Question 1 Complete the column to show the effects of the transactions. The first transaction has been done for you. Paid creditor RM500 by cheque. Brought in personal car worth RM40,000 for use in business. Bought equipment costing RM6,000 from Shah Enterprise on credit. Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago. Further injection of RM20,000 as additional capital of the business Effects of transaction on Transaction Assets(RM) Equity(RM) Liabilities(RM) a -500 -500 b c d e
Q: Transaction Account to be Account to be debited credited a. Started a business with RM50,000 by cash…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
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: a. Enter these transactions in the cash book and ledgers. Balance the cash book and Duleep’s…
A: Cash A/c Date Particular Amount Date Particular Amount Nov-01 To Mahendra…
Q: 1 Long invested P200,000 in the firm. Paid rent for three months to Lee Sodd, P90,000 Purchased…
A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…
Q: Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested…
A: The question is related to Journal Entries for the month October 30th, 2022.
Q: 1. CtSha Enterprise started a new business on 1 of September 2020. You are required to record the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Journalize the following business transactions in general journal form. Identify each transaction by…
A: Journal entries are the recording of entries which helps in posting and preparing trial balance. It…
Q: The following are selected transactions of BSAIS Company, an accounting firm: June 1 Andy Alarcon…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his…
A: T-accounts are the accounts to which the journal entries are posted.
Q: PROBLEM: Mr. Min Jimin established the MinJi Car Rental Services in August 1, 2021. During the first…
A: Accounting cycle is a cycle through which the process of accounting is performed and it includes…
Q: Mr. Armin opened an online shop called "Mr. & Mrs. Bii's Online Shop" on January 1, 2020. The…
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash…
A: An accounting equation refers to the equation that shows the connection between the balance sheet…
Q: ock from Syarikat Burung Emas worth RM9,000 by cash transfer. 10-Jan-21 Purchased office equipment…
A: A balance sheet is a financial statement that displays a corporation's assets, liabilities, and…
Q: The following transactions related to the business of Iqbal & Sons (Broker). 1. Iqbal started…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: August 1 August 2 August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to…
A: The journal entries are prepared to keep the record of daily transactions of the business.
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: (2) ACE Corp., a US public company, has the following transactions: A. The company is started by…
A: Revenue means income earned during a period from the operations of a company. The expenses are…
Q: January 1 RJ had invested RM100,000 cash and RM35,000 office equipment to the business as a…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: business offers services in computer consultancy. The following is a list of transaction Hafiz has…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…
Q: Use the following table to show the effects of transactions. Use + or -and the dollar amount to show…
A: Accounting Equation = Assets = Liabilities + Capital ( owner’s equity)Assets: An assets own…
Q: PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his…
A: Accounting equations are on the basis of the dual aspect concept of accounting. It means that every…
Q: 2. Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: 1. Ahmadi started a new business on 1 of March 2020. You are required to record the following…
A: Machinery is described as fixed asset of the entity. It is used by the entity to manufacture goods…
Q: Problem 8 For each transaction below, tell which account is debited and which account is credited.…
A: Journal- Journalizing is the process by which businesses record their transactions in a systematic…
Q: Lanni Products is a start-up computer software development firm. It currently owns computer…
A: Financial assets are those whose value is based on contractual rights or ownership claims. They are…
Q: Procedures: 1. Analyze the following business transactions below. For December, Mr. John Wick had…
A: Trial balance is a worksheet which is prepared to measure the accuracy of the accounts before the…
Q: RA established his own company, r@ktas Co. The following transactions are the events that occurred…
A: Answer 1:
Q: Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On 1-1-2020, Mr. A started his business (as A. Enterprises) of dealing in televisions by investing…
A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…
Q: 2 On 1/1 the merchant started his business with a capital of (100,000) deposited in the bank. 3- 1\1…
A: "Since you have asked multiple questions, we will solve first question for you. To get remaining…
Q: Determine the credit and debt for each transaction 10 – 4 – 2021 Mr. Salman invested additional…
A: Answer: When the entry is to be booked, there is effect on debit and credit side called as double…
Q: Record the entries for each of the following showinh 1 You have decided to open your own business…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 1.1 S Temba owns and personally operates a business, TS Services. The following are a summary of the…
A:
Q: Transaction Account to be Account to be debited credited a. Started a business with RM50,000 by cash…
A: Creditor is a person or institution to which the entity owes money. The creditor provides loan or…
Q: Prepare a worksheet and Tell the Profit or Loss and the Total Balance Sheet Value of Assets
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle…
A: We have the following information of Mark Waugh's Business Fixtures: $12,000 Motor Vehicle: $30,000…
Q: Question 1: Smokey started his own business on 1 November 2020. His business transactions for…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: 1. The following are selected transactions of BSAIS Company, an accounting firm: June 1 Andy Alarcon…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: On 1/1 the merchant started his business with a capital of (100,000) deposited in the bank. 1\1 The…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: On October I, C. R. Yazici invests tl0,000 cash in an advertising company to be known as Pioneer…
A: The financial statements of the business are prepared using the balance from the adjusted Trial…
Q: After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after…
A:
Q: Complete the gaps in the columns to show the effects of the following transactions: (16) Effects…
A: Accounting equation is: Assets = Liabilities + Equity Every accounting transaction will have affect…
Q: Prepare a worksheet and Tell the Profit or Loss and the Total Balance Sheet Value of Assets
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: Part II. Record the following transactions on the general journal using double-entry bookkeeping.…
A: Journal entries are the entries to be recorded in the accounting books of the business for all the…
Q: Complete the columns to show the effects (increase or decrease) of the following transactions on the…
A: Payment to creditors in cash will decreases the balance of cash as well as creditors . Purchase of…
Q: After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Question 1
Complete the column to show the effects of the transactions. The first
transaction has been done for you.
