Show the effect of the following transactions for the month October, 2023 on the assets, liabilities and equity (accounting equation)
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12. Show the effect of the following transactions for the month October, 2023 on the assets,
liabilities and equity (
Malcom Davis on October 1, 2023 at Business Bay, Dubai.
1. Started business with cash $200,000.
2. Deposited $50,000 in a bank.
3. Purchased office supplies on credit from Milton Traders for $30,000
4. Purchased office supplies for cash $5,000
5. Borrowed cash (loan) $40,000 from Fair Deal Financials.
6. Paid Milton Traders by cheque $6,000.
7. Paid back part of the loan (Fair Deal Financials) $ 10,000
8. Cash paid as salaries of employees $30,000.
9. Furniture purchased for $20,000, paid cash
10. Withdrawn $20,000 cash from business for personal use.
11. Provided consultancy services to Mr. David on account, $25,000
12. “Business Consultancy Services” buys land for $40,000.
13. Received $ 10,000 from Mr. David by cheque
14. Withdrawn $10,000 from bank for personal use.
15. “Business Consultancy Services” paid: wages, $2,700; rent, $2,000 and miscellaneous,
$500.
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Statement showing effect of various transactionson Accounting Equation |
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ASSETS = LIABILITIES+OWNERSEQUITY |
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- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.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…= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,008,960.00 ↑ 2 Premium on Bonds Payable 58,960.00 ↑ 3 Bonds Payable 950,000.00 ↑ 4 Jun. 30 Interest Expense 18,427.00 ↓ 5 Premium on Bonds Payable 2,948.00 ↓ 6 Cash 21,375.00 ↓ 7 Jul. 1 Cash 1,729,164.00 ↑ 8 Discount on Bonds Payable 70,836.00 ↓ 9…
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