Use the following accounts;CashForeign exchange gainForeign exchange lossCapitalBankShort-term investmentsLoss on sale of short-term investmentGain on sale of short-term investmentRA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company's first month:Date12/1The owner invested $ 200,000 cash for capital.12/5r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10The Company purchased short-term investment with cash for $2,500.12/18The Company sold short-term investment with cash for $2.000Note:• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.Requirements:1- Give the journal entry for each transaction.2- Post each transaction to Taccounts. DR.CR

Answered: Image /qna-images/answer/c48bb70e-ac5b-4642-87dc-209a5909a7be.jpg

Answered: 1- Give the journal entry for each…

Business

Accounting

1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 3EA: In which section of the statement of cash flows would each of the following transactions be...

See similar textbooks

Related questions

Q: Required: 1. Prepare general journal entries to record the transactions above for Spade Company by…

A: A journal entry is the act of making records of any transactions, and posting thereof in ledger…

Q: What entry would you use to account for the initial transaction?

A: The accounting process consists of various steps to record, analyze and report the data.

Q: A chart of accounts is a list of all ledger accounts and an identification number for each. One…

A: Chart of accounts: The chart that lists all the account titles along with their corresponding…

Q: (1) If an account in the ledger has a 0 balance, is it included on the Trial Balance? (2) How are…

A: There are 6 main steps in the process of Accounting. They are Identifying the transactions…

Q: Journalize each transaction, in chronological order, in a two-column journal starting on Page 1,…

A: “Hey, since there are multiple requirements posted, we will answer only three requirements, as per…

Q: Please provide the journal entry and T Account Posting for each transaction. Only needs chapter3…

A: Journal entry has always two effects in accounting .i.e. Debit and credit. T account is visual…

Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+”…

A: The first question is answered for you. Please resubmit specifying the question number you want…

Q: Identify the following transactions as either: a. Journal entries b. Adjusting journal entries…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Order the following steps in the accounting process that focus on analyzing and recording…

A: Accounting: It can be defined as the process of summarizing and recording all the financial events…

Q: 1. Post the above transactions to T-accounts.

A: Required to fill the journal entries in various accounts

Q: business. Record these transactions in T accounts. After all transactions are recorded, foot and…

A: Footing means totaling both debit and credit sides of an account. The balancing means displaying the…

Q: The two-column journal a.contains a debit and a credit column for recording the amounts for each…

A: Lets understand the basics. The two column journal is a journal which is having debit and credit…

Q: (a) Describe the detail of the transaction being performed in the following screen. (b) Give the…

A: The description of detail of the transaction being performed in the screen is presented hereunder :…

Q: The purpose of the ledger is to: Group of answer choices a)record chronologically the day's…

A: Ledger: Ledger is the book, where the debit and credit entries recorded in the journal book are…

Q: Using the journal entries in picture 1, post the journal entries to its individual T-Accounts and…

A: Accounting is the process of recording, classifying, and summarizing accounting transactions.…

Q: prepare a journal entries of Torre Company on June 17 and 24. Thank y

A: Solution:- journal entries in the books of Torre company as follows under:- Introduction:- Journal…

Q: Answer the following questions. 1. Transaction date: 2. Debited account: 3. Debited amount: 4.…

A: We record every transaction using a source document. Source document maybe bill, voucher, etc.

Q: INSTRUCTIONS The six steps for recording a business transaction in the general journal are shown…

A: A business transaction is an activity where two or more parties exchange goods, money, or services.…

Q: Requirements 1. Record each transaction in the journal using the following account titles: Cash;…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Record each of the following transactions or recognitions in T-account format, label the accounts…

A: A T-Account is a visual presentation of the journal entries recorded in a general ledger account.…

Q: Required: a. Record all the transaction in the general journal b. Record the transaction in the…

Q: A-Preparing the SCE _F-Preparing business document B-Preparing SCI G-Analyzing the transactions…

A: Accounting is procedure of analyzing, recording, classifying and reporting of monetary transactions.…

Q: When an entry is made in journal:(a) Assets are listed first.(b) Accounts to be debited listed…

A: As per general conventions, While writing journal entries. Accounts which are debited are listed…

Q: Differentiate general journal from a ledger. 2. Is every transaction posted immediately to the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.

