Journal entries? 1 Started business with RM59,000 in the bank and RM1,000 cash.17 Paid rent by cheque RM2,250.2 Bought stationery by cheque RM750.20 Received cheque RM4,000 from Bina Construction.3 Bought goods on credit from Smart Warehouse RM10,100.21 Paid Tech Trader by cheque RM4,000.23 Bought goods on credit from Savemart RM2,500.4 Sold goods for cash RM3,400.5 Paid insurance by cash RM290.25 Sold goods on credit to Flora Trader RM6,450.7 Bought a computer on credit from Tech Trader RM4,000.31 Paid Savemart by cheque RM1,250.8 Paid miscellaneous expenses by cash RM50.10 Sold goods on credit RM6,300 to Bina Construction.14 Paid wages by cash RM350.

Introduction: Journal entries: Recording of a business transactions in a chronological order. First…

Answered: Journal entries?

Business

Accounting

Journal entries?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Enter the following transactions in the accounts: 20X9 May 1 Started in business with £18,000 in the bank. == 2 Bought goods on credit from B Hind £1,455. == 3 Bought goods on credit from G Smart £472. == 5 Sold goods for cash £210. == 6 We returned goods to B Hind £82. == 8 Bought goods on credit from G Smart £370. == 10 Sold goods on credit to P Syme £483. == 12 Sold goods for cash £305. == 18 Took £250 of the cash and paid it into the bank. == 21 Bought a printer by cheque £620. == 22 Sold goods on credit to H Buchan £394. == 23 P Syme returned goods to us £160. == 25 H Buchan returned goods to us £18. == 28 We returned goods to G Smart £47. == 29 We paid Hind by cheque £1,373. == 31 Bought machinery on credit from A Cobb £419. Apply concept of financial accounting to prepare: Double entries
Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales 560.00 Credit CardExpense 11.20 (Select all your answers.) Sold merchandise for cash, plus sales tax. Purchased goods plus freight. Company deposited cash from the sale. Customer paid by bank credit card. Discount charged by bank to the seller. Interest credited by the bank.
May 1 Started in business with £18,000 in the bank. may 2 Bought goods on credit from B Hind £1,455. may 3 Bought goods on credit from G Smart £472. may 5 Sold goods for cash £210. may 6 We returned goods to B Hind £82. may 8 Bought goods on credit from G Smart £370. may 10 Sold goods on credit to P Syme £483. may 12 Sold goods for cash £305. == 18 Took £250 of the cash and paid it into the bank. == 21 Bought a printer by cheque £620. == 22 Sold goods on credit to H Buchan £394. == 23 P Syme returned goods to us £160. == 25 H Buchan returned goods to us £18. == 28 We returned goods to G Smart £47. == 29 We paid Hind by cheque £1,373. == 31 Bought machinery on credit from A Cobb £419.
1. You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you were given the following: a. His sari-sari store has cash deposited in a bank account amounting to P53,000 b. His sari-sari store had a lot of uncollected sales from customers amounting to P72,510 c. The total amount of merchandise left inside the store is P30,025 d. He already paid six month’s rent in advance amounting to P12,350 e. The value of all the sari-sari store’s equipment amounted to P110,000 f. He bought merchandise from his supplier amounting to P23,120 and the supplier agreed that payment can be made 3 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,160 h. The sari-sari store had outstanding liabilities to PLDT and water district amounting to P3,159 i. The store had a loan from the bank amounting to P55,000 to be paid in 3 years Required: Prepare a Statement of Financial Position for the…
Prepare a cash payments journal and then record the following cash payments transactions. July 5 Issued Check No. 910 to Kam Corp. to buy store supplies for $500. 13 Issued Check No. 911 for $4,000 to pay off a note payable to China Bank. 24 Issued Check No. 912 to Lim to pay the amount due from a July 16 purchase less the discount of $20. It purchased merchandise for $1,000 on credit from Lim, terms 2/10, n/30. 29 Paid salary of $700 to B. Tung by issuing Check No. 913.
5 A. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. Thefollowings are information on bank transactions of Savonn Enterprise as at 31 January2022:i. Amount of cash as shown on the bank statement and book respectively areRM33,815 and RM33,044.ii. The bank collected RM550 on a note receivable for Savonn Enterprise. Thebank charged a collection fee of RM10 which was credited to SavonnEnterprise’s account.iii. A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31January, did not appear on the bank statement.iv.v.An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, MrGebang Kencang, was returned with the bank statement.Also returned with the bank statement is a cheque amounted RM650 from MrKuwat Klentong for having different authorised signature on the cheque.vi. The bank paid correctly an amount of RM3,680 for cheque No 2808 which wasrecorded in a book as RM3,860.vii. Outstanding cheque include cheques No. 1001 and No. 1002, with…
Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Accounts Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $156,000 $58,800 $144,500 $41,300
The following information relates to a computer shop owner who makes all purchases on credit: at 31.12.2010 at 31.12.2009 £ £ Inventory/Stock 10,600 10,300 Trade Receivables/Debtors 5,400 4,800 Trade payables/Creditors 5,900 6,300 Transactions during 2010: £ Amount received from trade receivables/debtors 127,600 Amount paid to trade payables/creditors 93,200 Cash sales 23,200 Discount allowed to trade receivables/debtors 2,400 Bad debts written off 800 Increase in allowance/provision for doubtful debts 250 Refunds received from trade payables/creditors 80 The gross profit earned by the computer shop owner during 2010 was: Answers: a. £38,820 b. £38,870 c. £61,750 d. £62,180
Prepare a cash receipts journal and then record the following cash receipts transactions. July 1 The company borrowed $5,000 cash by signing a note payable to the bank. 2 C. Ming, the owner, contributed $1,000 cash to the company. 11 The company sold merchandise costing $100 to Mulan for $400 cash. 29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount if paid by end of month).
Rasah Sdn Bhd started its business in May 2020. Following is the business transactions for May 2020: 2020 May 1 Started in business with RM18,000 in the bank. == 2 Bought goods on credit from Binda RM1,455. == 3 Bought goods on credit from Gmart RM472. == 5 Sold goods for cash RM210. == 6 Rasah returned goods to Binda RM82. == 8 Bought goods on credit from Gmart RM370. == 10 Sold goods on credit to Saimi RM483. == 12 Sold goods for cash RM305. == 18 Took RM250 of the cash and paid it into the bank. == 21 Bought a printer by cheque RM620. == 22 Sold goods on credit to Buchan RM394. == 23 Saimi returned goods to Rasah RM160. == 25 Buchan returned goods to Rasah RM18. == 28 Rasah returned goods to Gmart RM47. == 29 Paid Binda by cheque RM1,373. == 31 Bought machinery on credit from Yaacob RM419. Required: Prepare the journal entries for the transactions occur in the month of May 2020.
Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account. $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450 representing a service fee paid for processing MasterCard , VISA, and American Express Sales.
Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets: