DIRECTIONS: Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format. Below are the transactions of Victoria Emmanucl Enterprises for the month of May 2020. May 3 Mrs. Victoria Emmanuel invested P500,000 cash. Purchases from Tres Merchants P50,000 merehandise Terms: 3/10. n/20. May 6 Scid merchandise to Gemini Enterprises, P32.000. Terms: 2/10, n/30. May 5 May 9 Purchased office supplies from Tata Co. for cash, P3.000 through Check No. 0031 May 11 Gemini Enterprises settled its account in full. Issued OR#10241 Purchased merchandise from Pula Trading, P55,000 Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No 0032. May 16
Q: What is the journal entry for the following transactions A. Directions: Bean Company established by…
A: Journal or General Journal is a book of prime entry. The financial…
Q: The following transactions relating to an enterprise. Prepare sales, purchases, returns outward day…
A:
Q: 5. Record the following transactions for the month of November 2020 in the general joumal and post…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Included in the accounting records of the home office and the only branch, respectively, of Hamad…
A: Note: The perpetual inventory system is used by branch.
Q: Minimart business has the following transactions for the month of May 2019. 11- Sold goods and…
A: Amount transferred to Total column of Cash receipts book = Sold goods and received cash + Received…
Q: n January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang. During the year, Kitkat Inc.…
A: Branch accounting is a bookkeeping approach that keeps separate accounts for each of an…
Q: Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760. 3 Purchased merchandise for…
A: When an entity receives cash from an external source, such as a client, an investor, or a bank, it…
Q: Post information below to their respective ledger accounts then balance the ledger accounts.…
A: Business transaction: A business transaction includes the events recorded by the accounts in the…
Q: The following list of balances is from the ledger of Mrs. Graver a sole proprietor as at April 30,…
A:
Q: Jasmine operates Scent Company, a perfume and soap store. During May 2018, the following…
A: Journal Entries - Journal entries are the debit and credit arrangement of the transactions takes…
Q: Required: A. State the impact on the accounting equation for each transaction above. For example:…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: prepare journal ,post them in ledgers ,and prepare the trial balance and financial statement. 2020…
A: SOLUTION- JOURNAL ENTRY IS A RECORD OF THE BUSINESS TRANSACTIONS IN THE ACCOUNTING BOOKS OF A…
Q: Assume that you recently accepted a position with Five Star National Bank & Trust as an assistant…
A: 1.
Q: Pass the necessary journal entries in Journal of Google Ltd. for the month of October, 2019 from the…
A: Journal entry is a record of financial transaction in the books of accounts maintained by an…
Q: Look at the following transactions of Normal Company Limited. Prepare journal entry for each…
A: Journal entries recording is the first step of accounting cycle process, in which atleast one…
Q: What is the journal entry for the following transaction A. Directions: Bean Company established by…
A: Journal entries are recorded by the book keeper to record all the business transactions which…
Q: Directions: Analyze the following transactions below and write the proper account name on the…
A: Journal is a book where transactions are originally recorded in an orderly manner. Journal entry: A…
Q: R. Sunland Co. uses special journals and a general journal. The following transactions occurred…
A: Cash payment journal is the journal which used to record all the payment made in cash through the…
Q: 5. Record the following transactions for the month of November 2020 post to the appropriate ledger…
A: JOURNAL Date Particulars Debit Credit (RM) (RM) Nov 1 Bank A/c…
Q: The following transactions for Dynamic Traders transpired during the month of September 2022. Date…
A: Journal entry of above transaction are as follows.
Q: Prepare a statement of profit or loss for the year ended 30 June 2020 and a statement of financial…
A: Answer - Part 1 - Income Expenditure Account For the year ended 31 December 2020…
Q: Requirements: a. Record the transactions in the journal.…
A: a. In cash ledger balance below please rectify bal b/d -P 190000 instead of 540000
Q: USA Trading Corporation and you need to record the following transactions in the General Journal &…
A: Separate entries are passed for sales and cost of sales
Q: Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balances extracted…
A: Statement of Profit & Loss shows all income and expenses of the business and then profit and…
Q: Kate commenced business as a sole trader under the name “Mug Lover” on 1 December, 2020. Mug Lover…
A: Introduction:- Ledger is the process of transferring the entries from journal to particular ledger…
Q: 2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the…
A: 1) as per accrual method of accounting credit sales will be part of revenue. 2) and according to…
Q: I Analyze and make journal entries for the following transactions of Dada's Mart owned and operated…
A: Journal entry for D Mart: Date Account Title and Explanation Post Ref. Debit (P) Credit…
Q: The following business transactions relate to John Clark (financial planner) for his first month of…
A: 1. Accounting equation = Assets = Liabilities + Equity The affect of revenue and loss affect the…
Q: You opened a novelty store called "The Awesome Shop" on January 1, 2018. The following were the…
A: The journal entries are attached below. You may kindly note that all amounts are in P.
