Mr. Mohammed starts a business on 1stJanuary. cash MOR 50000, inventoryMOR5000 and building MOR 250000 ashis capital. Which of the following thejournal entriesSelect one:AccountDebitCreditcash Dr50000building Dr25000inventory Cr5000capitalCr70000AccountDebitCreditcashDr50000Inventory Dr50002500030000building CrcapitalOc.Debit CreditAccountcash DrInventory Dr250005000Building Dr50000capital Cr80000AccountDebitCreditcashDr50000Inventory Dr5000capital55000

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: Mr. Mohammed starts a business on 1st…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500
The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) b. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) + 10500 (Receivables) = 0 + + 5000 (Profit) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 11500 (Receivables) + + 3000 (Profit)
prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100
On 1 January 2020, Mamin Mali started a business by bringing in cash amounting to RM110,000.The nature of the business is supplying books and stationeries to schools and colleges. Thebusiness was registered as El Jay Sdn Bhd.Mamin Mali closes the company’s accounts every month and applies perpetual inventory systemin maintaining its inventories. The balances of the company’s accounts as at 30 April 2020 are asfollows:ACCOUNTS RMCash 26,700Accounts receivable 33,700Merchandise inventory 25,000Store supplies 5,500Prepaid insurance 2,000Store equipment 55,200Delivery van 48,000Notes payable 38,100Accounts payable 48,000The following transactions were completed in May 2020:Date TransactionsMay 1 Purchased merchandise from SazLee Company, RM2,500, FOB shipping point,terms 5/15, n/30. The transportation cost of RM200 was paid to thetransportation company.3 Sold merchandise to Remy Enterprise, RM18,700, term 3/10, n/30, FOBshipping point. The cost of the merchandise, RM7.900. The…
The following trial balance was extracted from the books of account of Chekwetu, a sole trader, as at 30 June 2009: Dr Cr Sh. ‘000’ Sh.’000’ Capital 50 000 Purchases / sales 15 000 80 000 Returns inward/ outward 1 000 2 000 Discounts allowed / received 3 000 6 000 Carriage inwards 200 Carriage outwards 400 Land and buildings 60 000 Motor vehicles 4 000 Fixtures and fittings 2 000 Computers 800 Provision for depreciation: Motor vehicles Fixtures and fittings Computers 1 800 400 240 Salaries and wages 1 400 Electricity and water 500 Insurance 300 Administrative expenses 700 Selling and distribution expenses 650 10% bank loan 2 000 Interest on bank loan 160 Drawings 306 Inventory (1 July…
Chandra's bakery business has the following account balances at 30 December 2019: Equipment OR 38000, inventories OR 4100, Account payables OR 2650, loan of OR 5000 bank of OR 1090, purchase return 2500, sale 23040 and capital 10000. The total amount of the trial balance is: Select one: a. OR 38660 b. OR 43190 c. OR 30190 d. Correct answer not available e. OR 35540
The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?
S. Green drew up the following Trial Balance as at 30 September 2020: direct debit (DR) credit(CR) capital 45.000 drawings 14.500 cash at bank 29.000 cash in hand 3.500 accounts receivable(debtors) 52.000 accounts payable(creditors) 12.000 inventory stock 30/09/2018 36.000 van 21.000 fixtures and fittings 18.000 sales 700.000 purchases 450.000 return inwards(sales return) 2.000 carriage inwards 810 return outwards (purchase returns) 600 carriage outwards 2.400 motor expenses 1.500 rent 54.000 telephone charges 540 wages and salaries 71.000 insurance 750 office expenses 400 sundry expenses 200 757.600 757.600 Inventory as at 30 September 2019 was £40,000.Requireda. Draft an Income Statement for S. Keyes for the year ending 30th September 2020
S. Green drew up the following Trial Balance as at 30 September 2020: direct debit (DR) credit(CR) capital 45.000 drawings 14.500 cash at bank 29.000 cash in hand 3.500 accounts receivable(debtors) 52.000 accounts payable(creditors) 12.000 inventory stock 30/09/2018 36.000 van 21.000 fixtures and fittings 18.000 sales 700.000 purchases 450.000 return inwards(sales return) 2.000 carriage inwards 810 return outwards (purchase returns) 600 carriage outwards 2.400 motor expenses 1.500 rent 54.000 telephone charges 540 wages and salaries 71.000 insurance 750 office expenses 400 sundry expenses 200 757.600 757.600 Inventory as at 30 September 2019 was £40,000.Required FOR PART A & B need help ,pls!a. Draft an Income Statement for S. Keyes for the year ending 30th September 2020 b.. Construct a Statement of Financial Position (Balance Sheet) for S. Keyes as at…
The company bought goods worth RO. 15000. For cash RO. 8000 and the balance on credit. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity +15000 (stock of goods) -8000 (cash) = 7000 (payables ) + 0 b. Assets = Liabilities + Owners' Equity -8000 (cash) = +15000 (stock of goods) + -7000 (payables ) c. Assets = Liabilities + Owners' Equity +15000 (Stock of goods) = +7000 (Payables) + +8000 (Cash ) d. Assets = Liabilities + Owners' Equity +15000 (stock of goods) -8000 (cash) = 0 + 7000 (payables )
Prepare the income statement, balance sheet and statement of owner’s equity based on the information given below. Rudos Trial Balance as at 31 December 2019 Debit Credit Cash 5000 Supplies 3800 Sales 50000 Purchases 20000 Opening stock 5000 Prepaid insurance 4800 Accounts receivable 6000 Land 125000 Buildings 14000 Furniture 33600 Accounts payable 10600 Unearned rent revenue 7200 Mortgage payable 16600 Accumulated depreciation: Buildings 3400 Sue Phillips - Capital 120000 Rent revenue 18400 Advertising expense 1000 Salaries expense 6000 Utilities expense 2000 226200 226200 Additional information Closing stock $2000 Supplies on hand at the end of the period $1100 Depreciation for and furniture 10% per year Insurance expense per month $300 Bad debt to be written off $800…
Present below are the balance sheet of the assets and liabilities of High and Dry Delivery service as of Sept. 30, 19x2. Also included are the revenue and expense figure of the business for September. Delivery exp………………. 4100 Account Receivable… …1900 Account Payable………….1750 High and Dry Capital……? Salary Expense …………….2000 Delivery Equipment………15500 Supplies…………………………600 Note Payable…………………..6000 Rent Expense…………………..500 Cash…................................750 Required 1. What type of business organization is high and dry delivery service? How can you tell? 2. Prepared the balance sheet of high and dry delivery service as of September 10, 19x2

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