Journal entries? 1 Started business with RM59,000 in the bank and RM1,000 cash.17 Paid rent by cheque RM2,250.2 Bought stationery by cheque RM750.20 Received cheque RM4,000 from Bina Construction.3 Bought goods on credit from Smart Warehouse RM10,100.21 Paid Tech Trader by cheque RM4,000.23 Bought goods on credit from Savemart RM2,500.4 Sold goods for cash RM3,400.5 Paid insurance by cash RM290.25 Sold goods on credit to Flora Trader RM6,450.7 Bought a computer on credit from Tech Trader RM4,000.31 Paid Savemart by cheque RM1,250.8 Paid miscellaneous expenses by cash RM50.10 Sold goods on credit RM6,300 to Bina Construction.14 Paid wages by cash RM350.

Introduction: Journal entries: Recording of a business transactions in a chronological order. First…

Answered: Journal entries?

Business

Accounting

Journal entries?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 4.1AP

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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?
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.
Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: Record all the transaction in the general journal (with narration) Record the transaction in the appropriate ledger accounts and balance all the account Prepare the trial balance as at 28 February 2020
Dec. 2017 1 Started in business with RM8000 in the bank. 2 Bought goods on time from: Frank RM550, Byers RM540, Lee RM610. 5 Cash sales RM510 6 Paid wages in cash RM110. 7 Sold goods on time: Snow RM295, Park RM360: Tyler RM640. 9 Bought goods for cash RM120. 10 Bought good on time from: Byers RM410; Lee RM1240. 12 Paid wages in cash RM110. 13 Sold goods on time to: Park RM610; Tyler RM205. 15 Bought shop fixtures on time from Stop Ltd RM740. 17 Paid Byers by cheque RM700. 18 We return goods to Lee RM83. 21 Paid Stop Ltd a cheque for RM740. 24 Tyler paid us his account by cheque RM845. 27 We return goods to Frank RM18. 30 Prince lent us RM1000 by cash. 31 Bought a van paying by cheque RM6250. Write the transaction and trial balance
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.
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 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.
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: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 the transaction in the appropriate ledger accounts and balance all the account
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
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
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…
Journalise the following transactions and post them into Ledger: 2006 September 1 -Started business with Rs. 50,000, out of which pad into Bank Rs. 20,000. September 2 - Bought furniture for Rs. 5,000 and machinery for Rs. 10,000. September 3 - Purchased goods for Rs. 14,000. September 6 - Sold goods for Rs. 8,000. September 8 -Purchased goods from Malhotra and Co. Rs. 11,000. September 10- Paid telephone rent for the year by cheque Rs. 500. September 11- Bought one typewriter for Rs. 2,100 from Universal Typewriter Co. on credit. September 15- Sold goods to Keshav Ram for Rs. 12,000. September 17- Sold goods to Rajesh Kumar for Rs. 2,000 for cash. September 19- Amount withdrawn from bank for personal use Rs. 1,500. September 21- Received cash from Keshav Ram Rs. 11,900, discount allowed Rs. 100. September 22- Paid into bank Rs. 5,800. September 23- Bought 50 shares in X Y and Co. Ltd at Rs. 60 per share, brokerage paid Rs. 20. September 25- Goods worth Rs. 1,000 found…