Journalise the following transactions of Mr.N: August 1-Commenced business with 75,000 Aug 5-Bought computers for 30,000 Mr.R purchased goods on credit from Mr.N for 15,000 Mr.T sold goods to Mr.N for 25,000 Computer sold for 26,000
Q: April 1 Mr. Allan Lleda, the owner started the ASG Wholesale and Retail, Inc. by investing P150.000…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Double Entry system - It is a system of accounting accepted by all worldly. It basically means…
Q: Mr. Juan Lopez opened a mini grocery store with business ame lopez Freta Mart. Operations began on…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the organization for the purpose of…
Q: Prepare journal entries to record the following transactions. A. March 1, purchased land for cash,…
A: (A) in first entry land purchase on cash basis, Land would increase that's why would be Debit and…
Q: July 1 Asif opened the business by investing OMR 192,000. July 2 Purchased Computers for OMR 20,000…
A: As per protocol we provide solution to one question but as you have asked multiple and the journal…
Q: Journalise the following transactions in the books or Mr. Tahir for the month of February 2021 . Feb…
A: Note - All the journal entries have been passed . Please post a separate question for the balance…
Q: Mr. Juan Lopez opened a mini grocery store with business ame lopez Freta Mart. Operations began on…
A: A trial balance is a list of all the general ledger accounts in a company's ledger.This list will…
Q: Requirement: Journalize the transactions using the following accounts: ASSETS: Cash (110); Accounts…
A: Journal is a book in which transactions are recorded in order; all transactions are recorded in…
Q: Identify each Record the following transaction for April in a two-column journal using this tab…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: indicate which ledger account would be debited and which would be credited
A: To solve this question, let us re collect 3 golden rules of accounting: 1. Debit the receiver,…
Q: Journalize each transaction, post the journal to the ledger accounts and extract a trial balance as…
A: It is the practice of entering commercial transactions for the first time in the books of accounts,…
Q: Prepared ledger account for following transaction: 1- Jan Started business with $2,000 in the bank…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Journalize the transactions, post journal entries into ledgers and make trial balance
A: Definition: Journal: Its the detailed record of all the financial transactions made in the business…
Q: Enter the following transactions in journal, and post them into the ledger. 2018 Mar. 1 Rohan…
A: The financial statements of the business are prepared using the trial balance and trial balance is…
Q: Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria…
A: The statement of stockholders equity is prepared to record the equity transactions incurred during…
Q: Prepare ledger in T format. month. During the month of June entered into the following transactions
A: Cash Book Particulars Amount($) Particulars Amount($) cash cash To advance received on…
Q: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:…
A: Journal entry is a process of recording business transactions in the books of accounts for the first…
Q: Week 4-Written Work-Fill in the Blanks Directions: Analyze the following transactions below and…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Journal Entries Double entry book system is an entry system in which one entry is made in two sided…
Q: Record the following transactions in the Journal and post them into ledger and prepare a Trail…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: Enter the transactions on the worksheet format provided below. January 2 Invested in a new…
A: Accounting Equation in the business says that total assets should always be equal to total…
Q: sournal entry ? 1 March Olga started the business with $30,000 in cash 2 March Bought goods for cash…
A: Entries are used to keep track of financial events. You create a journal entry by entering…
Q: Prepare journal entries, trial balance and financial statements Opening balances: Cash S10,000;…
A: Financial statements are those statements which are prepared at the end of the period in order to…
Q: 6) Prepare journal entries in good form for the following transactions at Snacktime Corp.: a. Jill…
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: Cameron Findlay opens his fishing tackle shop on 1 June 20X8. During that month he makes the…
A: The T-accounts are prepared to record the special accounts transactions for each journal entry.…
Q: A firm providing art serviced for advertisers began a business on June 1, 2015. Record the…
A: Journal entries are passed to record any financial transaction in the books of a business entity.
Q: Question 3. Cargo Wings provides the following data for the month. i. Invested in the business;…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Transactions; financial statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria…
A: The effect of each transaction can be shown by accounting equation. It is the basis of whole…
Q: Cargo Wings provides the following data for the month. i. Invested in the business; Inventory…
A: A trial balance is a financial record that shows the details of all debit and credit balances of…
Q: Make a General Ledger for the following selected transactions completed by the SPC Laundry Shop…
A: T accounts are the general ledger accounts that are being prepared for the purpose of posting of…
Q: January 1 Owner started business with Cash OMR 18,500 January 3 January 4 Bought Furmniture of OMR…
A: The journal keeps the record for daily transactions on regular basis.
Q: Ananth is a trader dealing in textiles. For the following transactions, pass journal entries for the…
A: As posted multiple sub parts we are answering only first sub part kindly repost the unanswered…
Q: Prepare journal entry Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth…
A: In accounting, each financial transaction enters the books of accounts through journal entry of the…
Q: Journalise the following transactions, post the same in a relevant ledger account. June 1 Ali…
A: There are 3 Rules. Debit the Receiver, Credit the Giver. Debit what comes in , Credit what goes…
Q: Enter the following transactions of an antiques shop in the accounts and extract a trial balance As…
A: Ledger accounts are the one in which journal entries are posted in chronological order to determine…
Q: Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the…
A: Journal is a book in which entries are passed date wise. Proper debit credit has been recorded.
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Answer: Journal entries for the above transactions
Q: Enter the following transactions, completing the double entry in the books for the month of May 20
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Ali Furntiure Business starting from owner investement of $100,000. Post the following…
A: Journal entries refer to the recording/ classifying of business transactions into books of accounts…
Q: Mr. Nirmal has the following transactions in the month of April. Write Journal Entries for the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Write the Journal Entries for the transactions and post it into ledger, and also post in Trial…
A: A journal entry is the first step in the process of an accounting cycle. It affects at least two…
Q: Journalize the following transactions in the books Mr. Ammar and post them into ledger and perform…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: Journalize the following transactions using the Periodic method: San Miguel Merchandising was…
A: The periodic method is the method of recording inventory where the cost of goods sold is recorded at…
Q: Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria…
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: On February 1, 1991 Aslam started a business with a cash investment of Rs. 100,000.He completed the…
A: Journal entry is the primary entry that records the transactions initially.
Journalise the following transactions of Mr.N:
August 1-Commenced business with 75,000
Aug 5-Bought computers for 30,000
Mr.R purchased goods on credit from Mr.N for 15,000
Mr.T sold goods to Mr.N for 25,000
Computer sold for 26,000
Step by step
Solved in 2 steps
- 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.Prepare journal entries to record the following transactions. A. March 1, purchased land for cash, $20,000 B. March 11, purchased merchandise inventory, on account, $18,500 C. March 15, Sold merchandise to customer for cash, $555TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a ) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared in Exercise 3-5B if necessary.
- Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Determined that the cost of supplies used was 1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20Y7. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in retained earnings for August.Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 40,000. b. Paid rent on office and equipment for the month, 4,800. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 1,100. e. Earned sales commissions, receiving cash, 18,750. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 800. g. Paid office salaries, 3,500. h. Determined that the cost of supplies used was 1,300. i. Paid dividends, 1,500. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of October 31, 20Y6. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.
- In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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.TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100.TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900.
- A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?Journal entries and trial balance On October 1, 20Y4, 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 in exchange for common stock, 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. Oct. 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. 29. Received cash from customers on account, 7,600. 30. Paid wages of employees, 4,800. 31. Paid dividends, 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. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 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, 20Y4. 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?In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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.