Required:• LEDGER (format/answer sheet provided) Learning Competency:Posts transactions in the ledger. (ABM_FABM11-IVa-d-31)Activity 1Directions/Instructions:Based from the given general journal, post the transactions in the general ledger.Mr. Vico started to started his own consultancy firm in June 2020. During the first month of hisbusiness, he journalized the following transactions in the business' General Journal.GENERAL JOURNALPage 1DateParticularsRef.DebitVico, CapitalTo record owner's initial investment2020June 1 Cash3 Office EquipmentCashTo record the purchase of onecomputer unit.8 Accounts ReceivableService RevenueTo record clients billed for servicesrenderedAccounts PayableTo record purchase of office supplieson accountService RevenueTo record cash received for servicesrenderedAccounts ReceivableTo record partial payment of client'saccount28 Vico, DrawingCashTo record owner's personal withdrawal30 Salaries ExpenseCashTo record payment of secretary's salary15 Office Supplies18 Cash23 Cash200.00025,00015,0005,00010,0005,0005,0004000Credit200,00025,00015,0005,00010,0005,0005,0004000 Answer SheetGENERAL LEDGERRef.GENERAL LEDGERAccount Title: CASHDateExplanation2020Account Title: Accounts ReceivableDateExplanation.Account Title: Office SuppliesDateExplanationAccount Title: Office EquipmentDateExplanationAccount Title: Accounts PayableDateExplanationAccount Title: Vico, CapitalDateAccount Title: Vico, DrawingDateAccount Title: Service RevenueDateExplanationAccount Title: Salaries and Wages ExpenseDateExplanationRef. Debit CreditGuide Question:1. Differentiate general journal from a general ledger.2. Is every transaction posted immediately to the ledger? Why or why not?Account No. 101Credit BalanceAccount No. 102CreditBalanceAccount No. 103Credit BalanceAccount No. 104Ref. Debit Credit BalanceAccount No. 201CreditBalanceAccount No. 301Credit BalanceAccount No. 302Credit BalanceAccount No. 401Credit BalanceGENERAL LEDGERRef. DebitGENERAL LEDGERExplanationGENERAL LEDGERRef. DebitExplanationGENERAL LEDGERDebitRef. DebitGENERAL LEDGERRef.GENERAL LEDGERRef.GENERAL LEDGERRef. DebitDebitDebitAccount No. 501Balance

As per your requirement ledger accounts uploading below

Learning Competency: Posts transactions in the ledger. (ABM_FABM11-IVa-d-31) Activity 1 Directions/Instructions: Based from the given general journal, post the transactions in the general ledger. Mr. Vico started to started his own consultancy firm in June 2020. During the first month of his business, he journalized the following transactions in the business' General Journal. GENERAL JOURNAL Page 1 Date Particulars Ref. Debit Credit Vico, Capital To record owner's initial investment 2020 June 1 Cash 3 Office Equipment Cash To record the purchase of one computer unit. 200,000 200,000 25,000 TKAISUED 15,000 25,000

Learning Competency: Posts transactions in the ledger. (ABM_FABM11-IVa-d-31) Activity 1 Directions/Instructions: Based from the given general journal, post the transactions in the general ledger. Mr. Vico started to started his own consultancy firm in June 2020. During the first month of his business, he journalized the following transactions in the business' General Journal. GENERAL JOURNAL Page 1 Date Particulars Ref. Debit Credit Vico, Capital To record owner's initial investment 2020 June 1 Cash 3 Office Equipment Cash To record the purchase of one computer unit. 200,000 200,000 25,000 TKAISUED 15,000 25,000

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 1PA: Sage Learning Centers was established on July 20, 2016, to provide educational services. The...

