Given below are the transactions related to Hameed Enterprises for the month of March 2021. Date Transactions March 2021, Mr. Hameed is the proprietor started business with Cash 35,000 and Machinery 15,000 OMR (i) (ii) 3 Purchased Building for OMR 20,000 and paid OMR 15,000 in cash and remaining amount to be paid soon Borrow money from Bank Muscat 5 Purchased goods for cash 6 Purchased a computer for office purposes 7 Cash Sales 8 Paid electricity expenses 9 Purchased stationery for office use 10 Purchased goods from XYZ Limited 11 Sold goods on credit from ABC LLC Saham 12 Paid telephone charge 14 Paid the remaining OMR 5,000 for the building bought on 3rd March 15 Paid rent 17 Commission received 22 Sold goods to Mr. Ali Ibrahim for Cash 25 Paid Salary to Employees 26 Mr. Hameed withdraw cash for personal use 5,000 8,500 300 4,000 100 80 10,000 10,000 200 300 600 6,000 600 500 REQUIRED TO PREPARE A. Joumal Entries B. Ledger Accounts C. Trial Balance D. Income Statement and E. Balance Sheet
Q: PUMASA AKO Company and its subsidies own the following properties that are accounted for in accordan...
A: Investment property is land or building (including part of a building) or both held for rent or capi...
Q: A. Management has developed a new inventory management system that it projects will reduce company i...
A: The cash would be increased if the inventory would be decreased and accounts payable would be increa...
Q: The firm pays Barry Allen, the firm’s owner, a $700 dividend. a) debit Cash 700, credit Dividend 700...
A: Amount of Dividend paid = $ 700 Dividend paid to firm owner = $ 700 The journal entry for dividend p...
Q: Record adjusting journal entries for each of the following for year ended December 31. Assume no oth...
A: Solution: Adjusting entries are those entries which are required to be prepared to match the revenue...
Q: The ABC Company had the following transactions in 2021, the first year of its operations: 1. Issued ...
A: Financial Statements - Financial Statements included income Statement, Statement of Retained Earning...
Q: If a capital project has a hurdle rate higher than its internal rate, then its profitability index i...
A: Solution Explanation- A hurdle rate is the minimum rate of return required on a project or investmen...
Q: Record each transaction into the T account Be sure you understand the rule of debits...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: • The Choose the answer from the menu in accordance to the question statement _--- method includes b...
A: There are many two types of sampling approaches used when auditing the financial statement of the co...
Q: PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent ...
A: Long term debt is that kind of debt which is presented differently from short term debt and also mos...
Q: rates rise, bor
A: The correct option is shown as,
Q: Mia Wiz sells computers. During May, it sold 300 computers at a $700 per unit price. The fixed budge...
A: Variance analysis is one of the important technique of management accounting, under which budgeted d...
Q: James Company has 1,600 shares of $100 par preferred stock, which were issued at par. It also has 31...
A: Book value per share is the amount of shareholder's equity which is attributable to holder of common...
Q: Specne juenuication–reipetuai: Goods purchased Cost of Goods Sold Inventory Balance # of # of units ...
A: Inventory valuation is a process of calculating the inventory of the business. The specific identifi...
Q: Required information Exercise 6-5 Changes in Variable Costs, Fixed Costs, Selling Price, and Volume ...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: ABC Company (ABC), a manufacturer of hybrid engine vehicles, had pretax financial income of P30 bill...
A: Solution: Taxable income is the income on which tax is payable. It is different from financial incom...
Q: A company has earnings per share of $9.00. Its dividend per share is $1.35, its market price per sha...
A:
Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Co...
A: Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In th...
Q: A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in ac...
A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account...
Q: Strategy Telecom (ST) made one of the largest single purchase of long-distance telephone time in ST ...
A: Ans. Rp1,200,000
Q: Lia Corporation manufactures and sells a spice rack. Shown below are the actual operating results fo...
A: Net operating income in variable costing is the difference between absorption costing net income and...
Q: nas no fixed costs, and her marginal cost Barb produce?
A: The maximum number of tires to be produced will be the point where marginal cost is equal to the Mar...
Q: unland, Inc., has collected the following information on its cost of electricity: Machine Hours...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: Food Delivery Services (FDS) share price is worth $18 today. In a year, the market for meal prep del...
