Apr. 25 You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. You record another week's revenue for the lawns mowed over the past week. You earned $1,20O. You received cash equal to 75% of your revenue. Apr. 26 Apr. 27 You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 29 You make a $25 payment on account.
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- ACCT511 - Module Two Prob. 2 Home Prob. 4 Problem 3 - Preparing Journal Entries Score 0% Required: General Journal Prepare the journal entries for the Hampton Corporation (a newly-formed service company) in the general journal provided. Date Account Debit Credit Aug 1 0 Aug 1 Opened a business bank account with a deposit of $50,000 in exchange for issued common stock. 0 3 Purchased $2,000 of supplies on account to be used next month. 0 6 Purchased a parcel of land for $20,000. Aug 3…Q. No 1 The following business was organized in January and it finally launched operation in February. The following is the account balance at end of Jan and transaction for the month of February. SOFTWARE COMPANYAccount BalanceAs at Jan 31,2000 Cash10000Inventory (Asset)42000Prepaid Insurance2000Store furniture10000Store equipment25000Accounts payable8500Note payable15500 During the month of February the following events occurred. • Feb 1: Feb rent of $1000 was paid in cash• Feb 2: Anticipating good business software purchased on account an additional $5000 of inventory.• Feb 4: The firm placed an advertisement in the local newspaper. Its cost $400 and was paid in cash.• Feb 15: Sales for the first half of the month totaled $35000.All sales but $5000 to a large corporate customer were for cash.• Feb 15: the repair expense was $26000.• Feb 16: The firm has some excess cash and invested $5000 in bonds• Feb 18: The inventory purchased on Feb 2 was paid in full.• Feb 24: Cash $4200 was…Question 5Sammi started her business on 1 January 2021 called Trendy. You are required toprepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each journal entry. Jan01 Sammi invested RM50, 000 cash into the business. Jan02 Trendy purchased used motor vehicle for RM20,000. Jan08 Trendy paid rent for RM4, 000. Jan08 Trendy completed work for a client and immediately received RM15, 000. Jan12 Sammi signed a RM50,000 small business loans with CIMB Bank under Trendy’sname. Jan15 Ideal Homes renovated and installed fixtures and fittings at a cost of RM3, 000.Trendy will pay the bill at a later date. Jan15Trendy paid RM1, 000 cash for advertisement in a local magazine. Jan28Trendy completed work for another client on credit and invoiced the client RM5, 000.The client is allowed to settle the bill within 30 days. Jan30Trendy paid Ideal Homes that installed the fixtures and fittings earlier. Jan30Trendy paid…
- . EX.02.224 Journalize the following selected transactions for Long Company's first month of operations in a two-column journal, identifying each entry by letter. Omit explanations. If an amount box does not require an entry, leave it blank. a. Received $18,000 from Katie Long, owner, as an investment in the business. fill in the blank 0fc8d7040026053_2 fill in the blank 0fc8d7040026053_3 fill in the blank 0fc8d7040026053_5 fill in the blank 0fc8d7040026053_6 b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. fill in the blank 5b0a5ef84f9efee_2 fill in the blank 5b0a5ef84f9efee_3 fill in the blank 5b0a5ef84f9efee_5 fill in the blank 5b0a5ef84f9efee_6 fill in the blank 5b0a5ef84f9efee_8 fill in the blank 5b0a5ef84f9efee_9 c. Paid $2,300 for rent for April. fill in the blank a37a6ffe2ff3024_2 fill in the blank a37a6ffe2ff3024_3 fill in the blank…Mastery Problem Journalizing transactions and posting to a generalledger LO3, 4, 5, 6Brian Ford owns a service business called Ford Lawn and Garden. FordLawn and Garden's general ledger accounts are given in the WorkingPapers. Transactions:Feb. 1. Received cash from owner as an investment, $11,000.00. R1. 3. Paid cash for supplies, $800.00. C1.5. Received cash from sales, $1,800.00. T5.6. Sold services on account to Clara Walthers, $560.00. $1. 9. Paid cash for rent, $1,200.00. C2.11. Paid cash for miscellaneous expense, $100.00. C3.13. Bought supplies on account from Corner Supplies, $480.00. MI.13. Received cash from sales, $860.00. T13.16. Paid cash for advertising, $286.00. C4. 18. Paid cash on account to Corner Supplies, $280.00. C5.20. Paid cash for electric bill, $460.00. C6.20. Received cash on account from Clara Walthers, $300.00. R2. 25. Paid cash for supplies, $300.00. C7.27. Paid cash for supplies, $160.00. C8. 27. Received cash from sales,$4,200.00. T27.28. Paid cash to…PA2. LO 7.4Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal. Jun. 1 Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 Jun. 2 Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 Jun. 3 Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 Jun. 4 Received $1,000 on account from Green Lantern Inc. Jun. 5 Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 Jun. 6 Received the full amount from Flash Inc.
