On September 1" 2020 Mr. SAM started new repair service business. Listed below are the transactions for the month of September 2019. On September 1 Mr. SAM invested Rs 250,000 cash in new business On September 5 Purchased office supplies 1,500 On September 11 Purchases building 50,000 paid cash 33,000 signed notes payables for remaining balance September 13 Received cash Rs. 27,000 for services rendered September 16 Rendered services to client SH worth 23,000 but payment not yet receive September 17 Purchased equipment for Rs 33, 000, paying Rs. 20,000 cash and signed for the balance September 18 Paid gas bill expenses Rs12,000 September 19 Received full payment from SH September 18 Withdrew Rs 6,000 cash for personal use September 18 Purchased supplies for Rs 3,000 on account
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first question alone. If you want…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journalize the given transaction: Date Accounts title and explanation Debit (OMR) Credit (OMR)…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: The accounting equation is as follow:
Q: Tollow ansacti books of • Mr. Anwar decide to start a business of Computer Service Business that…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: usie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following transactions…
A:
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Answer the following questions: 1. Assume that Rolf Dorman invests $20,000 in cash in a new pool…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following…
A: 1. Post Closing Trial Balance - Post Closing Trial balance is prepared after making all the closing…
Q: On nov 1 Noman started his Repair service. Listed below are the transactions for the month of nov…
A: These are parts of accounting.
Q: Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following…
A: Unadjusted trial balance is prepared before the adjusting entries are recorded in the books. It can…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first question alone. If you want…
Q: Mr. Mike Benter opened the Benter Servicing on June 1, 2019 with the following investments: 300, 000…
A: These accounts are prepared for recording the business transactions.
Q: Prepare journal entries for the transaction of Ahmed and Sons for the month of April 2020.0n April 1…
A: The items of the company are to be first reported in the journal book and then classified to ledger…
Q: Ahmed opened a law office on July 1, 2019. During July the following transactions occurred. 1) July…
A: Journal- A primary books of account that record all the financial transactions of a business in a…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Mr. Salah Accounting analyst Company Income statement for the month ended Jan 31 Amount…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: 5. On September 1ª 2020 Mr. SAM started new repair service business. Listed below are the…
A: Trial balance is the statement prepared to get the balance of all the accounts at one single place.…
Q: Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following…
A: 1. Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Journal is the primary book where the transactions are originally recoded. A journal entry is used…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Post the entries and calculate the balances:
Q: 2. Hongkun is sole owner of business. He has been started business since 2018. Following are…
A: Journal entries…
Q: The following business transactions relate to John Clark (financial planner) for his first month of…
A: 1. Accounting equation = Assets = Liabilities + Equity The affect of revenue and loss affect the…
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: 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: Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following…
A: The financial transation are recorded in the for of journal entry.
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first question alone. If you want…
Q: sactions for the whole month of October 2019. Michele Angelie deposited P250,000 under the name of…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Mr. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Sarah's Repair Shop opened for business on November 1, 2021. The following transactions occurred in…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the…
A: Date Accounts title and explanation Debit ($) Credit ($) 31-Jul Depreciation expense…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
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: 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: Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following…
A: 1. Unadjusted Trial Balance - Adjusted Trial Balance is the trial balance after making adjustments.…
Q: Record journal entries for the following purchase transactions of Apex Industries, assuming…
A: Journal entry is a primary entry that records the financial transactions initially.
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. Salah opened the accounting analyst services in January 2020. He plans to prepare the monthly…
A: Unadjusted trial balance: Unadjusted trial balance is that statement which contains complete list of…
Q: Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2019. During July, the company…
A: For Closing entries , All the accounts will be transferred to Income summary . The balance of Income…
Q: 5. On September 1ª 2020 Mr. SAM started new repair service business. Listed below are the…
A: Three golden rules of accounting that are used in preparing journal entries are: Debit the receiver…
Q: Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following…
A: Explanation - There are three statements of the organization which show different accounting…
Q: occurred in January 2020: date transaction January 1 Invested $10,000 in cash to start the business.…
A: Dear student , You asked multiple questions.…
Q: On June 1" 2020 Mr. Tocks started new repair service business. Listed below are the transactions for…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: On June 1 2020 Mr. Tocks started new repair service business. Listed below are the transactions for…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first three questions. If you…
Q: On September 1st 2020 Mr. SAM started new repair service business. Listed below are the transactions…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: . On September 1" 2020 Mr. SAM started new repair service business. Listed below are the…
A: JOURNAL ENTRY DATE PARTICULARS L.F. DEBIT CREDIT Sep 1 Cash A/C Dr. To Capital…
Q: pened Jara's Cleaning Service on July 1, 2019. During July, the follow- re completed. Complete…
A: As you posted many sub parts in a question we are answering the first 3 sub parts only as per our…
Step by step
Solved in 3 steps with 14 images
- 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.Hajun Company started its business on May 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 $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, 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.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.
- A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?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.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.
- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerOn 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 March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. 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.