Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions were completed. Mar. 1: Invested Tk 15,000 cash in the business. Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance on account. Mar. 3: Purchased cleaning supplies for Tk 1,500 on account. Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1. Mar. 14: Billed customers Tk 4,800 for cleaning services. Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed on cleaning supplies. Mar. 20: Paid Tk 2,000 cash for employee salaries. Mar. 21: Collected Tk 2,800 cash from customers billed on March 14. Mar. 28: Billed customers Tk 2,500 for cleaning services. Mar. 31: Paid advertising expenses of Tk 500. Mar. 31: Withdrew Tk 1000 cash for personal use. Requirements: Journalize the March transactions. 1) 2) Prepare necessary Ledger Accounts. 3) Prepare a Trial Balance at March 31

Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions were completed. Mar. 1: Invested Tk 15,000 cash in the business. Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance on account. Mar. 3: Purchased cleaning supplies for Tk 1,500 on account. Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1. Mar. 14: Billed customers Tk 4,800 for cleaning services. Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed on cleaning supplies. Mar. 20: Paid Tk 2,000 cash for employee salaries. Mar. 21: Collected Tk 2,800 cash from customers billed on March 14. Mar. 28: Billed customers Tk 2,500 for cleaning services. Mar. 31: Paid advertising expenses of Tk 500. Mar. 31: Withdrew Tk 1000 cash for personal use. Requirements: Journalize the March transactions. 1) 2) Prepare necessary Ledger Accounts. 3) Prepare a Trial Balance at March 31

Name: Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During Mar
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Description: Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccou

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for Tk 1,500 on account.Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers Tk 4,800 for cleaning services.Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed oncleaning supplies.Mar. 20: Paid Tk 2,000 cash for employee salaries.Mar. 21: Collected Tk 2,800 cash from customers billed on March 14.Mar. 28: Billed customers Tk 2,500 for cleaning services.Mar. 31: Paid advertising expenses of Tk 500.Mar. 31: Withdrew Tk 1000 cash for personal use.Requirements: 4) Journalize the following adjustments and prepare an adjusted Trial Balance:(1) Earned but unbilled revenue at March 31 was Tk 500.(2) Depreciation on equipment for the month…
Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for Tk 1,500 on account.Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers Tk 4,800 for cleaning services.Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed oncleaning supplies.Mar. 20: Paid Tk 2,000 cash for employee salaries.Mar. 21: Collected Tk 2,800 cash from customers billed on March 14.Mar. 28: Billed customers Tk 2,500 for cleaning services.Mar. 31: Paid advertising expenses of Tk 500.Mar. 31: Withdrew Tk 1000 cash for personal use.Requirements: 1) Prepare the Income Statement and Owner’s Equity Statement for March and a classified Financial Position at March 31 2) Journalize Closing Entries.
Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for Tk 1,500 on account.Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers Tk 4,800 for cleaning services.Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed oncleaning supplies.Mar. 20: Paid Tk 2,000 cash for employee salaries.Mar. 21: Collected Tk 2,800 cash from customers billed on March 14.Mar. 28: Billed customers Tk 2,500 for cleaning services.Mar. 31: Paid advertising expenses of Tk 500.Mar. 31: Withdrew Tk 1000 cash for personal use. Requirements: Prepare the Income Statement and Owner’s Equity Statement for March and aclassified Financial Position at March 31
Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for Tk 1,500 on account.Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers Tk 4,800 for cleaning services.Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed oncleaning supplies.Mar. 20: Paid Tk 2,000 cash for employee salaries.Mar. 21: Collected Tk 2,800 cash from customers billed on March 14.Mar. 28: Billed customers Tk 2,500 for cleaning services.Mar. 31: Paid advertising expenses of Tk 500.Mar. 31: Withdrew Tk 1000 cash for personal use.Requirements: 1) Journalize the following adjustments and prepare an adjusted Trial Balance: (1) Earned but unbilled revenue at March 31 was Tk 500. (2) Depreciation on equipment for the month…
Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for Tk 1,500 on account.Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers Tk 4,800 for cleaning services.Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed oncleaning supplies.Mar. 20: Paid Tk 2,000 cash for employee salaries.Mar. 21: Collected Tk 2,800 cash from customers billed on March 14.Mar. 28: Billed customers Tk 2,500 for cleaning services.Mar. 31: Paid advertising expenses of Tk 500.Mar. 31: Withdrew Tk 1000 cash for personal use. Requirements: 3) Prepare a Trial Balance at March 31
Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested Tk 15,000 cash in the business.Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for Tk 1,500 on account.Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers Tk 4,800 for cleaning services.Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed oncleaning supplies.Mar. 20: Paid Tk 2,000 cash for employee salaries.Mar. 21: Collected Tk 2,800 cash from customers billed on March 14.Mar. 28: Billed customers Tk 2,500 for cleaning services.Mar. 31: Paid advertising expenses of Tk 500.Mar. 31: Withdrew Tk 1000 cash for personal use. Journalize the following adjustments and prepare an adjusted Trial Balance:(1) Earned but unbilled revenue at March 31 was Tk 500.(2) Depreciation on equipment for the month was Tk 200.(3)…
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. 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 companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
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.
Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested $15,000 cash in the business.Mar. 1: Purchased used Lorry for $6,000, paying $3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for $1,500 on account.Mar. 5: Paid $1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers $4,800 for cleaning services.Mar. 18: Paid $1,500 cash on amount owed on Lorry and $500 on amount owed oncleaning supplies.Mar. 20: Paid $2,000 cash for employee salaries.Mar. 21: Collected $2,800 cash from customers billed on March 14.Mar. 28: Billed customers $2,500 for cleaning services.Mar. 31: Paid advertising expenses of $500.Mar. 31: Withdrew $1000 cash for personal use.Requirements:a) Journalize the March transactions.b) Prepare necessary Ledger Accounts.c) Prepare a Trial Balance at March 31.d) Journalize the following adjustments and prepare an adjusted Trial Balance: (i) Earned…