Enter the following transactions in the appropriate accounts: 20X6 Aug 1 Started in business with £7,400 cash. == 2 Paid £7,000 of the opening cash into the bank. == 4 Bought goods on credit £410 from J Watson. == 5 Bought a van by cheque £4,920. ==7 Bought goods for cash £362. == 10 Sold goods on credit £218 to L Less. == 12 Returned goods to J Watson £42. == 19 Sold goods for cash £54. == 22 Bought fixtures on credit from Firelighters Ltd £820. == 24 F Holmes lent us £1,500 paying us the money by cheque. == 29 We paidJ Watson his account by cheque £368. 21 We Ciroligh+

Enter the following transactions in the appropriate accounts: 20X6 Aug 1 Started in business with £7,400 cash. == 2 Paid £7,000 of the opening cash into the bank. == 4 Bought goods on credit £410 from J Watson. == 5 Bought a van by cheque £4,920. ==7 Bought goods for cash £362. == 10 Sold goods on credit £218 to L Less. == 12 Returned goods to J Watson £42. == 19 Sold goods for cash £54. == 22 Bought fixtures on credit from Firelighters Ltd £820. == 24 F Holmes lent us £1,500 paying us the money by cheque. == 29 We paidJ Watson his account by cheque £368. 21 We Ciroligh+

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 4CE: Enter the following transactions in a cash payments journal like the one illustrated in the chapter:...

See similar textbooks

Similar questions

To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
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?
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
Enter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Enter the following transactions in the appropriate accounts: 20X6 Aug 1 Started in business with £7,400 cash. == 2 Paid £7,000 of the opening cash into the bank. == 4 Bought goods on credit £410 from J Watson. == 5 Bought a van by cheque £4,920. == 7 Bought goods for cash £362. == 10 Sold goods on credit £218 to L Less. == 12 Returned goods to J Watson £42. == 19 Sold goods for cash £54. == 22 Bought fixtures on credit from Firelighters Ltd £820. == 24 F Holmes lent us £1,500 paying us the money by cheque. == 29 We paid J Watson his account by cheque £368. == 31 We paid Firelighters Ltd by cheque £820. Apply concept of financial accounting to prepare : Double entries, T Ac, Trial balance of above transactions.
Enter the following transactions in the accounts of L Linda: 20X7July == == == == == == == == == == == == == == == == == == == == == 1 Started in business with £20,000 in the bank.2 R Hughes lent us £5,000 in cash.3 Bought goods on credit from B Brown £1,530 and I Jess £4,162.4 Sold goods for cash £1,910.6 Took £200 of the cash and paid it into the bank.8 Sold goods on credit to H Rise £1,374.10 Sold goods on credit to P Taylor £341.11 Bought goods on credit from B Brown £488.12 H Rise returned goods to us £65.14 Sold goods on credit to G Pate £535 and R Sim £262.15 We returned goods to B Brown £94.17 Bought van on credit from Aberdeen Cars Ltd £4,370.18 Bought office furniture on credit from J Winter Ltd £1,800.19 We returned goods to I Jess £130.20 Bought goods for cash £390.24 Goods sold for cash £110.25 Paid money owing to B Brown by cheque £1,924.26 Goods returned to us by G Pate £34.27 Returned some of office furniture costing £180 to J Winter Ltd.28 L Linda put a further…
Enter the following transactions in the accounts: 20X9 May 1 Started in business with £18,000 in the bank. == 2 Bought goods on credit from B Hind £1,455. == 3 Bought goods on credit from G Smart £472. == 5 Sold goods for cash £210. == 6 We returned goods to B Hind £82. == 8 Bought goods on credit from G Smart £370. == 10 Sold goods on credit to P Syme £483. == 12 Sold goods for cash £305. == 18 Took £250 of the cash and paid it into the bank. == 21 Bought a printer by cheque £620. == 22 Sold goods on credit to H Buchan £394. == 23 P Syme returned goods to us £160. == 25 H Buchan returned goods to us £18. == 28 We returned goods to G Smart £47. == 29 We paid Hind by cheque £1,373. == 31 Bought machinery on credit from A Cobb £419. Apply concept of financial accounting to prepare: Double entries
Question No 2: Enter the following transactions in the accounts: 20X9 May 1 Started in business with £18,000 in the bank. == 2 Bought goods on credit from B Hind £1,455. == 3 Bought goods on credit from G Smart £472. == 5 Sold goods for cash £210. == 6 We returned goods to B Hind £82. == 8 Bought goods on credit from G Smart £370. == 10 Sold goods on credit to P Syme £483. == 12 Sold goods for cash £305. == 18 Took £250 of the cash and paid it into the bank. == 21 Bought a printer by cheque £620. == 22 Sold goods on credit to H Buchan £394. == 23 P Syme returned goods to us £160. == 25 H Buchan returned goods to us £18. == 28 We returned goods to G Smart £47. == 29 We paid Hind by cheque £1,373. == 31 Bought machinery on credit from A Cobb £419. Apply concept of financial accounting to prepare: Double entries
1. You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you were given the following: a. His sari-sari store has cash deposited in a bank account amounting to P53,000 b. His sari-sari store had a lot of uncollected sales from customers amounting to P72,510 c. The total amount of merchandise left inside the store is P30,025 d. He already paid six month’s rent in advance amounting to P12,350 e. The value of all the sari-sari store’s equipment amounted to P110,000 f. He bought merchandise from his supplier amounting to P23,120 and the supplier agreed that payment can be made 3 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,160 h. The sari-sari store had outstanding liabilities to PLDT and water district amounting to P3,159 i. The store had a loan from the bank amounting to P55,000 to be paid in 3 years Required: Prepare a Statement of Financial Position for the…
Journalize the following transactions and prepare cash account 1 Started business with 50,000, paid into Bank * 20,000.2 Bought furniture for 5,000 and machinery for * 10,000.3 Purchased goods for * 14,000.6 Sold goods for * 8,000.8 Purchased goods from Malhotra & Co. * 11,000.10 Paid telephone rent for the year by cheque * 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for personal use * 1,500.20 Withdrew from bank for business use 3,500.
June 1 Started business with sh50,000 in the bank. “ 2 Bought motor van paying by cheque sh12,000. “ 5 Bought Fixtures sh4,000 on credit from Office Masters Ltd. “ 8 Bought a van on credit from Motor Cars Ltd sh 8,000. “ 12 Took sh1,000 out of the bank and put it into the cash till. “ 15 Bought Fixtures paying by cash sh 600 “ 19 Paid Motor Cars Ltd by cheque sh 8000 “ 21 A loan of sh 10,000 cash is received from J Marcus. “ 25 Paid sh8,000 of the cash in hand into the bank account. “ 30 Bought more Fixtures paying by cheque sh 3,000. Required: Record the above transactions on the ledger accounts in the books of Kings Ltd.