Q: Analyse the following transactions as per the accounting equation and calculate the equity for the…
A: Accounting equations states that every transaction has two aspects, that is, debit and credit. It…
Q: BUSINESS TRANSACTION The following are the business transaction of Gin Heng Electrical Sdn. Bhd in…
A:
Q: following are transaction for Bargain Traders for the month of June 2020. Date 2020…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Requirements: A. Prepare the journal entries for the October Transactions on journal sheets. Use the…
A: Analysis: Journal entries are the recording of transactions of day to day activities of the…
Q: Directions: .Journalize the following transactions of Jenbert’s Hair Salon for the month of October…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: The credit purchases of Fine Ventures for the month of June 2020 are stated below. You are required…
A: The purchase day book is prepared to record the details of suppliers from whom the goods were…
Q: Solo traders has the following transactions for the month of February 2019: 9- Goods purchased and…
A: Cash payment book balance for the month of February 2019 = Goods purchased + Paid salaries + Payment…
Q: The following information has been presented to you for 2018 by Wonder Projects Limited:…
A: Cash Budget is the important budget in business which helps in estimating cash to be received, cash…
Q: On April 1, the ledger of Tamara shop showed Cash $3,000, Inventory $4,000, and Owner’s Capital…
A: The periodic inventory system is an inventory system in which all transactions related to inventory…
Q: Cherry, Apple and Lemon who are partners in the Stardew Store, share the profits in the ratio of…
A: Final accounts of partnership means accounts that are prepared at the end of the period in order to…
Q: Below are the selected transactions óf Casey's letters the journals to be used: A. sales journal B.…
A: Journal entires is defined as recording the transactions of the business into the books of accounts…
Q: Minimart business has the following transactions for the month of May 2019. 11- Sold goods and…
A: Amount ransferred to Total column of Cash receipts book = Sold goods and received cash + Received…
Q: R. Crane Co. uses special journals and a general journal. The following transactions occurred during…
A: In a cash receipts journal, we record only cash receipts. In a cash payments journal, we record cash…
Q: Make a journal entry with this. Bambinini Artsy is a sole proprietorship small business firm
A: Date Account Debit Credit Sep-01 Bank 1000 To capital 1000 Sep-10…
Q: Required: a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts…
A: Trail Balance can be defined as the summary financial statement which records the ending balances of…
Q: Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose…
A: Accounts Receivable Account receivable is treated as one of the important factor in the financial…
Q: s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for…
A: Perpetual inventory system: Perpetual inventory system is one of the method that evaluates the…
Q: asah Sdn Bhd started its business in May 2020. Following is the business transactions for May 2020:…
A: Journal entries in the accounting books is the primary record that is to be maintained in order to…
Q: Enter the following transaction in the ledger accounts and balance them October 2020: 1…
A: Trial Balance is prepared to check whether the account's balance or not.
Q: Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC.…
A:
General Journal
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.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. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $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.
- Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalGiven below is a list of transactions relating to the stationery business of Aryan & Co. for the year ending March 31, 2020. You are required to journalize the transactions, create the ledger accounts and prepare the trial balance. Date Particulars Amount 1st Apr, 19 Capital contributed by Aryan 1,00,000 3rd Apr,19 Purchases from Kabir & Co. 200 pens of Rs. 80 each 100 copies of Rs. 40 each 5th Apr, 19 Purchased Furniture 30,000 7th Apr, 19 Deposited in Bank 50,000 10th Apr, 19 Paid Salaries 15,000 15th Apr, 19 Cash purchases made 20,000 20th Apr, 19 Sold goods to Mr. Rohit & Co.500 pens of Rs. 125 each; 250 copies of Rs 110 each 22nd Apr, 19 Returned to Kabir & Co. 20 pens 15 copies 30th Apr, 19 Issued a cheque to Kabir & Co. in full settlement of their account 5th May, 19 Received cash Rs 5,000 and cheque for Rs 10,000 from Rohit & Co. The cheque was deposited in…
- 5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank accountUse the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…Journalize the following transaction, post in the ledger and prepare a trial balance. January 1, 2022 Furnitures 5,000.00 Machinery 10,000.00 Inventory 4,000.00 Cash in hand 550.00 Cash in Bank 7,450.00 Amount Due from RR Co. 1,000.00 Amount due from XX Co. 2,000.00 Amount due to Rama Ltd. 4,500.00 Amount due to Casey LLC 2,000.00 Amount due to SYM Trading 1,500.00 Capital Account 22,000.00 02-Jan Purchased goods from Ajay on account 4,500.00 03-Jan Sold goods for cash 2,500.00 04-Jan Sold goods on credit to XX Co. 2,100.00 05-Jan Paid for postage 500.00 06-Jan Received cash from RR Co. 1,000.00 07-Jan Paid telephone charges 700.00 08-Jan Cash sales 1,500.00 15-Jan Paid salaries by cheque 2,500.00 16-Jan Received…