A: Solution Concept Journal entry is the book where the transactions are initially recorded The entry…

Q: Transactions are first recorded in which book/account? TAccounts Book of Original Entry O Book of…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Prepare two T accounts for each transaction. On each T account, select the account title of one of…

A: After maintain of journal entry the accounts are posted to T-accounts. It is an important part of…

Q: a. Post the Transactions to T-Account b. Prepare a Trial Balance

A: Cash Account Date Particulars Dr. Amount Date Particulars Cr. Amount 01-Jun To Farooq Capital…

Q: Journalize the September transactions and post to the ledger. 2) Make a T-Accounts each of the…

A: Journalize the transactions means recording the transaction which are the financial transactions of…

Q: The double-entry system requires that each transaction must be recorded Select one: a. in at least…

A: Double Entry system: According to double entry system every business transaction has a dual aspect.…

Q: Required: A. On the transaction summary table, indicate the effect of each transaction on each…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: True or False After posting a transaction, the new balance in an account can be seen in the general…

A: General ledger is a book of account in which all the journal entry are posted and shows debit and…

Q: Post the journal entries to the T accounts, selecting the appropriate date to the left of each…

A: T-accounts are ledger accounts that reflect all the transactions of a particular account during a…

Q: Which of the following is true about T accounts? a.Transactions are first recorded in T accounts and…

A: Journal is the primary recording of any transaction which is entered in the financial accounting.…

Q: It is the process of transferring the entries recorded in the journal to the respective accounts…

A: After journalizing, all the transactions entries are posted into the respective general ledger…

Q: Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b.…

A: As the narration of the transaction says fees received for services performed which means services…

Q: A list of accounts and their balances at a given time is called a(n) Select one: a. posting.…

A: The trial balance reflects khe ledgers and the balance of the same. The trial Balance at a…

Q: a) (Note: account numbers are not required, just use account names.)

A: Given: To explain the transaction performed on the screen and the journal entry is shown as,

Q: Which one is posted in the journal 1 posting reference? * amount date account name account number O…

A: The journal is the record of all the entries prepared for the transactions of the business.

Q: Required: 1. Record the above transactions (in chronological order) directly in the following T…

A: Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Q: s: Prepare the journal entry for each transaction. Use the following account numbers for posting…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Using the journal entries in Picture #1, post the journal entries to its individual T-Accounts and…

A: A group of accounts is known as ledger. After transactions have been recorded in the journal the…

Q: Requirement Record the transactions in the journal of Dr. Ansley Favata, P.C. List the transactions…

A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…

Q: 1. The steps of the accounting cycle are presented below. Identify the correct order of the steps. A…

A: The accounting cycle is a process of a complete sequence of accounting procedures in appropriate…

Q: Order the following steps in the accounting process that focus on analyzing and recording…

A: Accounting process: It can be defined as the process of gathering and recording the financial data…

Q: To record date-wise details of transactions expressed as debits and credits to accounts, the…

A: Trial Balance: trial balance is a bookkeeping worksheet in which the balance of all ledgers are…

Q: Complete this question by entering your answers in the tabs below. General Journal Analyze T…

A: Solution:- a)The following balance sheet equation used as follows under:- Assets = Liabilities +…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

100%

Use the following accounts;
Cash
Foreign exchange gain
Foreign exchange loss
Capital
Bank
Short-term investments
Loss on sale of short-term investment
Gain on sale of short-term investment
RA established his own company, r@ktas Co. The following transactions are the events that
occurred during December 2018, the company's first month:
Date
12/1
The owner invested $ 200,000 cash for capital.
12/5
r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro
(Exchange rate was 1 Euro= 1,5 Dollar)
12/10
The Company purchased short-term investment with cash for $2,500.
12/18
The Company sold short-term investment with cash for $2.000
Note:
• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.
Requirements:
1- Give the journal entry for each transaction.
2- Post each transaction to Taccounts.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assets
Jordan Company recognized a 5,000 unrealized holding gain on investment in Starbuckss common stock during 2019. The company classified as equity investments. How would this information be reported in a statement of cash flows prepared using the indirect method?
Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bank