- Paid creditor RM500 by cheque.
- Brought in personal car worth RM40,000 for use in business.
- Bought equipment costing RM6,000 from Shah Enterprise on credit.
- Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago.
- Further injection of RM20,000 as additional capital of the business
Effects of transaction on | |||
Transaction | Assets(RM) | Equity(RM) | Liabilities(RM) |
a | -500 | -500 | |
b | |||
c | |||
d | |||
e |
Step by step
Solved in 2 steps
- Transaction Analysis and Financial Statements Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions occurred during the first month of operations: March 2: Received contributions of $20,000 from each of the two principal owners of the new business in exchange for shares of stock. March 7: Signed a two-year promissory note at the bank and received cash of $15,000. Interest, along with the $15,000, will be repaid at the end of the two years. March 12: Purchased $700 in miscellaneous supplies on account. The company has 30 days to pay for the supplies. March 19: Billed a client $4,000 for services rendered by Expert in helping to install a new computer system. The client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days. March 20: Paid $1,300 bill from the local newspaper for advertising for the month of March. March 22: Received 25% of the amount billed to the client on March 19. March 26: Received cash of $2,800 for services provided in assisting a client in selecting software for its computer. March 29: Purchased a computer system for $8,000 in cash. March 30: Paid $3,300 of salaries and wages for March. March 31: Received and paid $1,400 in gas, electric, and water bills. Required Prepare a table to summarize the preceding transactions as they affect the accounting equation. Use the format in Exhibit 3-1. Identify each transaction with the date. Prepare an income statement for the month of March. Prepare a classified balance sheet at March 31. From reading the balance sheet you prepared in part (3), what events would you expect to take place in April? Explain your answer.1-Jan-21 Starting a business with a cash capital of RM50,000 deposited in the bank. 3-Jan-21 Obtained a loan from Bank Islam Bhd of RM150,000 for business use 9-Jan-21 Bought a van worth RM58,200 on credit from Syarikat Auto Sdn Bhd and the monthly payment is RM693.00 paid on the 30th day of each month. 10-Jan-21 Purchased goods for sale/stock from Syarikat Burung Emas worth RM9,000 by cash transfer. 10-Jan-21 Purchased office equipment worth RM7,000 by cash transfer. 11-Jan-21 Bought a computer worth RM3,000 for shop use by cash transfer. 11-Jan-21 Purchased goods for sale/stock from Han Seng Company worth RM 50,000 on credit 12-Jan-21 Renovation of the shop worth RM46,000 and has paid RM20,000 to Syk Kayu Kayan by check and the rest will be paid next month 12-Jan-21 Purchased goods for sale/stock from Padi Emas Enterprise for RM 30,000 paid by check 13-Jan-21 Purchased from Unggul Sdn Bhd for RM50,000, RM30,000 paid by check and the rest will be paid next month amounting to…Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.
