Answer the following questions. 48Michael Powers operatesuys, d goil4950July 1st: Michael Powers invested $8,500 cash into her business51Which accounts are affected?52What is the normal (increase) balance of the affected accounts?53How is each account affected?54Where will you record the debit and credit?July 7th: Purchased new golf clubs on account for $550 from Golf Unlimited.5556Which accounts are affected?57What is the normal (increase) balance of the affected accounts?58How is each account affected?59Where will you record the debit and credit?60July 14th: Billed, but did not collect, $75 for an hour lesson provided to Mark Jones.61Which accounts are affected?62What is the normal (increase) balance of the affected accounts?63How is each account affected?64Where will you record the debit and credit?July 20th: Repaired the putting green at a cost of $225, check #1106566Which accounts are affected?67What is the normal (increase) balance of the affected accounts?68How is each account affected?69Where will you record the debit and credit?July 29th: Michael Powers took $250 out of the business checking account for personal use7071Which accounts are affected?72What is the normal (increase) balance of the affected accounts?73How is each account affected?74Where will you record the debit and credit?75Accounts Payable - GolfUnlimited (201)Accounts Receivable - MarkGolf Equipment (120)76Cash in Bank (101)Jones (110)777879Golf Lesson Revenue (401)Repair Expense (505)Michael Powers, Capital (301)Michael Powers, Drawing (302)80818283

Here in this question, we are required to answer the all the questions given under the transaction…

Answered: July 1st: Michael Powers invested…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 6CE

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PA5.LO 8.5 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. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
PA5. LO 8.5Inner 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. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
Ex5.22The following transactions of Larson Services Inc. occurred during August 2019, its first month ofoperations.Aug. 1 Issued common stock for $3,000 cash1 Borrowed $10,000 cash from the bank1 Paid $8,000 cash for a used truck4 Paid $600 for a one–year truck insurance policy effective August 1 (record as an asset)5 Collected $2,000 fees from a client for work to be performed at a later date7 Billed a client $5,000 for services performed today9 Paid $250 for supplies purchased and used today12 Purchased $500 of supplies on credit (record as an asset)15 Collected $1,000 of the amount billed August 716 Paid $200 for advertising in The News during the first two weeks of August20 Paid $250 of the amount owing for supplies purchased on August 1225 Paid the following expenses: rent for August, $350; salaries,$2,150; telephone, $50; truck operating, $25028 Called clients about payment of the balances owing from August 729 Billed a client $6,000 for services performed today, including $1,500…
V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
PA3. LO 8.5Domingo 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.The owners invested $10,000 from their personal account to the business account.Paid rent $500 with check #101.Initiated a petty cash fund $500 with check #102.Received $1,000 cash for services rendered.Purchased office supplies for $158 with check #103.Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days.Received $800 cash for services rendered.Paid wages $600, check #105.Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106.Increased petty cash by $30, check #107.
01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…
Parrish Ch2 Pg31 What accounts would be debited or credited for each trans action? 1) Shareholder invest $5000 2) Company buys copy machine $1500 cash 3) Company sold copies to customers for $500 cash 4) Company produced copies for Fellows Corporations, its customers. The total sale amount was $1200. Company agreed to bill Fellows Corp. for the sale at the end of the month 5) Company paid employees $600 6) Company bought supplies for $300 7) Company paid rent $700 8) Company paid of $200 9) Copymaster bought office furniture for $500 10) Copymaster had an upaid phone bill at month end for $100
PA5. 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. The terms of the purchase are 4/10, n/50 from the invoice date of July 16.B. On August 10, Hondo Inc. receives an advance cash payment from a client for legal services in the amountof $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.
MC29 The following pertains to Onyx Trading on April 30, 2020: Correct cash balance in a general checking account with Equitable-PCIBank — P320,000 Overdraft in a special checking account with Family Bank (Onyx does not have another account with Family Bank) — P20,000 Cash accumulated in a special fund that will be used for plant expansion in five years — P150,000 Cash surrender value of life insurance policy — P 32,000 Cash travel advances in the hands of sales personnel — P12,000 Currency and coins in a petty cash fund (the company has not replenished the fund to the imprest amount of P2,000) — P580 How much cash should Onyx report on the April 30, 2020 statement of financial position? (WITH SOLUTION) a. P332,580 b. P322,000 c. P320,580 d. P302,000
Parrish Ch.3 pg. 61 Based on the information below, please complete the following. Thank you Prepare General Journal Entries (Partial Chart of Accounts) Post Journal Entries to the General Ledger 1) 2/01 Elena Martin starts her business , Elana's Nails, on February 1, 2027 by depsoting $5000 of her personal cash into her new business checking account at First Street Bank 2) 2/02 Elena pays one month's booth rent to Insyle salon for $200 cash 3) 2/05 Elena buys supplies for $300 cash 4) 2/07 Elena buys equipment for $400 cash 5) 2/10 Elena has her first customers and they pay her $300 for nail services 6) 2/11 Elena pays $50 cash for a shipment of supplies including a $10 shipping charge
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.TASK : FIND A MISTAKE IN THE BALANCE SHEET AND CORRECT IT

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