Eric Song has set up as a sole trader and introduced his savings worth £8,000 to his business, Song Sounds. What is the double entry to record the transaction? a) Dr Capital Cr Cash b) Dr Bank Cr Creditors c) Dr Bank Cr Capital d) Dr Capital. Cr Creditors
Q: The owner of FDN Trading received the amount loaned personally from a bank amounting to P1,600,000…
A: When the owner invests cash into the business the journal entry records the cash introduction as a…
Q: 1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags.…
A: Hey there! Since you have posted multiple questions, as per the policy and guidelines we can only…
Q: I am stuck on this one question that I have left for my homework and need help: Discuss how each of…
A: Accounting equation of the business says that total assets should be equal to total liabilities ans…
Q: below case illustrates, 1- below case illustrates, prepare the accounting equation. 2-mentioned…
A: The organization used to evaluate each transaction effect on balance sheet items by using the…
Q: Gopal commenced business on 1st January, 2020 with a capital of Rs.12,000. He bought furniture for…
A: The solution is given below
Q: KayLee commenced business on 1 May 2018 with a capital of RM5,000 of which RM1,000 was in cash and…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Required: Record the transactions in the relevant journals Post to respective ledger and sub-ledger…
A: Journal entries helps to keep the record of financial transactions Trail balance is a list of all…
Q: The owner of FN Trading received the amount loaned personally from a bank amounting to P4,500,000…
A: The question is based on the concept of Financial Accounting.
Q: a) Mr. San Juan has a total savings of P 300,000 which he invested in a business venture b) Knowing…
A: The financial statements of the business include the income statement, balance sheet and cash flow…
Q: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into…
A: Journal entries ae entries to pass the identified events in accounting books for the time. Rules are…
Q: Which of the following journal entries would be recorded if Jasem Kahlil started a business, and…
A: When the business is started and cash is deposited into the bank, it affects assets and capital.
Q: Mr. Louw, the owner of Covid management cc, invests N$240 000 in his business. His business has…
A: Lets understand the basics. This question deals with the balance sheet equation. As per the…
Q: creditor and debtor in these transactions
A: Creditor means the person to whom money is owed by the business. Debtor means the person from whom…
Q: In order to prepare the statement of Financial position, you identified the following assets and…
A: The balance sheet is known as the statement of financial position of the business.
Q: George started a business by investing $10,000 into a business bank account. At the end of his first…
A: Total Assets- Current Assets + Non Current assets - $20000+15000…
Q: Construct a balance sheet for the Harper family from the following information. Be sure the format…
A: Balance sheet is prepared to show the financial position of the organisation during the accounting…
Q: Entity A enters into the following transactions. You are required to show the impact of the…
A: As per the accounting equation, every business transaction has a dual effect in the accounting…
Q: Jayantha commenced business on 1 January 2021 with equity of £90,000. During the year ending on 31…
A: given data Jayantha commenced business on 1 January 2021 with equity of £90,000. During the year…
Q: Mr. Jasim is an owner of a business. He invested cash OMR 25,000 for his business. Choose an account…
A: Whenever cash is invested in the business, then it increases cash for the business and capital for…
Q: Prepare a SFP (Statement of Financial Position) for the company using report form. Your neighbor who…
A: 1. Property Plant & Equipment includes : Furniture = P100,000 2. Accrued Expenses includes :…
Q: Entity A enters into the following transactions. You are required to show the impact of the…
A: The business transactions has dual effect which means that two or more accounts are effected with…
Q: Suppose that the company has a balance sheet as follows at the beginning of the year. In that single…
A: Any part or whole of the transaction that impact both sides of the balance sheet i.e. Assets and…
Q: Matthew Martin, the owner of Innovation Consulting, started the business by investing $58,000 cash.…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Drawings of £13,000 are paid to the owner of a sole trader business through the business’s bank…
A: solution concept Drawings of £13,000 are paid to the owner of a sole trader business through the…
Q: The following business transactions of Mrs.Emma Blake, a sole trader.…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of…
A: Accounting Equation shows the items of all the liabilities and assets separately and state that…
Q: 1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags.…
A: A partnership seems to be a structure of two or more individuals who engage to conduct a legitimate…
Q: RA established his own company, r@ktas Co. The following transactions are the events that occurred…
A: Answer 1:
Q: 1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags.…
A: This s a partnership accounting question. What is meant by Partnership? The partnership is a term…
Q: Devan had the following transactions relating to his business. £ Cash received from debtors 18,500…
A:
Q: Mr. Shankar has started a business by cash Rs.35,000 and bank balance Rs.1,50,000 on 1st Jan. The…
A: Cash book is an accounting record maintained for inflow and outflow of cash : Cash in hand and Cash…
Q: The following is the trial balance of M/s Ngugi as on 31 March 2018; Particulars Capital Cash in…
A: At the year end, company analyse the company's final position with trading and P&L A/c and…
Q: Complete the columns to show the effect of the following transactions: Transaction Asset…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: Z. Net, an accountant, owns a business with the following assets and liabilities. Please note…
