Sophia Waltson has decided to go into business for herself as a professional photographer and the following transactions transpired in October. a. She invested P300,000 to open the Waltson Photo Arts b. Paid rental for the month, P12,000 c. Purchased for cash camera equipment worth P220,000 d. Bought photo and developing supplies worth P18,000 on account e. Bought office equipment worth P45,000 on credit from Burroughs Company f. Received P25,000 for photography services rendered g. Sophia Waltson invested a computer valued at P30,000, in the business h. Sophia Waltson withdrew P12,000 from the business for her personal use i. Paid Burrooughs Company P30,000 as partial payment of account j. Took wedding pictures and agreed to accept payment fifteen days later, P12,000 k. Paid salary of assistant for the month, P6,000 I. Bought for cash another Photo supplies for the month, P4,000
Q: On April 1, Anita Strods created a new travel agency, Strods Travel. The following transactions…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Prepare the journal entries for the following transactions of a new Company called Pose for Pics. a.…
A: DATE PARTICULARS DEBIT CREDIT AUG 1 CASH ACCOUNT......DEBIT $40000 CAPITAL ACCOUNT... CREDIT…
Q: Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: Remy opened her Tours4Fun business. During the first month, January, she c Began business by…
A: The balance sheet shows the financial position that involves the assets, liabilities, and…
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Journalizing refers to recording/Classifying the business transactions initially in the books of…
Q: The following transactions were carried out during the month of May by M.SAJJAD and company a firm…
A: Revenue means the income earned during a given period.
Q: Comprehensive Problem Set On July 1, Lula Plume created a new self-storage business, Safe Storage…
A: Journal is the recording of financial transactions, which is considered as the first step in…
Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called…
A: Accounting equation is written as follows: Assets = liabilities + owner's equity Every transaction…
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Elizabeth Salvador , a graphic artist, opened a studio for her professional practice on Aug. 1,2018.…
A: Accounting equation of the business has three elements. These are Assets, Liabilities and Capital.…
Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following…
A: Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments.…
Q: The following accounts and transactions are for Vincent Sutton, Landscape Consultant. Transactions:…
A: Utilities Expenses are the expenses which are incurred during a particular time period for using the…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: The company named Pose-for-Pics have the some transaction. here we have to journalize the…
Q: he new office space. The supplies cost $975 and were paid for in cash. May 4 – Hazel purchased an…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Required information [The following information applies to the questions displayed below.] Following…
A: T accounts are the general ledger accounts that are being used by the company for posting of…
Q: Business transactions completed by Hannah Venedict during the month of September are as follows. a.…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: El Granado established the EG Data Encoders on May 15, 2014. The following transactions occurred…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
Q: Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018.…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: Prepare the statement of retained earnings for the month of July 31.
A: Retained Earning = Retained earning at the beginning+ Net Income-Dividends
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: Prepare a post-closing trial balance.
A: Trial balance: It is the statement prepared at the end of the year to close all the accounts. The…
Q: Wunderkind Photography entered into the following transactions during February 2020. Stockholders…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. During…
A: The answer is stated below:
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: Required journal entries are given below:
Q: Ming Chen started a business and had the following transactions in June. Owner invested $66,000…
A: The accounting equation states that assets equal to sum of liabilities and equity. The equity…
Q: ita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Journal entries refers to recording of business transactions into the books of the business or…
Q: Mastura has just started her printing business, MAS CETAK ENTERPRISE in October 202 The following…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: On April 1, Julie Spengel established Spengel’s Travel Agency. The following transactions were…
A: SOLUTION- ACCOUNTING EQUATION- ASSETS = LIABILITIES + CAPITAL .
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: Please note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Christina Reis is a photographer who owns Lola Lemon Photography. This is the first month of…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: The financial transaction from the journal entries are transferred to T Accounts for each account.
Q: On April 1, Anita Strods created a new travel agency, Strods Travel. The following transactions…
A:
Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following…
A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer…
Q: Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018.…
A: Bookkeeping is the process of recording financial transactions in books. It consists of four basic…
Q: Ludi Victorino, a veteran photographer, opened a studio for her professional practice on July 1.…
A: As per accounting equation, total assets in the business should be equal to total liabilities and…
Q: June, Ming Chen (the owner) completed these transactions. a. Owner invested $63,000 cash in the…
A: Each transaction shall affect at least 2 transactions in the accounting equation.
