Q1. Divya got tired of teaching accountancy as the job was very strenuous. She decided to start her own venture named Spiritual Art Company. It was her childhood dream to finally start her own venture. However, she was lazy in maintaining a detailed accounting record and scribbled her activities in a rough notebook. The following are the entries for April 2022. Date April 1 April 4 April 5 April 7 April 10 April 14 April 17 April 23 April 25 April 28 April 29 April 30 Transaction Invested cash in share capital INR 10,000 Paid two month's rent in advance for a shop INR 20,000 Bough equipment for cash, INR 1,200 Bought supplies on credit, INR 700 Received payment for remodeling assignment, INR 8,600 Paid for an advertisement, INR 1,400 Received payment for furnishing an office, INR 11,200 Billed customers for work done, INR 13,100 Paid assistant's wages, INR 1,500 Paid electricity charges, INR 240 Received payment from customers billed on April 23, INR 4,800 Paid a dividend, INR 2,500 Required: 1. Prepare journal entries for the above transactions. 2. Post journal entries to a ledger 3. Prepare a trial balance

Q1. Divya got tired of teaching accountancy as the job was very strenuous. She decided to start her own venture named Spiritual Art Company. It was her childhood dream to finally start her own venture. However, she was lazy in maintaining a detailed accounting record and scribbled her activities in a rough notebook. The following are the entries for April 2022. Date April 1 April 4 April 5 April 7 April 10 April 14 April 17 April 23 April 25 April 28 April 29 April 30 Transaction Invested cash in share capital INR 10,000 Paid two month's rent in advance for a shop INR 20,000 Bough equipment for cash, INR 1,200 Bought supplies on credit, INR 700 Received payment for remodeling assignment, INR 8,600 Paid for an advertisement, INR 1,400 Received payment for furnishing an office, INR 11,200 Billed customers for work done, INR 13,100 Paid assistant's wages, INR 1,500 Paid electricity charges, INR 240 Received payment from customers billed on April 23, INR 4,800 Paid a dividend, INR 2,500 Required: 1. Prepare journal entries for the above transactions. 2. Post journal entries to a ledger 3. Prepare a trial balance

