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- 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.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.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.
- 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.Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
- 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, 6Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.April Ms. Ann Chavez, the owner of the business, transferred cash from personal bank account to the account of the business. P 1,000,000. Purchased Plain shirts for cash, P 50,000. Bought Screen Printing Machine for notes payable, P 30,000. Bought Ink for cash, P 25,000. Bought Computer Equipment for notes payable, P 10,000. Paid water & electricity bill, P 3,500. Ms. Ann Chavez withdrew P 4,000 cash for personal use. Purchased Office Supplies for cash, P 2,000. Paid May rent for office, P 15,000. Received cash from a customer for service rendered, P 3,400. Received cash from a customer for service rendered, P 4,400. Made payment on notes payable, P 40,000. Received cash from a customer for service rendered, P 6,450. Paid annual insurance policies, P 10,000. Paid salaries, P 12,000. Prepare the trial balance
- Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1, 2018. A cheque for $400 payable to cash was given to Kate, the petty cashier, who went to the bank and brought back $400 and put it in the petty cash box. The following transactions were completed during January. Jan 1 Purchased business cards for $36 (this business records office supplies as expenses upon purchase) Jan 10 Paid $60 for repairs to the office photocopier Jan 15 Paid $66 COD charges on merchandise to be resold to customers (the business uses the periodic inventory system) Jan 15 Purchased paper for the printer, $37 Jan 20 Paid $45 for an advertisement in the local January newspaper Jan 25 M. Jordan took $90 from the cash box to pay for a personal gift for his mother Jan 26 Paid $40 delivery charges on merchandise inventory sold to a customer Jan 28 Paid $16 for stamps used for mailing cheques to its suppliers. The money in the petty cash box was counted…Mia Toretto has been in business since 1st January 2020. The following is a list of her transaction for January 2020: 1/1/2020 Capital of RM30,000 paid into a business bank account. 2/1/2020 Van purchased on credit from Lang for RM5,000. 6/1/2020 Goods purchased on credit from Green for RM15,000. 10/1/2020 Cheque drawn on the bank for RM1,000 in order to open a petty cash account. 14/1/2020 Goods sold on credit for RM6,000 o Haddock. 18/1/2020 Cash sales of RM5,000. 20/1/2020 Cash purchases of Rm3,000. 22/1/2020 Miscellaneous expenses of RM500 paid out of petty cash. 25/1/2020 Lang’s account settled by cheque. 28/1/2020 Green allows Mia Toretto a cash discount of RM500. 29/1/2020 Green sent a cheque for RM10,000. 30/1/2020 Haddock is allowed a cash discount of RM600. 31/1/2020 Haddock settles his account in cash. Required: Enter the above transaction in Mia Toretto’s ledger accounts.Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Cash paid to Muscat Mobiles LLC RO 12,500 b. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 c. sold mobiles worth RO 18,000 from Sohar supplies LLC for cash d. Received cash from Sohar Supplies LLC for RO 12,500