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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.ANALYSIS OF T ACCOUNTS Roberto Alvarez began a business called Robertos Fix-It Shop. 1. Create T accounts for Cash; Supplies; Roberto Alvarez, 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, 6,000. (b) Purchased supplies for cash, 51,200. (c) Paid utility bill, 900. 2. Foot the T account for cash and enter the ending balance.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.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.Q1. Journalize the following transaction and prepare Cash Ledger only. 1. Started business with OMR 45,000 2. Purchase goods from Mr. Ahmed OMR 9,000 3. Bought machine for OMR 7,000 4. Paid rent OMR 5000 5. Sold goods on credit to Mr. Yusuf for OMR 12,000 6. Received interest OMR 11000 7. Sold goods for OMR 20000 8. Purchase goods for OMR 4000 and paid 50% cash. 9. Withdrawn 10 % of capital from the business for personal use. 10. Deposited OMR 2,000 in the bank. 11. Sold car for OMR 6000 12. Withdrawn money from bank OMR 1,000
- 2. Aminah opened a business on 1 January 2020. She brought in cash RM 120,000 and equipment valued at RM85,000 into a business. You are required to record the following transactions in tabular analysis format:January 2020Particulars3 Deposited RM55,000 of the cash into the bank account5 Bought motorcycle worth RM9,000 on credit from Bobby Motor Sdn Bhd6 Purchased goods on credit from Freshy Mart worth RM14,0008 Sold goods by cash to Fafau Catering Enterprise worth RM16,50010 Bought cttlery equipment worth RM3,200 by cash12 Bought goods on credit from Freshy Mart worth RM7,70016 Paid electricity bill by cheque amounting RM90018 Customer pay and received cash worth RM3,60021 Sold goods on credit to HanaHani Enterprise worth RM9,40025 Settled all amount due to Freshy mart by cheque payment28 Sold goods on credit to Hafifah Mart worth RM12,30030 Received cheque from Hanahani Enterprise in settlement of all amount due31 Paid by cheque worth RM9,000to Bobby Motors and paid salaries by cash…3. Record the following transaction in the appropriate journal, ledger accounts, balance off the accounts and prepare trial balance as at 31 January 2020.Jan 1 Started business with RM2,000 cash5 Purchased goods on credit RM1,00010 Sold goods on credit RM80015 Bought furniture by cash RM40020 Received cheque from debtor RM80025 Cash sales RM20031 Paid salary by cash RM300Following transactions are given to you(a) Started business with cash Rs.5,00,000 and plant &machinery Rs.2,00,000.(b) Purchased goods for cash Rs.40,000 and on credit Rs.30,000.(c) Purchase furniture for office use Rs.10,000 and for thedomestic use of proprietor Rs.5000.(d) Rent paid in advance Rs.6000.(e) Goods lost by fire Rs.1000.Required: Accounting equations.
- 4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 20203. Record the following transactions for the month of August 2020 in the general journal and post to the appropriate ledger account and balance all the accounts the prepare the trial balance as 31 August 2020.Aug 1 Chandra commenced business with RM12,000 in cash2 Transferred RM11,000 in cash into a bank account5 Purchased goods from Siva on credit for RM8309 Bought office furniture for RM250 in cash12 Sold goods to Willy on credit for RM57014 Returned goods worth RM75 to Siva 16 Paid rent by cheque for RM35018 Purchased office stationery for RM30 in cash21 Chandra made drawings in cash for RM14024 Paid insurance by cheque for RM17025 Sold goods to Willy on credit for RM49028 Purchased goods from Siva on credit for RM56030 Sent cheque to Siva for RM755Sunshine Enterprise owns a small furniture shop in SS15, Subang. The following transactions were extracted from the book on 30 September 2021: 2021 Sept 2 Invested RM245,000 in the bank and RM3,000 cash to start the business. 3 Paid rent RM12,000 by cheque. 6 Bought goods RM50,152 on credit from Parker Store. 9 Bought office equipment RM31,980 on credit from STC Shop. 10 Cash sales for RM1,126. 13 Returned goods RM1,810 to Parker Store. 15 Sold goods RM17,120 on Credit to PPT Book. 18 Returned some extra parts of office equipment RM890 to STC Shop 23 Received goods RM598 returned by PPT Book. 28 Bought trolley RM2,875 by cheque. 29 Paid electricity bill RM1,554 through bank transfer. 30 Received full payment from PPT Book through a bank-transfer. 30 Paid RM5,000 to owner’s family by cheque for a family…