See similar textbooks

Similar questions

Learning Objectives 4, 5: Journalize and post transactions; construct and use atrial balance) Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:May Received $12,000 cash from Matthews, and issued common stock to her.Paid monthly oce rent, $500.Paid cash for a desktop computer, $1,800, with the computer expected toremain in service for five years.Purchased oce furniture on account, $6,000, with the furniture projectedto last for five years.Purchased supplies on account, $900.Performed tax services for a client and received cash for the full amountof $600.Received bill and paid utility expenses, $750.Performed consulting services for a client on account, $3,100.2234591218Requirements1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanationsare not required.2. Post to the T-accounts. Key all items by date and determine the ending balance…
Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli’s Consulting Services for the month of January 2020. Assume that you are the chief accountant for Eli’s Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Eli’s Consulting Services has been expanded to include a few new accounts. Follow the instructions on the Requirements tab to complete the accounting records for the month of January. DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for…
Preparing operating activities using the direct method Amy’s Learning Center has assembled the following data for the year ended June 30, 2018: Prepare the operating activities section of the business’s statement year ended June 30,2018, using the direct method.
Ameena Enterprise is a business management service founded by Madam Ameena in 2019.Mr. Ali is an accountant responsible for preparing the financial statements for AmeenaEnterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Alihas several tasks planned to test Miss Maria’s ability to work. Firstly, he asked Miss Maria toprepare the journal entries to record the transactions of Ameena Enterprise for the month ofApril 2021. The following are the transactions that occurred in April 2021:Date Transactions1 April Purchased office equipment of RM14,000. 40% of the amount is purchasedon credit basis and the remaining balance is paid by cash.1 April Accrued revenues of RM3,500 previously recorded to accounts receivablewere collected.1 April Paid office rental in advance for RM4,500.2 April Paid all accrued salaries for Mac 2021, RM3,000.3 April Provided services amounting RM2,400 for the customer who made theadvance payment March 2021.10 April Received RM6,500…
Ameena Enterprise is a business management service founded by Madam Ameena in 2019.Mr. Ali is an accountant responsible for preparing the financial statements for AmeenaEnterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Alihas several tasks planned to test Miss Maria’s ability to work. Firstly, he asked Miss Maria toprepare the journal entries to record the transactions of Ameena Enterprise for the month ofApril 2021. The following are the transactions that occurred in April 2021:Date Transactions1 April Purchased office equipment of RM14,000. 40% of the amount is purchasedon credit basis and the remaining balance is paid by cash.1 April Accrued revenues of RM3,500 previously recorded to accounts receivablewere collected.1 April Paid office rental in advance for RM4,500.2 April Paid all accrued salaries for Mac 2021, RM3,000.3 April Provided services amounting RM2,400 for the customer who made theadvance payment March 2021.10 April Received RM6,500…
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Task : Ms. Amanda being a motivated entrepreneur, opened her beauty salon at the beginning of March 2020 trading as ‘Amanda Beauty Salon’. Her speciality lies in skin, hair and nail care services and treatment and the mandatory cleaning of the salon. As Amanda is quite inexperienced in book- keeping and the accounting requirements as per the IFRS, she asked for your assistance in accounting for all the transactions. You need to prepare a report of 1,200 words addressed to Ms. Amanda. The structure of the report should be as follows: A question Give an example for each of the following types of transactions for the accounting equation: i. Increase in one asset, decrease in another asset.ii. Increase in an asset, increase in liability.iii. Increase in an asset, increase in owner’s equity capital.iv. Decrease in an asset, decrease in liability.v. Decrease in an asset, decrease in owner’s capital.
Task Ms. Amanda being a motivated entrepreneur, opened her beauty salon at the beginning of March 2020 trading as ‘Amanda Beauty Salon’. Her speciality lies in skin, hair and nail care services and treatment and the mandatory cleaning of the salon. As Amanda is quite inexperienced in book- keeping and the accounting requirements as per the IFRS, she asked for your assistance in accounting for all the transactions. You need to prepare a report of 1,200 words addressed to Ms. Amanda. The structure of the report should be as follows: Give an example for each of the following types of transactions for the accounting equation: i. Increase in one asset, decrease in another asset.ii. Increase in an asset, increase in liability.iii. Increase in an asset, increase in owner’s equity capital.iv. Decrease in an asset, decrease in liability.v. Decrease in an asset, decrease in owner’s capital.
(Learning Objective 4: Account for accounts receivable) Perform the followingaccounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.Requirements1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with thebeginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and ServiceRevenue $0. Post the following 2018 transactions to the T-accounts:a. Service revenue of $705,000, all on accountb. Collections on account, $713,0002. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?
(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.
In this activity you are going to apply the learning that you get from the essential knowledge. Prepare the correct journal entries of the following transactions. CASE 1 Gordon Pharmacy a business engaged in buying and selling of medicines and other related products has the following transactions for the month of March 2020. The entity buys merchandise on credit with a terms of 3/10, n/45 and sell merchandise on credit terms of 1/5, n/30. But there are also cases where the entity buy and sell merchandise in cash. The company uses the periodic system of recording inventory. March 4- Purchased medicines and other related products to Amy Pharmaceutical Company on credit for P120,000. FOB Shipping point. Paid Allied Services for the freight amounting to P2,500. March 5- Sold merchandise (MDSE) to various customers for cash P 36,000. March 6- Returned defective MDSE to Amy amounting to P10,000. Received returned from customer on March 5 for wrong specification and refunded the amount paid…