Required: A. Analyze the transactions using the following accounts and provide a money column for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment, Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of demonstration problem 2 but do not extract the balances until after the last transaction. B. Prove the accounting equation. C. Prepare a statement of financial position.
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- GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company’s first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month’s (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $16,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month’s telephone…Q10. a) Show the effects of the following transactions on the accounting equation.a. Owner invested $ 12.000 cash in the business.b. Purchased office supplies by paying $ 65 cash.c. Performed service for a client on account, $ 950.d. Purchased computers for the business for $ 1.300 on account.e. Received cash from the client (c) above, $ 900.b) 1) Journalize the following transactions2) Ledger posting for the following transaction.a. Owner invested $ 12.000 cash in the business.b. Purchased office supplies by paying $ 65 cash.c. Performed service for a client on account, $ 950.d. Purchased computers for the business for $ 1.300 on account.e. Received cash from the client (c) above, $ 900.c) Critically analyze the statement “Owners’ Equity is a liability for business, which in long run allbusinesses try to increase over time? Please state whether you agree or disagree with the statement?need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
- 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 during the month of September 2019: 1. Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. 2. Kate designed a brochure that she will use to promote her greeting cards at local stationary stores. 3. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. 4. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. 5. Kate purchased supplies such as paper and ink for $350 at the local stationary store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she…Q1: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner’s Equity Cash Accounts Receivable Supplies Note Payable Account Payable James Capital…hy ,please help me with that if possible,thanks David started a small new business in Bicester at the 1st September 2020. He ispreparing accounts to 30th September 2020. His transactions in first monthwere as follows:1/09 David contributed to the business with a Computer with value of £2000,£20,000 in the Bank and £4200 cash and2/09 Purchased goods £800 on credit from Dawson3/09 Bought a brand new high speed Computer £2000 paying by cheque5/09 Sold goods for £400 and received the money in Bank6/09 Bought goods on cash £400 from M Maurice10/09 Paid rent by cheque £60012/09 Paid in Cash £100 for repairing Computer18/09 Goods returned to Dawson £10021/09 Let off part of the premises receiving rent by cheque £30023/09 Sold goods on credit to Joseph £40023/09 Sold goods of £1500 and received cash24/09 Bought a car for business use paying by cheque £100030/09 Paid the months wages by cash £700 30/09 David took cash for herself £450 Now i got to respond to this: B Use the information…
- OK! here I go again! I am making a general journal, posting to a general ledger, making a trial balance, and an income statement. I got confused as I was putting the info into the general ledger so if you could show me what it is supposed to look like, I would appreciate that. This is what I put in the general ledger: May 1 (311) Mendez invested cash $5000, 2 (521) paid rent $500, 3 (142)purchased office supplies $100, 4 purchased office equip on acct.$2000(does that go under 181-office equip. or 202-accts. payable?), 5(401) received cash for services rendered $280, 8 (525) paid phone bill $38, 9 (533) paid electric bill $42, 10 (401) received cash for services rendered $310, 13 (511) wage expense $500, 14 (526) paid car rental $200, 15 (512) paid for ad $30, 18 (401) received cash for services rendered $620, 19 (526) transportation expense $22, 21 (312) Mendez withdrawal $50, 23 payment on acct. for office equip (again, 181-office equip or 202-accts. payable?) $200, 24(401) earned…Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.Question No 2Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement
- 01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).profile-image Time remaining: 00 : 09 : 41 Accounting Jeff Andringa, a former university hockey player, started Ice Camp Ltd., a hockey camp for children from ages6 to 16. Eventually he would like to expand and open hockey camps across the country. Jeff has asked you to help him prepare financial statements at the end of his first year of operations. He tells you the following facts about his business activities. In order to get the business off the ground, he decided to incorporate. On January 3, 2018, he incorporated Ice Camp Ltd. paying $5,000 in exchange for 500 common shares. The company subsequently borrowed $10,000 from a local bank. A used bus for transporting kids was purchased for $12,000 cash. Hockey nets and other miscellaneous equipment were purchased with $1,500 cash. The company earned camp tuition of $100,000 during the year but has collected only $90,000 of this amount far. Thus, at the end of the year the company was still owed $10,000 by some of its clients. The…