14. Yusuf enters into the following transactions in his firstmonth of trading: What is the total entry to the credit side ofthe cash T-account? (1) Buys goods for cash for RM380. (2)Pays RM20 in sundry expenses. (3) Makes RM1,000 cashsales. (4) Receives a bank loan of RMS,000. (5) PaysRM2,600 for fixtures and fittingsa) RM6,380b) RM3,000c) RM2,620d) RM6,000

The credit side of cash T-account represents payments made by cash.

Answered: e cash T-account?

Business

Accounting

e cash T-account?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
Mia Toretto has been in business since 1st January 2020. The following is a list of her transaction for January 2020: 1/1/2020 Capital of RM30,000 paid into a business bank account. 2/1/2020 Van purchased on credit from Lang for RM5,000. 6/1/2020 Goods purchased on credit from Green for RM15,000. 10/1/2020 Cheque drawn on the bank for RM1,000 in order to open a petty cash account. 14/1/2020 Goods sold on credit for RM6,000 o Haddock. 18/1/2020 Cash sales of RM5,000. 20/1/2020 Cash purchases of Rm3,000. 22/1/2020 Miscellaneous expenses of RM500 paid out of petty cash. 25/1/2020 Lang’s account settled by cheque. 28/1/2020 Green allows Mia Toretto a cash discount of RM500. 29/1/2020 Green sent a cheque for RM10,000. 30/1/2020 Haddock is allowed a cash discount of RM600. 31/1/2020 Haddock settles his account in cash. Required: Enter the above transaction in Mia Toretto’s ledger accounts.
Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: Record all the transaction in the general journal (with narration) Record the transaction in the appropriate ledger accounts and balance all the account Prepare the trial balance as at 28 February 2020
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At the beginning of the period, International Accounting Standards Board (Board) had a cash balance of P30,000 and a notes payable of P18,000. During the period, the business collected P12,000 accounts receivable, paid P10,000 notes payable, and issued additional notes payable of P3,000 in exchange for cash. How much is the ending balance of cash? show solution
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4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader:Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record the transaction in the appropriate ledger accounts and balance all the account
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The below information is related to the business of Abbas Traders during the month of March 2021. Dates 1 Started business with Rs. 30,000 through cash 2 Borrowed Rs.40,000 from bank to purchase a van . 5 Buys office equipment for Rs. 5,000 in cash. 6 Purchases inventory for Rs.18,000 on credit. 7 Pays Rs.10,000 to Supplier for inventory purchases 9 Sells inventory for cash of Rs.12,000 10 Sells inventory on credit for Rs. 9,000 12 Repays loan of Rs. 10,000 13 Pays Rs.6,000 to supplier 15 Receives Rs.8,000 from customer against credit sales made on 10th March. a) Prepare Journal entries for the above transactions b) Prepare ( T-accounts)
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