In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset). To record this transaction, do your credit Supplies a/c and debit the Cash a/c, or would you debit accounts receivable since he did state how he used up the supplies?
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In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset). To record this transaction, do your credit Supplies a/c and debit the Cash a/c, or would you debit
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- For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanI have to do my accounting problems on excel and I have to record the transactions, but have a total for each column. If someone bought a computer from wardens office outfitters, $1,636, paying $750 in cash and placing the balance on account what does that mean exactly? I have other questions to but I'm not sure how this works.Illustrate how the transaction affects the accounting equation: Reyes, the owner, made a cash withdrawal of 5000php for personal use.
- Complete the columns to show the effect of the following transactions: Transaction Asset Liability Capital (a) Bought a motor Van on credit $500 (b) Repaid by cash a loan owed to P Smith $1,000 (c) Bought goods for $150 paying by cheque (d) The owner puts a further $5,000 cash into the business (e) A debtor returns to us $80 goods. we agree to make an allowance for them (f) Bought goods on credit $220 (g) The owner takes out $100 cash for his personal use.You were hired by Mr. Brian Stevens to prepare his convenience store’s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Stevens: a. His convenience store has cash deposited in a bank account amounting to P50,000 b. His convenience store had a lot of uncollected sales from customers amounting to P75,000 c. The total amount of merchandise left inside the store is P30,000 d. He already paid one year’s rent in advance amounting to P12,000 e. The value of all the company’s furniture amounted to P100,000 f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 h. The convenience store had outstanding liabilities to utility companies amounting to P3,000 i. He had a loan from the bank amounting to P50,000 to be paid in 3 years Requirement: Prepare a Statement…i am doing chart of accounting and for general journal, Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). what type of category and debit & credit section?
- Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Received cash from Sohar Supplies LLC for RO 12,500 c. Cash paid to Muscat Mobiles LLC RO 12,500 d. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30Mr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To prepare the statement, Elizabeth identified the following assets and liabilities of Mr. Persian: a. Cash deposited in YKY Bank amounting to P100, 000 b. He has uncollected sales from customers amounting to P50, 000 c. The total amount of merchandise left inside the warehouse is P35, 000 d. Steve paid in advance the rent amounting to P15, 000 for one year. e. The machineries and equipment amounted to P150, 000 f. He bought the materials from his suppliers amounting to P30, 000 and promised to pay the said amount one month after the end of the year. g. He paid the contributions of his employees such as SSS, Philhealth and Pag ibig amounting to P6, 500 h. Outstanding balance to Meralco is amounting to P3, 500 i. He acquired a 2 year loan from YKY Bank amounting to P45, 000.Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Cash paid to Muscat Mobiles LLC RO 12,500 b. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 c. sold mobiles worth RO 18,000 from Sohar supplies LLC for cash d. Received cash from Sohar Supplies LLC for RO 12,500
- Jack made the following transactions in 2010: Jan 1- Started business $100000 in cash and $200000 in the bank Jan 2-Purchased goods on credit from John $30000 Jan 5- Paid carriage inwards in cash $500 Jan 7- Sold goods on credit to Peter $50000 Jan 10- Received $20000 from Peter by cheque Jan 11- Paid John $10000 by cheque Jan 24- Purchased motor vehicle by cheque $ 5000 Prepare the ledger accounts and balance off all accounts Please avoid solutions in image format thank youIf a business owner invests $5,000 in cash into the business, which side of the T for the cash account would the $5,000 be recorded? Debit Credit Net income It would not be recorded because the cash comes from the owner.Lord has extracted the following balances from his accounting records: $ Property, plant and equipment 209,000 Inventory 4,600 Payables 6,300 Receivables 5,900 Bank overdraft 790 Loan 50,000 Capital 100,000 Drawings 23,000 Sales 330,000 Purchases 168,200 Sales returns 7,000 Discounts received ? Sundry expenses 73,890 He has forgotten to extract the balance on the discounts received account. What was the balance on the discounts received account?
