Record the entries for each of the following showinh 1 You have decided to open your own business lul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense -Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 -Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $11,200 and cost of goods sold from inventory is $ 8,000 31-Jul
Q: To practice how the use of debits, credits, and double entry accounting affect individual T accounts…
A: The accounting equation is written as: Assets = Liabilities + equity Equity can be calculated as :…
Q: hy ,please help me with that if possible,thanks David started a small new business in Bicester at…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: You have the following transactions the last few days of April. You stop by your uncle's gas station…
A: Journal entries refer to the recording of financial transactions in an accounting journal by using…
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: On August 1, 2003, Mary Woo opens Woo Computer Consulting. During the business’s first ten days of…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: Mr. John started a T-shirts business to be known as "John T-shirts". He has provided you with the…
A: Current Liability is a liability that is payable within 12 months from the date of Balance Sheet.…
Q: what is adjusting journal entries? what is AJEs? T1 Feb 1 You invest $10,000 into your brand…
A: Adjusting Journal Entries (AJE) : These are the entries that are made in the Account Books to update…
Q: July 1 Asif opened the business by investing OMR 192,000. July 2 Purchased Computers for OMR 20,000…
A: As per protocol we provide solution to one question but as you have asked multiple and the journal…
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: Werman Peralta, Attorney at Law, opened his office on Sept. 1, 2018. the following transactions were…
A: As per accounting equation, total assets in the business should be equal to total liabilities and…
Q: Peter Smart used to wash cars in the back yard of his home. He set up a car cleaning business and…
A: A business is set up by bringing the capital in the form of cash and other assets. The capital…
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: Record the following transactions in the ledgers of A Chiu's business and then balance off all the…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: After journalizing and posting (to T-accounts) the transactions below, you are to answer the…
A:
Q: A B Loida Cardenas recently established her own business, which she called Cardenas Delivery…
A:
Q: Analyze these transactions and prepare a table to show their effect on the accounting equation.…
A: The accounting equation is the fundamental equation of the double-entry bookkeeping system.…
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: Enter the transactions on the worksheet format provided below. January 2 Invested in a new…
A: Accounting Equation in the business says that total assets should always be equal to total…
Q: Enter the following transactions in a general journal for the month of July 2019 1st Started…
A: Journal is also called the book of original entry. Journal is a book of prime entry or a book of…
Q: Nicole has decided that she is going to start her business, Nicole’s Getaway Spa (NGS). A lot hasto…
A:
Q: Requirements: A. Prepare the journal entries for the October Transactions on journal sheets. Use the…
A: Analysis: Journal entries are the recording of transactions of day to day activities of the…
Q: Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the…
A: Journal entries of Chinita Girl Spa Services are explained below,
Q: The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and…
A: A T-Account ledger is a log or list of accounts that keeps track of account transfers.
Q: Andy Norris started a personal training business on 1 January 2019 called "Chuck the Phat. The…
A: The accounting equation states that Assets = Liabilities + owners equity
Q: This is a sample application form for business loan in a bank. Directions: Fill out the form with…
A: In the context of the given question, we will try to cover filling out all sections of the bank loan…
Q: Here are selected transactions of Mason Consulting Service. Post the transactions into the…
A: Ledger accounts are the appropriate T accounts which are used for posting of recorded journal…
Q: Processing accounting transactions. I have to analyze, record in general journal and post the entry…
A: Analyze the given trnsactions using accounting equation.
Q: Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; D. Stan,…
A: Journal entry :
Q: Here are selected transactions of Mason Consulting Service. Post the transactions into the…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Andy Norris started a personal training business on 1 January 2019 called "Chuck the Phat. The…
A: Note points - Cash payment will reduce savings balance cheque payments will reduce bank balance…
Q: Assume that you are going to start a Business after graduation. Describe 10 transactions that the…
A: Financial Statement: It is the record of all financial activities of a firm. The firms prepare…
Q: You are a trainee accountant working for a small firm of accountants. You have been asked to work on…
A: a) The Ledger is the book or file of accounts. It consists of the debits and credits of the journal…
Q: Analyze these transactions and prepare a table to show their effect on the accounting equation.…
A: The accounting equation forms the basis of the double-entry system of equation. The equation is…
Q: David started a small new business in Bicester at the 1st September 2020. He is preparing accounts…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor)…
A: Here discuss about how to done the quick book accounting software for recording the required journal…
Q: After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after…
A:
Q: Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are…
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: journal entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart.…
A: In this question, we are provided with the information of Mr. Lopez who opened a mini grocery store…
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…
Q: Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo)…
A:
Step by step
Solved in 2 steps
- 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.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.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.