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.9C

See similar textbooks

Similar questions

1Q Ameena Enterprise is a business management service founded by Madam Ameena in 2019.Mr. Ali is an accountant responsible for preparing the financial statements for AmeenaEnterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Alihas several tasks planned to test Miss Maria’s ability to work. Firstly, he asked Miss Maria toprepare the journal entries to record the transactions of Ameena Enterprise for the month ofApril 2021. The following are the transactions that occurred in April 2021:Date Transactions1 April Purchased office equipment of RM14,000. 40% of the amount is purchasedon credit basis and the remaining balance is paid by cash.1 April Accrued revenues of RM3,500 previously recorded to accounts receivablewere collected.1 April Paid office rental in advance for RM4,500.2 April Paid all accrued salaries for Mac 2021, RM3,000.3 April Provided services amounting RM2,400 for the customer who made theadvance payment March 2021.10 April Received…
Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information. 1st June, 2017 31st May, 2018 GH¢ GH¢Inventory 1,019 2,998Trade Receivables 3,605 2,070Trade payables 1,740 970Telephone prepaid 200 265Cash at bank 1,696 (1,144)The bank statements for the year to 31st May, 2018 are summarized as follows:…
Case Scenario1 - Hien Hien is in business selling high quality glassware to retailers. Her accountant prepares a statement of financial position each year following Hien’s year end of 31 December. It is now 30 June 20X3. Hien, who has no knowledge of accounting, asks you for some assistance: ‘I know you’re studying accountancy and I’ve got a little exercise for you. The situation is this: I seem to be doing really well if the bank account is anything to go by. At over £62,000 the balance is higher than it’s ever been before. I’m wondering if I can actually spend this money. I don’t need it for myself but I’m thinking about buying some shares in the glass company which supplies a lot of the goods I sell. Could you possibly draw up a statement of financial position for me for the end of June and let me know whether the business is really looking as healthy as I think it is?’ Hien supplies the following list of balances at 30 June, prepared by her book-keeper.…
Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for serval companies, she opened her own business, HR Solutions. She completed the following transactions during May 2020: May     1 Invested $78,000 in cash and office equipment that had a fair value of $51,000 in the business.             1 Prepaid $15,300 cash for three months rent for an office             2 Made credit purchases of office equipment for $25,500 and office supplies for $5,100             6 Completed a report on hiring solutions for a client and collected $8,300 cash             9 Completed a $16,300 project implementing a training program for a client, who will pay within 30 days             10 Paid half of the account payable created on May 2             19 Paid $7,800 cash for the annual premium on an insurance policy             22 Received $13,100 as partial payment for the work completed on May 9…
Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for serval companies, she opened her own business, HR Solutions. She completed the following transactions during May 2020: May     1 Invested $78,000 in cash and office equipment that had a fair value of $51,000 in the business.             1 Prepaid $15,300 cash for three months rent for an office             2 Made credit purchases of office equipment for $25,500 and office supplies for $5,100             6 Completed a report on hiring solutions for a client and collected $8,300 cash             9 Completed a $16,300 project implementing a training program for a client, who will pay within 30 days             10 Paid half of the account payable created on May 2             19 Paid $7,800 cash for the annual premium on an insurance policy             22 Received $13,100 as partial payment for the work completed on May 9…
Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for serval companies, she opened her own business, HR Solutions. She completed the following transactions during May 2020: May     1 Invested $78,000 in cash and office equipment that had a fair value of $51,000 in the business.             1 Prepaid $15,300 cash for three months rent for an office             2 Made credit purchases of office equipment for $25,500 and office supplies for $5,100             6 Completed a report on hiring solutions for a client and collected $8,300 cash             9 Completed a $16,300 project implementing a training program for a client, who will pay within 30 days             10 Paid half of the account payable created on May 2             19 Paid $7,800 cash for the annual premium on an insurance policy             22 Received $13,100 as partial payment for the work completed on May 9…
I am having trouble with this section of questions, not sure how to set up or fill out properly.... SERIAL PROBLEM: KATE’S CARDS(Note: This is a continuation of the Serial Problem: Kate’s Cards from Chapter 1.)SP2. In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms,and began the process of getting her business up and running. The following events occurred duringthe month of September 2019:1. Kate deposited $10,000 that she had saved into a newly opened business checking account. Shereceived common stock in exchange.2. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores.3. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design andprinting.4. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercialprinter for the company, paying $4,800 in cash. She decided to record all of these items under thesame equipment account.5. Kate…
Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information. 1st June, 2017 31st May, 2018$ $Inventory 1,019 2,998Trade Receivables 3,605 2,070Trade payables 1,740 970Telephone prepaid 200 265Cash at bank 1,696 (1,144)The bank statements for the year to 31st May, 2018 are summarized as follows:$Payments to suppliers 8,460 Receipt from Customers 6,690Cash takings 5,900 Drawing 3,120Rent 2,700 Telephone 1,150Other balances as at 1st June, 2017 are as follows: $Motor vehicle (cost $6,000) 4,750Rent; Outstanding 165 Prepaid 100You are given the following additional information: i. Depreciation is to be charged at 20% on straight line method. Mr. Otabil took goods for his personal use worth $375. ii. A telephone bill was received on 7th July, 2018 for $375, this related to the quarter ended 30th June, 2018. iii. Rent includes $960 paid on 1st…
Latisha Lopez started her own consulting firm, Isis Consulting, Inc. on May 1, 2023. The trial balance at May 31 is as follows. Isis Consulting, Inc. Trial Balance May 31, 2023 Account Number Debit Credit 101 Cash $ 7,700 112 Accounts Receivable 4,000 126 Supplies 1,500 130 Prepaid Insurance 2,400 157 Equipment 12,000 201 Accounts Payable $ 4,500 209 Unearned Service Revenue 2,600 311 Share Capital—Ordinary 16,000 400 Service Revenue 8,500 726 Salaries and W ages Expense 3,000 729 Rent Expense 1,000 ______ $31,600 $31,600 In addition to those accounts listed on the trial balance, the chart of accounts for Isis Consulting also contains the following accounts and account numbers: No. 158…
Lisa and Ruby two friends from high school, incorporated their design company and began operation on October 1, 2023. During that first month of operation, the company provided services for clients. It is now October 31, 2023, and Lisa and Ruby are wondering how their company performed in its first month of operations. They have provided you with the following information Accounts payable 1,800 Accounts receivable 2,000 Cash balance at June 1, 2023 0 Cash balance at June 30, 2023 33,300 Common shares 50,000 Land 18,000 Office supplies 3,700 Payment of cash dividends 2,100 Rent expense 1,100 Retained earnings at June 1, 2023 0 Retained earnings at June 30, 2023 ?? Salaries and wages expense 1,200 Service revenue 10,000 Utilities expense 400 a) Prepare an income statement for the month of June for this company. b)Prepare a statement of retained earnings for the month of June for this company. c)Prepare a balance sheet as at October 31, 2023 for this…
I have a big project due and I am unsure if I am doing this correctly. I am attaching the spreadsheet and accounting data. Can you please check over it for me and let me know if anything is calculated wrong? Accounting Data Appendix The following events occurred in October: October 1: The business owner used $25,000 from their personal savings account to buy common stock in their company. October 1: Purchased $8,500 worth of baking supplies from vendor, on account. October 3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. October 7: Entered into a lease agreement for bakery space. The agreement is for one year. The rent is $1,500 per month; the last month’s rent payment of $1,500 is required at the time of the lease agreement. The payment was made in cash. Lease period is effective October 1 of this year through September 30 of the next. October 10: Paid $375 to the county for a…
Q1) Analyze these transactions and prepare a table to show their effect on the accounting equation. Mr. Rasool started a courier service in Ibri, Fast Couriers, on January 1, 2020. The followingtransactions occurred during the month of January 2020.January 1 Rasool invested OMR 15,000 in the business.January 3 The business borrowed OMR 5,000 from Bank Nizwa, to be repaid after 3 years.January 4 Bought a delivery van OMR 7,000 from Fine Automobiles. Rasool paid OMR 2,000 and thebalance will be paid later.January 5 Paid insurance for full year OMR 1,000.January 7 Billed a customer OMR 500, for delivery service and received cash.January 10 Purchased packing materials (supplies) for OMR 500 on account.January 12 Received invoice from Shelly Autocare OMR 250, for the repair of delivery van. Businessagreed to pay the cash later.January 14 Earned OMR 1,000 on a customer order for an overseas delivery, but not received the cash.January 15 Rasool took OMR 300 for his personal expenses.January…