts: Cash, Muaz Capital, Accesories Supplies, Accounts payable, „Service Fees, Fees Receivable.Rent Expense,Repairing Equipment,Motor Vehicle, Muaz Withdrawals, Salary Expense, Salary Payable.
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- S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the month
- Ben started a new business called Easy Deliveries on 1 May 2022. The company is situated in Manaung and delivers pakcages on behalf of clients.On May 1st, he deposits R16 500 in the bank account to commence the business. The following transactions took place during May 20222. Pays rental for the premises for May of R2 000.3. Purchases a delivery vehicle of R75 000 on credit from ABC Ltd. An immiate deposit of R7 500 was paid per EFT.10. Receives R18 000 for delivery services rendered.12. Borrows R85 000 from Ocean Bank.14. Issues an invoice to Blue (Pty) Ltd for delivery services rendered for R12 300.15. Buys stationary for R8 500 and pay via EFT.17. Received an account from XZZZ Motors for fuel purchased on account during the month of R5 500.18. Withdraws R5 000 from an ATM for personal use.26. Pays salaries of R9 500.RequiredUse the information provided above and indicate the effect the transactionswould have on the accounting equation. Use the following format in your answer:20Bank…Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the com-pany hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. Cash sales $150,000 Collections on accounts receivable 350,000 Bank loan 90,000 Total cash receipts $590,000 The accounts receivable from customers at the end of the year are $120,000. You note that the accounts receivable at the beginning of the year were $190,000. The cash sales included $30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a.Compute the company’s accrual basis gross income for 2019. b.Would you recommend that Blue use the cash method or the…Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
- Mr. Irfan opened a gold shop. This store started operating on 1st Jan 2020. He kept all the transactions as follows: 1-Jan-20 Starting a business with cash of RM180,0003-Jan-20 Deposit RM150,000 into the current account of Malayan Banking Bhd9-Jan-20 Buy a van priced at RM58,200 on credit from Syarikat Auto Sdn Bhd and the monthly payment is RM693.00 paid on the 30th of each month in cash.10-Jan-20 Buying goods for supplies from the Gold Bird Company worth RM9,000 in cash.10-Jan-20 Buy furniture worth RM7,000 in cash.11-Jan-20 Buy a personal computer priced at RM3,000 for store use in cash.11-Jan-20 Buying goods for supplies from Han Seng Company worth RM 50,000 on credit12-Jan-20 Renovation of a shop worth RM46,000 and has paid RM20,000 to Syk Kayu Kayan using a check and the rest will be paid next month12-Jan-20 Purchased supplies from Padi Emas Enterprise for RM 30,000 in cash and paid by check13-Jan-20 Bought from Unggul Sdn Bhd for RM30,000 in cash using a check and the rest will…Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020. Following transaction took place during the month: ` Omer further invested in business with cash $5,000, bank $10,000, and Motor Vehicle $8,000 Received a cheque from Mathew in respect of goods sold at invoice price $500 deducting discount of 5%. Omer brought his house furniture into the business which he purchased for $3,000 Commission received as referral fee $1,300 Sold goods to Danial worth $500 and the balance was written in his account.On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.
- Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% factoring fee. What entry should Jervis make to record the transaction?Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the…WABWIRE starts business on 1* July 2021, when he pays Shs. 180,000 into business account. During the month of July, he undertakes the following transactions 2021 July.3 He purchases shop fittings for sh. 25,000 and pays cash. July.4 He buys a motor vehicle from AB & Co. on credit Sh. 30,000. Julv.6 He buys stock for Sh. 15,000 and pays cash. July 8 He sells goods for cash Sh.10,000. July 10 Buys goods on credit from XY & Co. for Sh. 12,000 July 12 Sells goods to A. Smith for Sh. 9,000 on credit July 13 Pays wages Sh. 1,200 July 15 Pays to AB & Co. Sh. 30,000 July 21 Receives from A. Smith a cheque for Sh. 9,000 July 25 Sells goods for cash Sh. 3,000. July 30 Pays general expenses Sh. 800 July 31 Draws Sh. 500 out of business for his personal use (a) Journalize the above transactions (b) Use T accounts to enter the above transactions into the ledger (c) Close the accounts and determine the respective balances (d) Extract a trial balance at 31* July, 2021|