- 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.Journal Entries Recorded Directly in T Accounts Record each of the following transactions directly in T accounts using the numbers preceding the transactions to identify them in the accounts. Each account needs a separate T account. Received contribution of $6,500 from each of the three principal owners of We-Go Delivery Service in exchange for shares of stock. Purchased office supplies for cash of $130. Purchased a van for $15,000 on an open account. The company has 25 days to pay for the van. Provided delivery services to residential customers for cash of $125. Billed a local business $200 for delivery services. The customer is to pay the bill within 15 days. Paid the amount due on the van. Received the amount due from the local business billed in (5).The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.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.B. Kelso established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month: a. Kelso deposited 45,000 in a bank account in the name of the business. b. Paid the rent for the current month, 1,800, Ck. No. 2001. c. Bought office desks and filing cabinets for cash, 790, Ck. No. 2002. d. Bought a computer and printer from Cyber Center for use in the business, 2,700, paying 1,700 in cash and placing the balance on account, Ck. No. 2003. e. Bought a neon sign on account from Signage Co., 1,350. f. Kelso invested her personal computer software with a fair market value of 600 in the business. g. Received a bill from Country News for newspaper advertising, 365. h. Sold services for cash, 1,245. i. Received and paid the electric bill, 345, Ck. No. 2004. j. Paid on account to Country News, a creditor, 285, Ck. No. 2005. k. Sold services for cash, 1,450. l. Paid wages to an employee, 925, Ck. No. 2006. m. Received and paid the bill for the city business license, 75, Ck. No. 2007. n. Kelso withdrew cash for personal use, 850, Ck. No. 2008. o. Kelso withdrew cash for personal use, 850, Ck. No. 2008. 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 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, with a three-line heading, dated November 30, 20--.
- A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?J. Carrie established Carries Photo Tours during June of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month of June: a. Carrie deposited 30,000 cash in a bank account in the name of the business. b. Bought office equipment for cash, 1,850, Ck. No. 1001 c. Bought computer software from Moreys Computer Center, 640, paying 350 in cash and placing the balance on account, Ck. No. 1002. d. Paid current months rent, 950, Ck. No. 1003. e. Sold services for cash, 1,575. f. Bought a neon sign from The Sign Company, 1,335, paying 435 in cash and placing the balance on account, Ck. No. 1004. g. Received bill from The Gossiper for advertising, 445. h. Bought supplies on account from City Supply, 460. i. Received and paid the electric bill, 380, Ck. No. 1005. j. Paid on account to The Gossiper, 245, Ck. No. 1006. k. Sold services for cash, 3,474. l. Paid wages to an employee, 930, Ck. No. 1007. m. Carrie invested his personal computer with a fair market value of 1,000 in the business. n. Carrie withdrew cash for personal use, 800, Ck. No. 1008. o. Received and paid the bill for city business license, 75, Ck. No. 1009. 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, with a three-line heading, dated June 30, 20--.In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015 (Rent Expense). c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 1,400, Ck. No. 2016. f. Sold services on account, 5,000 (Service Income). g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050 (Service Income). i. Received and paid the bill for utilities, 150, Ck. No. 2017 (Utilities Expense). j. Received a bill for gas and oil for the truck, 80 (Gas and Oil Expense). k. Paid wages to the employees, 1,400, Ck. Nos. 20182020 (Wages Expense). l. Sold services for cash for the remainder of the month, 4,200 (Service Income). m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.