.ll ASIACELL ?1 9:42 AM• 49%A docs.google.com – PrivatePurchase Furniture for Cash $ 9,000 *FurnitureSalesCashPurchasePurchase Goods for Cash $ 5,000 andfor Credit $ 2,000 from Khalid RetailStore. *CreditCashKhalidPurchaseSold Goods to Khan Brothers $ 7,000and Cash Sales $ 8,000. *Cash, account receivableCash, account payableSalesPurchaseOwner withdrew of worth $ 5,000 forpersonal use. *DrawingPersonal useOwnerCash .ll ASIACELL ?11 9:42 AM• 50%A docs.google.com – Private*RequiredDetermine the DEBIT side for each ofthe following operations:-(23Мarks)Ali decides to declare a $2,000dividend for the year. *O DividendO DeclareО BankCashAli starts giving guitar lessons andreceives $2,000 in lesson income. *CashLessonsO IncomeReceivesAli first vendor inventory payment isdue of $3,000. *PaymentInventoryCashAccount payable

The entry for purchase of furniture is Furniture Dr. $9000 Cash Cr. $9000 Hence debit side is…

ll ASIACELL 9:42 AM • 49% A docs.google.com – Private Purchase Furniture for Cash $ 9,000 * Furniture Sales Cash Purchase Purchase Goods for Cash $ 5,000 and for Credit $ 2,000 from Khalid Retail Store. * Credit Cash Khalid Purchase Sold Goods to Khan Brothers $ 7,000 and Cash Sales $ 8,000. * Cash, account receivable Cash, account payable Sales Purchase

ll ASIACELL 9:42 AM • 49% A docs.google.com – Private Purchase Furniture for Cash $ 9,000 * Furniture Sales Cash Purchase Purchase Goods for Cash $ 5,000 and for Credit $ 2,000 from Khalid Retail Store. * Credit Cash Khalid Purchase Sold Goods to Khan Brothers $ 7,000 and Cash Sales $ 8,000. * Cash, account receivable Cash, account payable Sales Purchase

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter1: Business Transactions (ptrans)

Section: Chapter Questions

Problem 7R

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Q1 Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same.
need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
GIVEN:REF. AMOUNT Business Transactions1. 120,000 DEPOSITED CASH FOR HIS CPA PRACTICE BUSINESS2. 15,000 PAID OFFICE RENT FOR DEC 20193. 80,000 EQUIPT PURCHASED; P40K D/P; P40K PROMM NOTE4. 10,000 OFFICE SUPPLIES BOUGHT ON ACCT5. 25,000 BOOKEEPING SERVICES DONE & PAID FOR CASH6. 12,000 Salary paid7. 6,000 RECEIVED UTILITY BILLS FOR DEC 20198. 35,000 BILLED CLIENTS FOR SERVICES; NO CASH YET9. 6,000 PAID CREDITOR IN PART, SEE #310. 15,000 RECEIVED CASH FROM BILLED ACCTS, SEE #811. 16,000 W/DRAWN CASH FROM #1, FOR PERSONAL USE12. 10,000 TAX CONSULTATION SERVICES, RECEIVED IN CASH13. 6,000 UNUSED SUPPLIES REMAINING, SEE #4 REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLESPROFORMA TEMPLATE: A S S E T SGIVEN: Accts SHOPref. Amount, Cash, Rec'ble,Supplies,Equipments…
QuestionDec 1. Mr Rasool commenced business with the Capital of Rs. 10,00,000 cash.Dec 1Purchased for Rs 140000 equipment and made Rs. 40000 Cash and issued 6montha notes payable for bala nce amount at 6' per ann um interest.Dec 2 Purcha sed office furniture for Rs. 240000 end paid Ra. 150000 in ca sh andbalence to bepaid in 30 days with useful ife of 5years.Dec 3.Purchased offi ce supples on account from Flowers inc, for Rs. 65000.Payment is due within 30 days.Dec 5. Purcha sed computer systems for Rs. 1 00000 from AP Computers and paidRs. 20000 in cash. Balance amount to be paid in two equal installments onDecember 21, and January 10 next yearDec 17. HB Bros., found that a computer system was not working well that waspurchased from AP Computer on account. Therefore, thecompa ny returned thissystem that costa Rs. 12500.Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000per day. However, full amount will be collected when business activities cometo…
QuestionDec 1. Mr Rasool commenced business with the Capital of Rs. 10,00,000 cash.Dec 1Purchased for Rs 140000 equipment and made Rs. 40000 Cash and issued 6montha notes payable for bala nce amount at 6' per ann um interest.Dec 2 Purcha sed office furniture for Rs. 240000 end paid Ra. 150000 in ca sh andbalence to bepaid in 30 days with useful ife of 5years.Dec 3.Purchased offi ce supples on account from Flowers inc, for Rs. 65000.Payment is due within 30 days.Dec 5. Purcha sed computer systems for Rs. 1 00000 from AP Computers and paidRs. 20000 in cash. Balance amount to be paid in two equal installments onDecember 21, and January 10 next yearDec 17. HB Bros., found that a computer system was not working well that waspurchased from AP Computer on account. Therefore, thecompa ny returned thissystem that costa Rs. 12500.Dec 21. Rented a small portion of land to a firm for business activities at Rs. 2000per day. However, full amount will be collected when business activities cometo…
Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wages given to workers were $158229 in a year. The interest forgone for the invested funds was $22000 per year. James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered $26985 per year to train employees in another firm. Two students assist him managing his account books for which they are paid $6550 each per year. Find accounting profits and economic profits for J.C. Accounting firm. Should James Collier stay in his business? Why? Explicit costs = Implicit costs = Economic costs = Accounting…
Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…
Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…
Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…
Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3…
Determine the credit and debt for each transaction 10 – 4 – 2021Mr. Salman invested additional Capital 15,000 to develop his business.18 – 4 – 2021He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1)22 – 4 – 2021The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1)25 – 4 – 2021The business returned RO 2,000 worth of phones27 - 4 – 2021Mr. Salman received an invoice for RO 500 from Akbar Travels.This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days29 – 4 – 2021Grand Phones returned RO 800 worth of phones30 – 4 – 2021The owner received cash from Grand phones RO 11,150 in full settlement of their account.
Q2. In March 2013, Marine tangerine organized a corporation to provide package deliveryservices. The company, called Tone Deliveries, Inc., began operations immediately. Transactionsduring the month of March were as follows:Mar. 2 The corporation issued 40,000 shares of capital stock to Marine in exchange for$80,000 cash.Mar. 4 Purchased a truck for $45,000. Made a $15,000 cash down payment and issued anote payable for the remaining balance.Mar. 5 Paid Sloan Properties $2,500 to rent office space for the month.Mar. 9 Billed customers $11,300 for services for the first half of March.Mar. 15 Paid $7,100 in salaries earned by employees during the first half of March.Mar. 19 Paid Bill’s Auto $900 for maintenance and repair services on the company truck.Mar. 20 Collected $3,800 of the amounts billed to customers on March 9.Mar. 28 Billed customers $14,400 for services performed during the second half of themonth.Mar. 30 Paid $7,500 in salaries earned by employees during the second half of…