On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are: Purchase Furniture for Cash Rs. 7,000. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. Owner withdrew of worth Rs. 2,000 for personal use. Paid Khalid Retail Store Rs. 500. Received Rs. 10,000 from Khan Brothers. Paid Salaries Expense Rs. 2,000
Q: Selected transactions for Ali Company, on May 1, 2018 in her first month of business. Are as…
A: The company will record each and every day to day transactions happened during the operations of the…
Q: On 1st January Pranav started Business by introducing $ 24,000 as cash, $ 7,000 as Equipment and $…
A:
Q: Enter the following transactions in journal and post them into the ledger and then post them into…
A: Journal entry, ledger posting and trial balance are some important process which are necessary for a…
Q: Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business…
A: The transactions in the business effects two or more accounts of the business. If one account is…
Q: JOURNALIZE THE FOLLOWING TRANSACTIONS: 2017 June 1- Peter invested cash amounting to Php 100,000 to…
A: Journalizing the transaction is the recording of the transaction for the proper preparation and…
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: The following transactions are taken from the books of Mr. Noushad for the month of May 2020. May 1…
A: Journal is a place where journal entries are recorded in the book keeping system before ledger…
Q: Refer to the following transactions entered into by TH Traders during the year ended 30 June 2012…
A: Assets = Liabilities + Equity Equity= Capital + Retained earnings Liabilities = Loan + Accounts…
Q: Prepare the Balance Sheet and Income Statement on the following hypothetical business Note: Read…
A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…
Q: Journalise the following transactions in the books or Mr. Tahir for the month of February 2021 . Feb…
A: Note - All the journal entries have been passed . Please post a separate question for the balance…
Q: On April 01, 2016 Anees started business with P100,000 and other transactions for the month are: 2.…
A: Journal entry is an accounting activity under which all relevant business transactions are recorded.…
Q: The following are the transactions of Taki traders for the month of June 2020: June 01: The business…
A: Given: June 01: The business owner paid €40,000 into the business account. June 01: Bought goods for…
Q: Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Make journal entries for the below listed transactions: On April 01, 2019 Chin started business with…
A: Journal entries are accounting entries recorded by entity for its transactions and are being…
Q: The following entries are in the books of Ali Co. for the month of May,2021: 10th May Establish the…
A: Journal is a financial book in which all the business transactions are recorded first, therefore…
Q: Mohammed started a delivery company in Muscat in June 2018 (Mohammed Delivery Service). During the…
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: Zahrah opened a laundry shop, Clean Laundry Shop on 1 April 2020. The following transactions were…
A: The accounting equation is written as : Assets = Liabilities + Owner's Equity
Q: Record the following transactions in the ledgers of A Chiu's business and then balance off all the…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of…
A: Accounting Equation: The accounting equation provides the foundation of the accounting system. It is…
Q: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:…
A: Journal entry is a process of recording business transactions in the books of accounts for the first…
Q: You are provided with the following information of John Mlachake for the month of March 2014 March:…
A: The general ledger accounts are graphically presented in the form of T Accounts. All the debit…
Q: Below are the transactions that Jenny Trading Sdn Bhd (JTSB) incurred during the month of July 2020.…
A: The answer is given below. Explanation:
Q: th, $1,300, and miscellaneous expenses, $700. d. Purchased office supplies on account, $1,250. e.…
A: An income statement is a financial statement that shows you the company's income and expenditures.…
Q: Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1…
A: In the Books of Mrs. Lamuna Journal Date Account Title and Explanation Debit Credit Feb. 1…
Q: Show the effect of the following transactions In the Accounting Equation by completing the below…
A: Accounting Equation of the business shows that total of assets in business should be equal to total…
Q: Construct an analysis of the following transaction and use the table: Assets = Liabilities…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: The following transactions were taken from the books of Cartago Repair Shopfor the month of May…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: Remy opened her ToursAFun business. During the first month, January, she completed the following…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following…
A: The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Any…
Q: Give Accounting Equation for following transactions of Jitesh: a. Started business with cash – Rs.…
A: Assets=Liability + Equity represents the accounting equation.