- Q1: Below transactions from KLCC company. 2nd Jan 2019 KLCC sold goods (33,000) to Nizwa Company by cheque. 4th, Jan 2019 KLCC bought goods (14,000) from Penang company on time. 6th, Jan 2019 KLCC pay insurance (5000) by cash. 7th, Jan 2019 KLCC received (10,000) from Nizwa company by cheque. 8th, Jan 2019 KLCC bought Van (22,000) by cheque. Req: Prepare journal entries and T accounts.PA5. Review the following transactions and prepare any necessary journal entries.A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier,on credit. The terms of the purchase are 4/10, n/50 from the invoice date of July 16.B. On August 10, Hondo Inc. receives an advance cash payment from a client for legal services in the amountof $9,000. Hondo had yet to provide legal services as of August 10.C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%.D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company’s first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month’s (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $16,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month’s telephone…
- Ex5.21From the following transactions as well as additional data, please complete the entire accountingcycle for Parker’s Plowing201XJan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowingcompany.1 Paid rent for six months in advance for garage space, $6,000.4 Purchased office equipment on account from Lumen Corp., $12,600.6 Purchased snow supplies for $800 cash.8 Collected $14,000 from plowing local shopping centers.P a g e 7 | 812 Parker Muroney withdrew $4,000 from the business for his own personal use.20 Plowed Alton Co. parking lots, payment not to be received until May, $1,500.26 Paid salaries to employees, $1,900.28 Paid Lumen Corp. one-half amount owed for office equipment.29 Advertising bill received from Washington Co. but will not be paid until May, $700.30 Paid telephone bill, $130.Adjustment Dataa. Snow supplies on hand, $700.b. Rent expired, $1,000.d. Depreciation on snow equipment, $200: ($12,000/5 yr = $2,400/12 mo. = $200).e. Accrued…Question 4Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each journal entry.Jan 01Sammi invested RM50, 000 cash into the business.Jan 02Trendy purchased used motor vehicle for RM20,000.Jan 08Trendy paid rent for RM4, 000.Jan 08Trendy completed work for a client and immediately received RM15, 000.Jan 12Sammi signed a RM50,000 small business loans with CIMB Bank under Trendy’s name.Jan 15Ideal Homes renovated and installed fixtures and fittings at a cost of RM3, 000. Trendy will pay the bill at a later date.Jan 15Trendy paid RM1, 000 cash for advertisement in a local magazine.Jan 28Trendy completed work for another client on credit and invoiced the client RM5, 000. The client is allowed to settle the bill within 30 days.Jan 30Trendy paid Ideal Homes that installed the fixtures and fittings earlier.Jan 30Trendy paid RM150…Ex5.22The following transactions of Larson Services Inc. occurred during August 2019, its first month ofoperations.Aug. 1 Issued common stock for $3,000 cash1 Borrowed $10,000 cash from the bank1 Paid $8,000 cash for a used truck4 Paid $600 for a one–year truck insurance policy effective August 1 (record as an asset)5 Collected $2,000 fees from a client for work to be performed at a later date7 Billed a client $5,000 for services performed today9 Paid $250 for supplies purchased and used today12 Purchased $500 of supplies on credit (record as an asset)15 Collected $1,000 of the amount billed August 716 Paid $200 for advertising in The News during the first two weeks of August20 Paid $250 of the amount owing for supplies purchased on August 1225 Paid the following expenses: rent for August, $350; salaries,$2,150; telephone, $50; truck operating, $25028 Called clients about payment of the balances owing from August 729 Billed a client $6,000 for services performed today, including $1,500…