Number 6 please b ezto.mheducation.com/hm.tpx?_%3D0.6491320442438644 16351401545492. The owner transferred to the business a desk and chair valued at $700.3. WordService issued a check for $4,000 for the purchase of a computer.4. The business bought office furniture on account for $5,000 from Eastern Furniture.5. The desk and chair previously transferred to the business by the owner were sold on account for $700.6. WordService wrote a check for $2,000 in partial payment of the amount owed to Eastern FurnitureCompany.AssetsLiabilitiesCash inBankAccountsReceivableComputerEquipmentOfficeFurnitureAccountsPayableTransaction1.7002.4,0003.5,0004.7005.6.$ 5,000D244,000 +700 +Balance%3D%3D

Accounting equation of the business in accounting says that total assets should be equal to total…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PB: Lavender Company started its business on April 1, 2019. The following are the transactions that...

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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.
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.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, 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.
B. Kelso established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month: a. Kelso deposited 45,000 in a bank account in the name of the business. b. Paid the rent for the current month, 1,800, Ck. No. 2001. c. Bought office desks and filing cabinets for cash, 790, Ck. No. 2002. d. Bought a computer and printer from Cyber Center for use in the business, 2,700, paying 1,700 in cash and placing the balance on account, Ck. No. 2003. e. Bought a neon sign on account from Signage Co., 1,350. f. Kelso invested her personal computer software with a fair market value of 600 in the business. g. Received a bill from Country News for newspaper advertising, 365. h. Sold services for cash, 1,245. i. Received and paid the electric bill, 345, Ck. No. 2004. j. Paid on account to Country News, a creditor, 285, Ck. No. 2005. k. Sold services for cash, 1,450. l. Paid wages to an employee, 925, Ck. No. 2006. m. Received and paid the bill for the city business license, 75, Ck. No. 2007. n. Kelso withdrew cash for personal use, 850, Ck. No. 2008. o. Kelso withdrew cash for personal use, 850, Ck. No. 2008. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance, with a three-line heading, dated November 30, 20--.
Discuss how each of the following transactions will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed.
Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.
1. Green Company buys a laptop computer on credit for P72,000. The transaction will affect the: assets, liabilities and owner's equity, assets and liabilities only, liabilities and owner's equity only, or assets only? 2. An accountant has debited an asset account for P1,000 and credited a liability account for P500. Which of the following would be an incorrect way to complete the recording of the transaction? a. credit an owner's equity account for P500 b. credit an asset account for P500 c. debit an owner's equity account for P500 d. credit another liability account for P500 3. An entry to record the owner's initial cash investment P500,000 will require a: a. credit to Capital account for P500,000 b. Debit to Capital account for P500,000 c. credit to Cash account for P500,000 d. Debit to Loans Payable account for P500,000
Refer to the following transactions entered into by TH Traders during the year ended 30 June 2012 and answer the question that follow: Transaction1. The owner deposited R 60 000 into business account as his contribution to the business2. Sold goods on credit to F Meko, R 7 0003. The business obtained a loan of R30 000 from FNB.4. Bought stationery on credit, R3005. Cash sales of goods, R6 500. The goods were bought for R4 0006. Purchased furniture and equipment on credit from FBD Ltd R5 0007. The owner used a business cheque to pay for his personal accounts, R4 0008. Purchased Equipment worth R60 000. R42 000 was paid using cash and the remainder will be paid in 3 months’ time.REQUIRED:Record the above transactions using the Accounting Equation. Use the following format to answer this question: Example: Paid for advertising R300.TRANSACTION ASSETS =EQUITY + LIABILITIES
I need to know what Account the following transactions go on and if they are DR or CR. Please write Debit or Credit next to amount under proper account. Thank you!1) Shareholders invested $5000 to begin business2) Copymaster bought a copying machine for $1,500 cash3) Copymaster sold copies to customers for $500 cash4) Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the mont (HOW DOES PAYING AT END OF MONTH AFFECT RECORDING OF TRANSACTION IF AT ALL?)5) Copymaster paid employees $6006) Copymaster bought supplies for $3007) Copymaster paid rent $7008) Copymaster paid utilites $2009) Copymaster bought office furniture for $50010) Copymaster had an upaid phone bill at month-end for $10011) Calculate the total assets, liabilites and equity12) Calculate the net income
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: 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 all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020
3. Record the following transaction in the appropriate journal, ledger accounts, balance off the accounts and prepare trial balance as at 31 January 2020.Jan 1 Started business with RM2,000 cash5 Purchased goods on credit RM1,00010 Sold goods on credit RM80015 Bought furniture by cash RM40020 Received cheque from debtor RM80025 Cash sales RM20031 Paid salary by cash RM300

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