Post these transaction under QB 1. RJ Started Business with 10000 Bank 2. Took loan from Mr. Lee 15000 Cash 3. Took loan from Ms. Meera 5000 Cash 4. Took loan from TD Bank 25000, transferred to his account 5. Truck is bought and paid 17000 by cheque 6. (Rent of Machinery is paid by cash $1500) 7. $5500 Revenue is generated by cash 8. Owner invested $8000 by cash in business 9. Salary paid to staff $2100 by cheque 10. Donation of $250 paid by cheque to Canada Welfare Society 11. Depreciation $1700 on Truck 12. Salary due but not paid till 31 st dec $1750 13. Serivce Revenue is Generated $7400 by chq 14. Advertisement Expenditure paid by cash $350 15. Owner purchased Laptop worth $700 paid by chq

Post these transaction under QB 1. RJ Started Business with 10000 Bank 2. Took loan from Mr. Lee 15000 Cash 3. Took loan from Ms. Meera 5000 Cash 4. Took loan from TD Bank 25000, transferred to his account 5. Truck is bought and paid 17000 by cheque 6. (Rent of Machinery is paid by cash $1500) 7. $5500 Revenue is generated by cash 8. Owner invested $8000 by cash in business 9. Salary paid to staff $2100 by cheque 10. Donation of $250 paid by cheque to Canada Welfare Society 11. Depreciation $1700 on Truck 12. Salary due but not paid till 31 st dec $1750 13. Serivce Revenue is Generated $7400 by chq 14. Advertisement Expenditure paid by cash $350 15. Owner purchased Laptop worth $700 paid by chq

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
Brief Exercise 2-2? Events and Transactions Several events are listed below. Paid $30,000 for land. Purchased office supplies for cash. Perfumed consulting services for a client with the amount to be collected in 30 days. Signed a contract to perform consulting services over the next 6 months. Required: For each of the events, identify which ones qualify for recognition in the financial statements. If an event does not qualify for recognition, explain why.
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?
ANALYSIS OF T ACCOUNTS Richard Gibbs began a business called Richards Shoe Repair. 1. Create T accounts for Cash; Supplies; Richard Gibbs, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts: (a) Invested cash in the business, 6,500. (b) Purchased supplies for cash, 700. (c) Paid utility bill, 2,700. 2. Foot the T account for cash and enter the ending balance.
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.
TRANSACTION ANALYSIS George Atlas started a business on June 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, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared in Exercise 3-5B if necessary.
Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a new payable. Purchased $25,000 of equipment for cash. (Continued) Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $31000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model.
R. Nelson invests his personal computer, with a fair market value of 2,500, in the business. How would this transaction be recorded? a. A debit to R. Nelson, Capital, 2,500. b. A credit to Cash, 2,500. c. A credit to Professional Fees, 2,500 d. A debit to Computer, 2,500.
TRANSACTION ANALYSIS George Atlas started a business on June 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, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100.
TRANSACTION ANALYSIS Linda Kipp starred 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. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared Exercise 3-5A if necessary.
Which of the following transactions would increase the cash by RO 5000 and increase the revenue by RO 5000? a. Purchased Furniture RO 5000 b. Took Loan of RO 5000 from Bank Nizwa c. Performed service to the customer RO 5000 and the customer paid cash RO 5000 d. Paid RO 5000 for the creditors
The transactions below relate to S ASH for the month ended 30 June 2021. Date Transactions Amount 2021 RJun 01 S Ash deposited capital into the business bank account 80 00005 The business obtained a loan from LTC Bank 15 00007 Acquired a vehicle and settled the purchase price by cheque 25 00008 Bought cleaning material from AD Suppliers on credit 50010 Invoiced Dekker Hotel for cleaning services rendered 1 00012 Received a cheque from Dekker Hotel and deposited it in the bank account 50014 Paid Salaries by cheque 1 50016 An advert was published in the daily news. This is payable in30 days 25025 S Ash transferred his personal equipment into the business 10 00030 Stationery on hand 1 000 Required: Analyse the above transactions in tabular form as follows: A/C.DEBIT A/C.CREDIT A = E + L