A: In case of probabilistic data, returns are calculated using the various expected returns with corres...
Q: Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800...
A: The income statement is one of the important financial statement of the business which records the r...
Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date M...
A: The financial statements of the business include the income statement and balance sheet of the firm....
Q: Dannilynn Davis Decorators began business on July 1st, and had the following transactions: 7-1: Dann...
A: Financial Statement - Financial Statement includes Income Statement, Statement of Owner's Equity, an...
Q: Shadee Corp. expects to sell 550 sun visors in May and 450 in June. Each visor sells for $26. Shadee...
A: 1. Details Amount Direct Material $3.50 Direct Labour (0.60 x $10) $6 Variable Manufacturin...
Q: To make money, we neëd make
A: Cash outflows may be regarded as payments of liquid cash by the entity towards various obligations s...
Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with...
A: Income tax payable is an obligation by the tax payer to the government on the taxable income. Income...
Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...
A: * As per bartleby policy, if multiple questions are asked then answer first three only. e. Breakev...
Q: A xerox machine cost of P120,000 after making 800,000 photo copies the trade-in value of the xerox m...
A: It is given that Xerox machine can make 800,000 copies in 10 years. That means Machine can make 150,...
Q: Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's produ...
A: Solution: Raw material Inventory Event Debit Event Credit a $2,20,000.00 b $1,51,500.00 ...
Q: Tempura Company produces 2,000 parts each year that are used in one of its products. The unit cost o...
A: An accounting method which determines the value of profit which is realized from a operations of bus...
Q: A xerox machine cost of P120,000 after making 800,000 photo copies the trade-in value of the xerox m...
A: Depreciation is the method of accounting used to allocate the value of assets over its life. there c...
Q: Problem 19-5 (AICPA Adapted) On October 1, 2021, Yost Company purchased 4,000 of the P1,000 face amo...
A: Journal Entries For the year 2021 and 2022 S. no. Particulars Ref. Debit Credit 1. Investment i...
Q: A machine having a first cost of P60,000 will be retired at the end of 8 years. Depreciation cost is...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a mar...
A: The question is based on the concept of Financial Accounting.
Q: Question Content Area Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contributi...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Shaw Incorporated began this period with a budget for 1,070 units of predicted production. The budge...
A: Variance analysis is an evaluation of the discrepancy between actual and planned data. The sum of al...
Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...
A: Accrued interest = Face value of notes x rate of interest x no. of days in calendar year/ 360 days P...
Q: The following data were reported by a corporation: 26,000 21,000 6,500 Authorized shares Issued shar...
A: Share capital refers to the amount that is invested by the shareholders in the business entity. Shar...
Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'...
A: Introduction:- First we need to calculate inventory turnover ratio Inventory turnover ratio =Cost of...
Q: A product is bought for an amount of P50,000 which will be sold after 7 years.Calculate the constant...
A: The double declining balance depreciation method is an accelerated depreciation method that counts a...
Q: Torikatsu Company purchased a machine for P 100,000; current accumulated depreciation totals P 40,00...
A: Sunk Costs are costs that are have already been incurred (i.e., Historical Cost). These costs does n...
Q: Define cost of equity? How does it relate to the ‘required rate of return’ (r) on equities?
A: Definition of Cost Equity: Cost of equity is the return that a company requires for an investment or...
Q: La Femme Accessories Inc. produces women's handbags. The cost of producing 800 handbags is as follow...
A: In order to determine the amount of Desired profit, the Investment assets are required to be multipl...
Q: Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded...
A: Amount deposited semiannually $900 Period (7 years * 2) 14 Interest rate (6% / 2) 3% Future va...
Q: As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Acco...
A: Allowance for uncollectible accounts is contra asset account and is hence deducted from the ending a...
Q: How much share premium must be reallocated by Pe Inc. due to the dilution to its ownership interest ...
A: In January 1, 2021, Pe Inc. purchased So Corp.’s 61,200 shared of P6,000,000. This represents a 61.2...
Q: Why are many companies divided into departments?
A: Department: As a business unit, a department represents a category or functional area of an organiza...
Step by step
Solved in 2 steps
- On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?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.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- 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.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- 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.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.A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?