Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions were completed. Mar. 1: Invested Tk 15,000 cash in the business. Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance on account. Mar. 3: Purchased cleaning supplies for Tk 1,500 on account. Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1. Mar. 14: Billed customers Tk 4,800 for cleaning services. Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed on
Q: Arnina established a service business to be known as Arnina Photography on July 1, 2021. During the…
A: Your journal entries may not be seen if you use accounting software or outsource your accounting,…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Introduction: Trial Balance: To check the arithmetical accuracy of ledger postings trial balance is…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: The company's transactions will be tracked, and the first book to record these transactions is the…
Q: Given below are the transactions related to Hameed Enterprises for the month of March 2021. Date…
A: Income statements and Balance sheets are prepared at the end of the period to analyze the income and…
Q: Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to…
A: A journal entry is an act of keeping or making records of any transactions either economic or…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs.…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: On January 1, 2020, Mohammed started a computer shop, a summary of January transactions are as…
A: Journal entries indicate the day to day summary of transactions made by the company related to…
Q: The following transactions occurred during the month of June 2021. 2-Jun Owner contributed $12,000…
A: Journal entries are used to record the different transactions in the books of accounts. Management…
Q: Mr. Ahmed Started a new repair shop business on 1st March 2019, the following events and…
A: Accounting equation is written as follows: Assets = Liabilities + owner's capital
Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date…
A: The financial statements of the business include the income statement and balance sheet of the firm.…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer De signs. During…
A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want…
Q: Mr. Klean opened a Cleaning Service shop on September 1, 2019. During the month, the business…
A: The journal entries refer to the accounting entries passed in the books of accounts using the…
Q: On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The…
A: The journal, ledger and trail balance are part of the accounting cycle. These are used to correctly…
Q: Mr. Armin opened an online shop called "Mr. & Mrs. Bii's Online Shop" on January 1, 2020. The…
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs.…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the…
A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Mr. George opened a janitorial services business called "George Johnny" on January 1, 2021. The…
A: 1. Supply is purchased not used. So, Office supply is debited. When it will be used, supply expense…
Q: The following are the transactions of J. Lo, owner of "LABANGO", a laundry shop, for the month of…
A: The trial balance is prepared using final balances of each ledger account. The ledger accounts are…
Q: On March 1, 2021, Jashen Dela Rosa, M.D., established the JDR Sports Rehab Clinic. Transactions…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred…
A: Show the effects of the given transactions on the accounting equation:
Q: Oriole Clark opened Oriole’s Cleaning Service on July 1, 2022. During July, the following…
A: Work Sheet
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: SOLUTION- JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…
Q: Mr. Ghassan started a travel agency, Dreams Travels, on March 1, 2021. Following transactions are…
A: Accounting equation is the one that shows the effects of transactions in the form of; Assets =…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Adjusting entries are those entries that are passed at the end of the period in order to accurately…
Q: Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the…
A:
Q: Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on…
A: JOURNAL ENTRY :— journal entry is the process of Recording financial transactions. A journal entry…
Q: Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL…
A: The primary reporting of transactions in the accounting books is known as journal entries. After…
Q: On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the…
A: The process of recording business transactions in the books of accounts for the first time is known…
Q: ipment, RM12,000. There were no liabilities received. 1. Paid three months' rent on a lease…
A: The transaction is given as,
Q: Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga…
A: As per accounting equation, assets equal to sum of liabilities and equity.
Q: Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL…
A: Journal entries are prepared on the basis of double entry system of accounting. Golden rules of…
Q: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred…
A: 1) Transactions on accounting equation: In accounting equation Assets = Liabilities + Stock holders…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: What is meant by Journal entries? It is the first step to record the financial transactions in the…
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Carmen Ramos started a business under the name of Perfect Cleaning. The following transactions…
A: Journal Entry The purpose of recording Jounral entry to make the clear picture about the transaction…
Q: Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Journal entries are those where the transactions into the books of company and it is the very…
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following…
A: Accounting cycle refers to the 8-step process of recording, analyzing, summarizing and interpreting…
Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…
A: The journal entries are prepared to record daily transactions of the business.
Q: On 1st April 2021, Jazni established an interior decorating business, JazniDeco. During the month,…
A: In the context of the given question, we are required to determine the effect of each transaction on…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions…
A: Adjusted trial balance: It is worksheet which shows all the accounts an organization has like…
Q: Mark Young opens his own company, Sunrise Travel and Tours, and completes the following transactions…
A: Accounting equation is an equation which indicates about that the total of assets balance is equal…
Q: Madam Halimah is the owner of Hally Laundry Services located in Alor Setar, Kedah. She started…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Ledger accounts
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. 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.In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. 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.For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). 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.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. 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.Domingo 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. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
- 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. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. No. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Received and paid the bill for utilities, 150, Ck. No. 2017. j. Received a bill for gas and oil for the truck. 80. k. Paid wages to the employees, 1,400, Ck Nos. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. 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, reanalyze each transaction.Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2019, follows: The following business transactions were completed by Valley Realty during August 2019: Aug. 1. Purchased office supplies on account, 3,150. 2.Paid rent on office for month, 7,200. 3.Received cash from clients on account, 83,900. 5.Paid insurance premiums, 12,000. 9.Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. Analyzing Transactions Aug. 17. Paid advertising expense, 8,000. 23.Paid creditors on account, 13,750. Enter the following transactions on Page 19 of the two-column journal: 29.Paid miscellaneous expenses, 1,700. 30.Paid automobile expense (including rental charges for an automobile), 2,500. 31.Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 31.Paid salaries and commissions for the month, 53,000. 31.Recorded revenue earned and billed to clients during the month, 183,500. 31.Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. 31.Withdrew cash for personal use, 1,000. 31.Rented land purchased on August 31 to a local university for use as a parking lot during football season (September, October, and November); received advance payment of 5,000. Instructions 1. Record the August 1 balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for August in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of August 31, 2019. 5. Assume that the August 31 transaction for Cindy Getmans cash withdrawal should have been 10,000. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?