Q: What elements of the accounting equation is/are affected by the following transactions? Fill in the…
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Q: Directions: Draw ? on the blank if the statement is TRUE and ☹ if FALSE. I. 1. Bookkeeping is also…
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A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
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Q: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account…
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Q: 24-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…
A: Introduction: Expenses: For running the day to day business activities several expenses have to be…
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A: The petty cash book is prepared for the daily expenses of the business.
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Q: Brought additional capital into business Purchased goods and paid by Cheque Deposited into bank Cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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A: Answer: The correct option is Option B.
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A: The accounting equation states that assets equal to sum of liabilities and equity.
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A: For each transaction, we have to identify its effect
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Q: 1. Are the following events recorded in the accounting records? Do they have an affect on the basic…
A: Monetary unit assumption: It is the concept of accounting that assumes that the events which have a…
Q: II. Identify which of the following transactions fall under operating, investing and financing…
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Q: Brought additional capital into the business Deposited into bank Purchased goods and paid by cheque…
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Q: 3. Transaction Asset Liabilities Capital Example : Start a business with cash in hand + Cash +…
A: The accounting equation says that assets are always equal to summation of liabilities and capital.
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A: The journal entries are prepared to keep the record of day to day transactions of the business.
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A: According to the accounting equation: Assets = Liabilities + Owner's equity
Q: Question 2 The accounting records related to bank account of Green Life Trading showed the following…
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Q: QUESTION 22 Which of the following is a disadvantage when a business accepts credit cards or debit…
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Q: Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Transaction Example : Start a business with cash in hand a) The owner brought in his furniture for…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: Problem 3 Required The following information related to the business of Snorlax Company, and the…
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Q: Subject: Fundamentals of Accounting 2 Topic: Statement of Financial Position(SFP) Lakwandasan…
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A: Answer) Transaction Number Transaction CFO/ CFI/ CFF Cash Inflow or Cash Outflow 1…
Q: Transaction Assets Liabilities Capital a) The owner brought in his furniture for business…
A: A per the accounting rules: Assets = Capital + Liability Assets will always be equal to Capital and…
5-Which of the following is an example of Error of Commission?
Electricity expense of OMR 150 was entered in OMR 150 in Telephone expenses account
Purchase of goods OMR 15,000 were not entered in both the accounts
Purchase of goods OMR 15000 were entered in Merchandise inventory account only
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- Transaction Assets Liabilities Capital a) The owner brought in his furniture for business use b) Bought motor van on credit for business use c) Deposited cash into a bank d) Sold goods on credit to Ayoyo Sdn Bhd e) Paid creditor Imran Enterprise by cheque f) Bought goods on credit from Batani Enterprise g) The owner invested additional cash into business h) Goods are returned by Batani Enterprise because damage i) Received a loan from OACC BankLanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.
- Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation.1. In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity’s bank account. A quarter of the amount is payable to the owner and the rest is not.2. A client of Entity A who currently owes the company R23 000, purchased bricks to the value of R45 000 and paid R35 000 to reduce his outstanding balance. Entity A purchased the bricks for R18 000.3. Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags.4. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A.How will IFFA record the May 1 transaction? a. No entry is needed. b. decrease Cash and increase Bank Loan Payable, $12 c. decrease Cash and increase Accounts Payable, $12 d. increase both Cash and Owner's Capital, $12 Enter the letter that corresponds to your choice. (A B C D) How will IFFA record the May 2 transaction? a. increase both Cash and Accounts Payable, $4,000 b. increase both Cash and Bank Loan Payable, $4,000 c. increase both Cash and Owner's Capital, $4,000 d. increase both Cash and Revenue, $4,000 e. increase both Cash and Retained Earnings, $4,000 Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the May 3 transaction? a. increase both Cash and Accounts Payable, $3,000 b. increase both Cash and Bank Loan Payable, $3,000 c. increase both Cash and Owner's Capital, $3,000 d. increase both Cash and Revenue, $3,000 e. increase both Cash and Retained Earnings, $3,000 Enter the letter that corresponds to your…How will IFFA record the May 1 transaction? a. No entry is needed. b. decrease Cash and increase Bank Loan Payable, $12 c. decrease Cash and increase Accounts Payable, $12 d. increase both Cash and Owner's Capital, $12 Enter the letter that corresponds to your choice. (A B C D) How will IFFA record the May 2 transaction? a. increase both Cash and Accounts Payable, $4,000 b. increase both Cash and Bank Loan Payable, $4,000 c. increase both Cash and Owner's Capital, $4,000 d. increase both Cash and Revenue, $4,000 e. increase both Cash and Retained Earnings, $4,000 Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the May 3 transaction? a. increase both Cash and Accounts Payable, $3,000 b. increase both Cash and Bank Loan Payable, $3,000 c. increase both Cash and Owner's Capital, $3,000 d. increase both Cash and Revenue, $3,000 e. increase both Cash and Retained Earnings, $3,000 Enter the letter that corresponds to your choice.…
- Which among the following are transactions that are settled by immediate cash payment and cash receipts. a. credit transactions b. cash transactions c. accounts d. financial statements What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Creditor c. Accounts payable d. Accounts Receivable Expenses unpaid at the end of a given accounting period is known as _______. a. Bank overdrafts b. Accounts payable c. Unearned revenues d. Outstanding expenses When banks allowed the business to withdraw money even when the account has no funds is known as _______. a. Outstanding expenses b. Accounts payable c. Bank overdrafts d. Unearned revenues Which of the following basis of accounting realises revenue for part of the work completed ? a. Non Cash basis b. Cash Basis c. Production Basis d. Accrual BasisSales made to Ahmed on credit should be debited to? Select one: a. Cash A/C b. Account Receivable A/C c. Sales A/C d. Account Payable A/C hen the owner withdraws money from the business for personal use -Which of the following has correct effect on accounting equation? Select one: a. Expense increase and Cash decrease b. Cash increase and Capital increase c. Cash decrease and Capital decrease d. Income increase and Cash decreasei am doing chart of accounting general journal, 4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem? with puting into general journal as debit and credit side
- Show the effect on the of the following transactions of ABC Traders on the Accounting Equation. Use ‘+’ to denote an increase, ‘- ‘ to denote a decrease and ‘0’ no change to the elements of the equation . Assume the Bank balance is favourable all the times. Transactions1.1 Received rent from a tenant, cash, R 5 000.1.2 Received an account from G-Force Motors for motor vehicle repairs, R 10 500.1.3 Issued a cheque to Techno Traders for equipment purchased, R 45 000.1.4 Issued a receipt to the proprietor who increased her capital contribution by R 250 000.1.5 Received a R14 800 from a debtor settled his account.1.6 Purchased a cash register machine on credit, R28 000.1.7 Received R3 000 interest on fixed deposit.1.8 Services rendered to customers on credit, R5 500.1.9 Received a cheque for R1 700 from a debtor in full settlemDavid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Accum. deprec. Equipment Accounts Pay. Notes Pay. David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balance, December 31, 2020 $40,300 $191,000 $102,000 $8,300 $25,000 $44,000…