Q: Enter the following transactions in the records of TRUST GOD Enterprise, balance the various…
A:
Q: r.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000,…
A: Statement of Affairs as on 01.01.2018 Liability Amount (In Kshs) Asset Amount (In Kshs)…
Q: On April 01, 2020 Aneesh started a business with Rs. 10,00,000; other transactions for the month…
A: Final Accounts Preparation cycle : (1st 3 steps) 1. Journalizing all the transactions (Cash or non…
Q: Prepare Accounting Equation on the basis of the following: Rahim started business with cash Rs.…
A: Accounting Equation Assets = Liabilities + Capital
Q: On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and…
A: Accounting Equation shows a relationship between assets , liability and equity . it is based on…
Q: Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued…
A: Accounting equation: It refers to a financial equation that shows a relationship among different…
Q: Prepare accounting equationfor the following transactions? On April 01, 2016 Anees started business…
A: The accounting equation is viewed as the establishment of the twofold section bookkeeping framework.…
Q: Jeyaseeli is a sole proprietor having a provisions store. Following are the transactions during the…
A: Journal is a book in which entries are passed date wise. Proper debit credit has been recorded.
Q: On March 2017, Farhan Rahim. starts wholesaling business. Following transactions as follows:…
A: The trial balance is prepared as posting final balances from ledger accounts.
Q: The following transactions are extracted from the accounting records of Transwell Services for the…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: Ricardo Aninang established business on April 1,2017 and invested P5,000 cash and a building valued…
A: Every transaction has dual effect. The total of assets is always equal to the total of liabilities…
Q: Remy opened her Tours4Fun business. During the first month, January, she completed the following…
A: Pencil footing the ledger means the total balance of both side of ledger. After pencil footing…
Q: prepare a Trial balance for the following transactions, June 1 Ali commenced business with…
A: Solution- Trail balance…
Q: Refer to the following transactions entered into by TH Traders during the year ended 30 June 2012…
A:
Q: Mr. Nirmal has the following transactions in the month of April. Write Journal Entries for the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Started the business with cash RM1,000 and bank account of RM19,000 as capital. 3 Bought computer…
A: Financial transactions are initially recorded in the form of journal entry.
Q: Record the following transaction in the appropriate journal, ledger accounts, balance off the…
A: Journal in book keeping and accounting is a book of accounts used to record the monetary events…
Q: The following transactions occurred in the business during the month of July 2021. 5-Jul Provided…
A: Journal entries are the first step of recording the transactions. Every journal entry will have…
Prepare accounting equation for the following transactions?
On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:
- Purchase Furniture for Cash Rs. 7,000.
- Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
- Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
- Owner withdrew of worth Rs. 2,000 for personal use.
- Paid Khalid Retail Store Rs. 500.
- Received Rs. 10,000 from Khan Brothers.
- Paid Salaries Expense Rs. 2,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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.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 (Rent Expense). 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 year, 1,400, Ck. No. 2016. f. Sold services on account, 5,000 (Service Income). 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 (Service Income). i. Received and paid the bill for utilities, 150, Ck. No. 2017 (Utilities Expense). j. Received a bill for gas and oil for the truck, 80 (Gas and Oil Expense). k. Paid wages to the employees, 1,400, Ck. Nos. 20182020 (Wages Expense). l. Sold services for cash for the remainder of the month, 4,200 (Service Income). m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. 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.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.
- 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. e. Sold services for cash for the first half of the month, 6,927. 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. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. 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.A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?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.
- TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900.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.On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. b. Bought tables and chairs for cash, 725, Ck. No. 1200. c. Paid the rent for the current month, 1,750, Ck. No. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. No. 1203. h. Paid on account to Ferber Equipment, 700, Ck. No. 1204. i. Received and paid the electric bill, 438, Ck. No. 1205. j. Paid on account to Wigginss Distributors, 315, Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. No. 1207. m. Paid wages to an employee, 1,200, Ck. No. 1208. n. Resser withdrew cash for personal use, 700, Ck. No. 1209. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20--. 6. Prepare an income statement for July 31, 20--. 7. Prepare a statement of owners equity for July 31, 20--. 8. Prepare a balance sheet as of July 31, 20--. LO 1, 2, 3, 4, 5, 6
- During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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 October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
