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- On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?On January 1, 2021, Charlie purchased supplies for P20,000 and recorded a debit to Supplies and credit to Cash. On January 31, supplies on-hand amounted to P6,000. How much is the supplies expense?
- In the year ended 31 December 20X7 Bobby traded in for £3,430 a vehicle costing £6,000 on 1 November 20X5 against the cost (£4,800) of a replacement vehicle. The balance due for the new vehicle has been paid in cash and debited to the cost of vehicles account and credited to cash at bank. What net adjustment is required to the company's cost of vehicles account as a result of this transaction?Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) b. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) + 10500 (Receivables) = 0 + + 5000 (Profit) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 11500 (Receivables) + + 3000 (Profit)
- Mario's trial balance includes the following items: non-current assets $50,000, inventory $15,000, payables $10,000, receivables $5,000, bank $110,000, allowance for receivables $1,000. Using the information in Question 4 above, what is the figure for total assets? A $184,000 B $179,000Alan, a sole trader, has the following trial balance as at 31 December 2020: Accounts Debit (RM) Credit (RM) Capital 121,050 Drawings 8,000 Cash at bank 3,000 Cash in hand 400 Accounts payable 12,000 Accounts receivable 30,000 Inventory as at 1 January 2020 23,000 Motor vehicle 40,000 Office equipment 60,000 Sales 130,000 Accumulated depreciation- Motor vehicle 8,000 Accumulated depreciation - Office equipment 12,000 Provision for doubtful debts 5,000 Purchases 90,000 Returns 600 300 Carriage inwards 300 Motor running expenses 1,000 Rent expenses 20,000…At January 31, 2021, the balance in Foster Inc.’s Supplies account was $750. During February, Foster purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the Supplies account should be a $775 debit. b $525 credit. c $975 debit. d $525 debit.
- 2 On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash 25,000 Creditors 40,000 Debtors of goods 17,000 Capital 94,000 Stock of goods 22,000 Building 70,000 Total 1,34,000 Total 1,34,000 Transactions during the month of January are as follows: Jan 01: Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%. Jan 05: Sold goods for cash Rs. 12,000 costing Rs. 10,500. Jan 09: Cash paid to creditors Rs. 25,000. Jan 15: Goods sold for cash Rs. 5,000 and on account basis Rs. 3,000 costing Rs. 6,000. Jan 18: Goods returned by a customer Rs. 2,000 costing Rs. 1,900. Jan 24: Cash received from debtors Rs. 14,000. Jan 30: Depreciation on building Rs. 1,400. Required: Prepare a summary of transaction in an equation form. 8 3 The following transactions were completed by OMN Co., during the month of February 2020. February 01: Introduced cash as capital Rs. 1, 48, 000. February 04: Purchased goods o account from Noor…The following are the transactions of Taki traders for the month of June 2020: June 01: The business owner paid €40,000 into the business account. June 01: Bought goods for resale €7,000 paying by cheque. June 01: Bought a vehicle for €15,000 paying by cheque. June 02: Paid rent €3,000 paying by cheque. June 03: Paid insurance €2,200 paying by cheque. June 04: Bought goods for resale €6,000 paying by cheque. June 05: Sold goods for €4,500 and immediately banked the cheque. June 06: Paid wages €2,400 paying by cheque. June 07: Bought goods for resale €8,000 paying by cheque. June 08: Sold goods for €6,500 immediately banking the cheque. June 20: Paid business rates €3,900, paying by cheque. June 30: Sold goods for €2,000, immediately banking the cheque. Required (a) Write up the above transactions in the appropriate ledger accounts and balance them off. (b) Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With examples explain the nature…The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company Adjusted Trial Balance Jan. 31, 2010 Cash P 140,000Accounts Receivable 230,000Prepaid Rent 90,000Office Supplies 150,000Office Equipment 780,000Accumulated Depreciation P 320,000Accounts Payable 120,000Salaries Payable 70,000Cayanan, Capital 750,000Cayanan, Withdrawals 170,000Counseling Service Revenues 830,000Miscellaneous Income 110,000Salaries Expense 320,000Office Supplies Expense 210,000Depreciation Expense 60,000Rent Expense 50,000 Total P2,200,000 P2,200,000 Required: 1. Prepare the closing entries.2.…