A: A t-account is a log or list of accounts that keep track of account transfers
Q: Devan had the following transactions relating to his business. £ Cash received from debtors 18,500…
A: Purchases = Ending balance of amount payable to suppliers + Cash paid to suppliers - Beginning…
Q: Prepare a worksheet and Tell the Profit or Loss and the Total Balance Sheet Value of Assets
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: rnalise the following transactions in the books of Sita : Business commenced with a capital of…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle…
A: We have the following information of Mark Waugh's Business Fixtures: $12,000 Motor Vehicle: $30,000…
Q: Suppose your business has cash of P50,000, receivables of P60,000 and furniture totaling P200,000.…
A: Total assets = cash + receivables + furniture = P50,000 + P60,000 +…
Q: e owner of Total Care Trading received the amount loaned personally from a bank amounting to…
A: Solution: Increase in the total assets of the business = cash invested in business = P400,000 Loan…
Q: Suppose that GRAB Bank is a newly created bank in your hometown. Consider the following…
A: Balance Sheet - It refers to the financial statement prepared by every company at the end of the…
Q: On June 1, 2022 Bedu, Budi, and Bobi were three friends who wanted to form a new firm which would be…
A: Partnership is one of type of business formation where two or more individuals come together and…
Q: How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor)…
A: Here discuss about how to done the quick book accounting software for recording the required journal…
Q: Prepare a worksheet and Tell the Profit or Loss and the Total Balance Sheet Value of Assets
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: On November 6 Jason Taylor withdrew $90,000 from personal savings and deposited it in a new business…
A: The accounts balances of business are classified as debit and credit balance. The assets and…
Q: 1. Mrs. Reyes has P100,000 cash invested in the business. She bought shop assets on account from Ace…
A: Hi student Since there are multiple questions, we will answer only first question. Since first…
Q: 1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags.…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Bhoopesh Ltd. gives you these transactions of their Business. Find out their effect on its Assets,…
A: Accounting Equation: Total assets = Total liabilities + Equity
Q: The following balances are extracted from Al-Mustafa Trading Company as on 31/12/2021 Stocks sales…
A: Let the balance of capital account be X therefore , Cash balance = 0.7X Debtors…
-
Eric Song has set up as a sole trader and introduced his savings worth £8,000 to his business, Song Sounds. What is the double entry to record the transaction?
-
a) Dr Capital Cr Cash
-
b) Dr Bank Cr Creditors
-
c) Dr Bank Cr Capital
-
d) Dr Capital. Cr Creditors
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash RM80,000 in the bank as capital 4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit 12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600 16 Alex received a bank loan of RM30,000, the money was credited to the business bank account 20 Alex brought in his personal car for business use, the car was valued at RM65,000 23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque 27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500 30 Alex bought a computer for RM5,200 by cheque Required: Prepare the accounting equation for the month of January 2019.Which of the following journal entries would be recorded if Jasem Kahlil started a business, and then deposited cash of OR6,000 into the business's bank account? Select one: O a. Jasem Kahlil, capital 6,000 Accounts payable 6,000 O b. Jasem Kahlil, capital 6,000 Cash 6,000 O c. Accounts payable 6,000 Cash 6,000 O d. Cash 6,000 Jasem Kahlil , capital 6,000Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…
- Mr. Igiria started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff…Mr. Igiria started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff…on May 15 Deshawn Taylor opens a lanscaping company called elegant lawns by investing $7000 in cash along with equipment having a $3000 value in exchange for common stock. question: Analyze the transaction using the acconting equation.
- Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018.Accounts from Incomplete Records Amount Kshs.Receipt from debtors. 57,500Cash sales 45,000Cash purchases 25,000Wages paid 5,000Salaries to staff…Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Accounts from Incomplete Records Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff…Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018.Accounts from Incomplete Records Amount Kshs.Receipt from debtors. 57,500Cash sales 45,000Cash purchases 25,000Wages paid 5,000Salaries to staff…
- Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018. Accounts from Incomplete Records Amount Kshs. Receipt from debtors. 57,500 Cash sales 45,000 Cash purchases 25,000 Wages paid 5,000 Salaries to staff 17,500 Trade expanses 6,500 Electricity bill of factory 7,500 Drawings of Karue 3,000 Cash paid to creditors 42,000 Discount allowed 1,200 Discount received 3,000 Bad debts written-off 1,300 Cash balance at end of year 20,000 Mr.Karue used goods worth Kshs.2, 500 for private purposes, which is not recorded in the books. Charge depreciation on furniture 10% and…Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During the year he further introduced Kshs. 20,000 in the business by opening a bank account. From the following information extracted from his books, you are required to prepare final accounts for the year ended December 31, 2018.Accounts from Incomplete Records Amount Kshs.Receipt from debtors. 57,500Cash sales 45,000Cash purchases 25,000Wages paid 5,000Salaries to staff…The following transactions relates to Joshua Woods, a sole trader, during his first month of business: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods…
