The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 174,000 (b) 30,000 (d) 14,000 (e) 540 (g) 1,400 (h) 9,400 (i) 3,400

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 174,000 (b) 30,000 (d) 14,000 (e) 540 (g) 1,400 (h) 9,400 (i) 3,400

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 5PA: In April, J. Rodriguez established an apartment rental service. The account headings are presented...

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In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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.
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 179,000 (b) 35,000 (d) 19,000 (e) 590 (g) 1,900 (h) 9,900 (i) 3,900 Equipment (c) 69,000 Accounts Receivable (f) 10,200 (g) 1,900 Accounts Payable (c) 69,000 Supplies (b) 35,000 Scott Hamilton, Capital (a) 179,000 Fees Income (d) 19,000 (f) 10,200 Telephone Expense (e) 590 Scott Hamilton, Drawing (i) 3,900 Salaries…
The following selected transactions were completed by Silverado Delivery Service during February:1. Received cash from owner as additional investment, $25,000.2. Purchased supplies for cash, $750.3. Paid rent for February, $3,000.4. Paid advertising expense, $1,500.5. Received cash for providing delivery services, $16,800.6. Billed customers for delivery services on account, $32,500.7. Paid creditors on account, $1,400.8. Received cash from customers on account, $23,770.9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month.10. Paid cash to owner for personal use, $5,000.Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column and inserting at the right of each number the appropriate letter from the following list:a. Increase in an asset, decrease in another asset.b. Increase in an asset, increase in a liability.c. Increase in an asset,…
The following selected transactions were completed by Silverado Delivery Service during February:1. Received cash from owner as additional investment, $25,000.2. Purchased supplies for cash, $750.3. Paid rent for February, $3,000.4. Paid advertising expense, $1,500.5. Received cash for providing delivery services, $16,800.6. Billed customers for delivery services on account, $32,500.7. Paid creditors on account, $1,400.8. Received cash from customers on account, $23,770.9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month.10. Paid cash to owner for personal use, $5,000.Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column and inserting at the right of each number the appropriate letter from the following list:a. Increase in an asset, decrease in another asset.b. Increase in an asset, increase in a liability.c. Increase in an asset,…
Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…
Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…
Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation:    - Office building    - Equipment    - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…
Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation:    - Office building    - Equipment    - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…
Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation:    - Office building    - Equipment    - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses…
Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses…
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,650. 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $830. 5 Earned sales commissions, receiving cash, $14,580. 6 Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $460. 7 Paid office salaries, $2,400. 8 Determined that the cost of supplies used was $1,150. 9 Paid dividends, $3,200. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the…
Make the T-Accounts of the following transaction: JOURNAL ENTRIES Date/# Account Title Debit Credit a. Cash 250,000.00 Supplies 34,000.00 Jai, Capital 284,000.00 To record the investment of Jai b. Office Furniture 4,600.00 Cash 4,600.00 To record purchase of furniture c. Office Furniture 12,000.00 Cash 12,000.00 To record purchsae of furniture d. Utilities Expense 4,500.00 Accounts Payable 4,500.00 To record water expense e. Cash 23,000.00 Service Revenue 23,000.00 To record offering of service f. Accounts Receivable 34,000.00 Service Revenue 34,000.00 To record offering of service g. Accounts Payable 4,500.00 Cash 4,500.00 To record payment of payable h. Jai, Withdrawal 10,000.00 Cash 10,000.00…