- The following are the business transactions of Flora Florist for the month of October 2020: Oct 1 Started a business with capital of RM10,000.00. The money is deposited into the business bank account. 4 Bought a furniture and fittings for RM1,800.00, paid by cheque. 6 Bought an office equipment for RM2,500.00 on account. 8 Sold 5 bouquets of flowers amounting RM750.00 and received cash. 11 Obtained a loan of RM3,500.00 from a friend, Tina Richards. Deposited the money into the business bank account. 15 Sold 95 bouquets of flowers amounting RM3,325.00 to Sekolah Kebangsaan Proton City for a Year 6 Graduation. The school promised to pay at a later date. 18 Drawings RM250.00 by cheque. 23 Sold 15 bouquets of flowers amounting RM825.00 and received cash. 28 Paid wages RM500.00 and rent RM400.00 by cheques respectively. Required: Determine the effect of each transaction on the accounting equation.II. Computational. Look for the balances of the different accounts using the following transactions: A) Invested P50,000 in the business. B) Bought supplies on account amounting to P9,850. C) Received 7,500 cash from clients on account. D) Billed a client for the service rendered P6,000. E) Hired an assistant at a salary of P7,000 per month. Look for the ending of cash. Look for the ending balanceofcash.1. Prepare general journal entries for the following transactions of Valdez Services. a. Brina Valdez invested $20,000 cash in the company. b. The company provided services to a client and immediately received $900 cash. c. The company received $10,000 cash from a client in payment for services to be provided next year. d. The company received $3,500 cash from a client in partial payment of accounts receivable. e. The company borrowed $5,000 cash from the bank by signing a note payable. 2. Transactions a, c, d, and e did not yield revenue. Match each transaction (a, c, d, and e) with one of the following reasons for not recording revenue. This transaction changed the form of an asset from a receivable to cash. Total assets were not increased (revenue was recognized when the services were originally provided). This transaction brought in cash (increased assets), and it also increased a liability by the same amount (represented by the signing of a note to repay the amount). This…
- Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. Feb. 1 Shareholders invest Php40,000 in cash in starting a real estate office operating as a corporation. Feb. 5 Purchased Php500 of supplies on credit. Feb. 10 Purchased equipment for Php25,000, paying Php3,500 in cash and signed a 30-day, Php21,500, note payable. Feb. 15 Real estate commissions billed to clients amount to Php4,000. Feb. 20 Paid Php700 in cash for the current month's rent. Feb. 25 Paid Php250 cash on account for office supplies purchased in transaction 2. Feb. 28 Received a bill for Php800 for advertising for the current month1) KayLee commenced business on 1 May 2018 with a capital of RM5,000 of which RM1,000 was in cash and RM4,000 in a bank current account. Her transactions during May were as follows: 1 May Borrowed RM2,000 from ABC Bank Ltd in the form of a cheque. 2 May Paid rent of RM750 by cheque. 5 May Paid wages of RM120 in cash. 8 May Purchased goods for RM1,380 by cheque. 10 May Sold goods for RM650 cash. 12 May Drawings in cash: RM200 15 May Bought goods on credit for RM830 from Sammi Cheng 18 May Sold goods on credit for RM1,250 to Katherine Hee 20 May Bought shop fittings of RM2,500 by cheque. 23 May Paid water rates of RM325 in cash. 25 May Paid gas bill of RM230 by cheque. 27 May Returned goods costing RM310 to Sammi Cheng 28 May Katherine Hee returned goods with an invoice value of RM480. 29 May KayLee introduced further capital of a RM3,000 cheque. 30 May Bought stationery of RM90 in cash. 31…1. CtSha Enterprise started a new business on 1 of September 2020. You are required to record the following transaction by using accounting equation (tabular analysis format):Sept 2020 Particulars1 Owner invested RM50,000 cash to start a photocopy business.3 Owner purchased a photocopy machine costing RM1,000 cash.5 Owner withdrew RM10,000 cash for personal use.6 Owner make a loan RM20,000 from Combo Bank for the business purpose. 25 Owner paid off RM5,000 of the bank loan.26 Owner provided photocopy service for a school total RM3,000 ; then this business had received RM2,000 cash for the service whereby another RM1,000 they will pay after the photocopies complete.28 Owner paid RM500 cash for his employee’s salary, RM300 cash for utilities and RM200 cash for shop rental. 2. Calculate the missing figure:Owner Equity Liabilities AssetsRM RM RMBusiness A ? 45,000 79,500Business B 45,600 23,000 ?Business C 104,500 ? 163,700
- (a) Analyze the following transactions under the Accounting Equation Approach. Commenced business with cash RS 500000 Purchased goods RS 25000 Paid salary RS 10000 Sold goods costing RS 20000 at a profit of 25% on the cost Paid salary in advance RS 2000 Introduced additional capital RS 10000 Purchased computer RS 15000 Deposited RS 50000 into the bank (b)For each of the following transactions of XYZ , identify the account to be debited and the account to be credited. Purchased 18-month insurance policy for cash. Paid weekly payroll. Purchased supplies on account. Received utility bill to be paid at later date.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…Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Receive payment of $12,000 owed by a customer2. Purchase equipment for $45,000 in cash3. Issue $85,000 in stock4. Borrow $67,000 from a bank What is the net change in Total Liabilities & Equity? Please don't provide answer in image format thank you