Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance. Record the transaction.

On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020

Land is given to contractor and Contractor started to build an Office Building and first year’s invoice for construction is $875,000 +%10 Vat .Half Note is given for the invoice and the balanceis to be paid later.

Mr. George opened a janitorial services business called “George Johnny” on November 1, 20x1 and uses a calendar year.  The following were the transactions during the year. Mr. George made an investment of P100,000 to the business. The total business permit and other licenses amounted to P4,800. The business acquired janitorial equipment for P30,000 on account on November 1, 20x1.  The equipment has a useful life of 5 years. The business purchased supplies worth P60,000.  The business uses the asset method in recording prepayments. The business obtained a 12%, one-year, bank loan for P50,000 on November 1, 20x1.  Principal and interest are due at maturity date. The business paid six months’ rent in advance amounting to P9,000 on November 1, 20x1. The business took one-year insurance for P6,000 on December 1, 20x1. Total service fees billed to clients, on account, amounted to P400,000. Total collections on accounts receivable amounted to P270,000. Mr. George took P30,000 cash from the…

Juliet opened an Office Cleaning Service company on January 1, 2021.  During the year she had the following transactions.  1) She started the business with investing $25,000 of her own money (business was organized as corporation) 2) She purchased $18,000 equipment in cash. 3) She purchased a truck for $30,000 for business use - paid $5,000 in cash and signed a 3-year note for the rest. 4) She borrowed $20,000 from bank by signing a 5-year note. 5) During the year, purchased $5,500 of supplies in cash. 6) During the year, provided $120000 services to customers of which $100,000 was collected, the rest was not yet collected as of Dec. 31st. 7) During the year, she incurred $80,000 of salaries, rent, utilities, and insurance expenses of which $3000 was still not paid as of Dec. 31st. 8) During the year, she paid $4,000 to bank of which $1200 was for interest and the rest was for payment of the principal of the loan. 9) During the year, she took $6,000 as dividend…

Juliet opened an Office Cleaning Service company on January 1, 2021.  During the year she had the following transactions.  1) She started the business with investing $25,000 of her own money (business was organized as corporation) 2) She purchased $18,000 equipment in cash. 3) She purchased a truck for $30,000 for business use - paid $5,000 in cash and signed a 3-year note for the rest. 4) She borrowed $20,000 from bank by signing a 5-year note. 5) During the year, purchased $5,500 of supplies in cash. 6) During the year, provided $120000 services to customers of which $100,000 was collected, the rest was not yet collected as of Dec. 31st. 7) During the year, she incurred $80,000 of salaries, rent, utilities, and insurance expenses of which $3000 was still not paid as of Dec. 31st. 8) During the year, she paid $4,000 to bank of which $1200 was for interest and the rest was for payment of the principal of the loan. 9) During the year, she took $6,000 as dividend…

Borrowed $125,000 from a bank, signing a short-term note payable.Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash.Purchased equipment for $175,000 in cash.Incurred and paid employee wages of $2,250.Received $745 on account from a customer.Incurred and paid $4,200 cash for travel costs during the year.Paid $8,000 cash on accounts payable.Incurred $22,500 in utility expenses during the year, of which $16,900 was paid in cash and the rest owed on account.Need help finding preliminary net income

A vacant lot is acquired for $83,000 cash.  Later the owner borrows $52,000 against the land.  Three years later, the lot is then sold for $127,000 in cash. After receiving the $127,000 sales price in cash, the seller pay off the loan of the $52,000 owed. What is the effect of the $52,000 payment of the loan on the total amount of the seller’s (1) assets, (2) liabilities, and (3) stockholders’ equity?   Assets increase $127,000; liabilities decrease $52,000; Stockholders’ equity increases $44,000 The payment of the loan has no net effect on any of the categories Assets decrease $52,000; liabilities decrease $52,000; Stockholders’ equity increases $44,000 Assets decrease $52,000; liabilities decrease $52,000; Stockholders’ equity is unchanged

Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a.         Pita invested P5,000,000 cash in the inn.Cash                                                     Owners’ Equityb.         Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash                 POS system                 Notes Payablec.         Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash                Accounts Receivable   Revenuesd.         Pita paid utilities of P750 in cash.Cash                                                   Utilities Expense

Rose opened an Office Cleaning Service company on January 1, 2020.  During 2020 she had the following transactions.(1)        She started the business with investing $30,000 of her own money (business was organized as corporation)(2)        She borrowed $45,000 from bank by issuing a 5-year note.(3)        She purchased $15,000 of furniture and equipment in cash.(4)        She purchased a truck for business use at $20,000 in cash.(5)        During the year, provided $70,000 services to customers of which $66,000 was collected, the rest was not yet collected as of Dec. 31st.(6)        During the year, she incurred $55,000 of salaries, rent, utilities, and insurance expenses of which $3000 was still not paid as of Dec. 31st.(7)        During the year, she paid $3000 interest on the note to the Bank(8)        During the year, she took $8,000 as dividend.(9)        During the year, purchased $2000 of supplies in cash. $500 of the supplies was left as of Dec. 31st.(10)      During the year,…