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…
Q: on april 1 Jiro Nozomi created a new travel agency, adventure travel. the following transactions…
A: Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and…
Q: Kenneth Ang is a painting contractor. During the month of April, he completed the following…
A: Journal entries are recorded as per rules of debit and credit. Then, recorded journal entries are…
Q: p. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash…
A: Journal entries recording is the very first step in accounting cycle process. Under this process,…
Q: Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are the…
A: A company prepares these accounts in the following way:-
Q: Remy opened her Tours4Fun business. During the first month, January, she completed the following…
A: Pencil footing the ledger means the total balance of both side of ledger. After pencil footing…
Q: Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018.…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: Can you help me with 2,3 and 4? On November 1, 20Y9, Lexi Martin established an interior decorating…
A: GIVEN On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage…
Q: Required information [The following information applies to the questions displayed below.] Following…
A: Journal is the book of primary entry. All the transactions are recorded initially in the…
Q: Required information The following information applies to the questions displayed below] Following…
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Trial balance is the record of all the balances of all the ledgers accounts with the final debit and…
Q: Invested in the business painting equipment valued at P12,300 and Winnie Villanueva is a painting…
A: The question is based on the concept of Business Accounting.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account headings are presented below. Transactions completed during the month follow. a. Davis deposited 20,000 in a bank account in the name of the business. b. Bought office equipment on account from Starkey Equipment Company, 4,120. c. Davis invested her personal photographic equipment, 5,370, in the business. d. Paid the rent for the month, 1,500, Ck. No. 1000. e. Bought supplies for cash, 215, Ck. No. 1001. f. Bought insurance for two years, 1,840, Ck. No. 1002. g. Sold graphic services for cash, 3,616. h. Paid the salary of the part-time assistant, 982, Ck. No. 1003. i. Received and paid the bill for telephone service, 134, Ck. No. 1004. j. Paid cash for minor repairs to graphics equipment, 185, Ck. No. 1005. k. Sold graphic services for cash, 3,693. l. Paid on account to Starkey Equipment Company, 650, Ck. No. 1006. m. Davis withdrew cash for personal use, 1,800, Ck. No. 1007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.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?On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.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--.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. 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.
- On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.During February of this year, H. Rose established Rose Shoe Hospital. The following asset, liability, and owners equity accounts are included in the chart of accounts: The following transactions occurred during the month of February: a. Rose deposited 25,000 cash in a bank account in the name of the business. b. Bought shop equipment for cash, 1,525, Ck. No. 1000. c. Bought advertising on account from Milland Company, 325. d. Bought store shelving on account from Inger Hardware, 750. e. Bought office equipment from Sharas Office Supply, 625, paying 225 in cash and placing the balance on account, Ck. No. 1001. f. Paid on account to Inger Hardware, 750, Ck. No. 1002. g. Rose invested his personal leather working tools with a fair market value of 800 in the business h. Sold services for the month of February for cash, 250. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts. 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). 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.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account headings are presented below. Transactions completed during the month follow. a. Davis deposited 20,000 in a bank account in the name of the business. b. Bought office equipment on account from Starkey Equipment Company, 4,120. c. Davis invested her personal photographic equipment, 5,370. (Increase the account Photo Equipment and increase the account S. Davis, Capital.) d. Paid the rent for the month, 1,500, Ck. No. 1000 (Rent Expense). e. Bought supplies for cash, 215, Ck. No. 1001. f. Bought insurance for two years, 1,840, Ck. No. 1002. g. Sold graphic services for cash, 3,616 (Professional Fees). h. Paid the salary of the part-time assistant, 982, Ck. No. 1003 (Salary Expense). i. Received and paid the bill for telephone service, 134, Ck. No. 1004 (Telephone Expense). j. Paid cash for minor repairs to graphics equipment, 185, Ck. No. 1005 (Repair Expense). k. Sold graphic services for cash, 3,693 (Professional Fees). l. Paid on account to Starkey Equipment Company, 650, Ck. No. 1006. m. Davis withdrew cash for personal use, 1,800, Ck. No. 1007. 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.