transactions. Ali purchased land for Business for $35,000. Paid $20,000 cash. The balance will be paid as account payable. Purchased additional machinery for Business for $10,000 in cash. Purchased wood stock for $45,000, paid $35,000 cash, and signed a note payable for the balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of
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Make a
- Ali purchased land for Business for $35,000. Paid $20,000 cash. The balance will be paid as account payable.
- Purchased additional machinery for Business for $10,000 in cash.
- Purchased wood stock for $45,000, paid $35,000 cash, and signed a note payable for the balance.
- Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable.
- Paid $15,000 Accounts payable and $30,000 of Note Payable.
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- 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.Prepare the journal entries for all the transactions (including accruals) May 1 – Hazel invested $50,000 of her own money in the business in exchange for common stock. ☐ May 1 – Hazel rented an office space for her business and paid $6,000 in advance for 6 months of rent. ☐ May 3 – Hazel purchased office supplies to use in the new office space. The supplies cost $975 and were paid for in cash. ☐ May 4 – Hazel purchased an advertisement in the local newspaper which also ran online. The ad cost $350 and was purchased on account. ☐ May 5 – Hazel purchased a new computer for the office. The computer cost $2,400 and was purchased on account. ☐ May 7 – Hazel received $1,000 in advance for services to be completed by the end of the month. ☐ May 12 – Hazel received $500 from a client for services provided. ☐ May 15 – Hazel hired an assistant to help her part time in the office. Hazel paid the assistant $850 for 2 weeks of wages. ☐ May 16 – Hazel received $2,600 for services provided…
- The following transactions occurred during the month of June 2021. 2-Jun Owner contributed $12,000 cash and $18,000 equipment to the business. 8-Jun Purchased motor vehicle for $40,000, paid 20% cash deposit and took out a bank loan for the remaining balance. 13-Jun Received $4,000 cash for service to be provided in July 2021. 17-Jun Provided service to a customer for $12,000, received 20% cash and the remaining balance is on credit. 22-Jun Received $2,000 interest from bank. 26-Jun Paid $4,000 cash for 1-year advertising. 30-Jun Paid $3,000 wages to staff.On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020The following transactions relates to Joshua Woods, a sole trader, during his first month of business: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods…
- The following transactions relates to Joshua Woods, a sole trader, during his first month of business: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods…On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. b. Paid rent on office and equipment for the month, $6,000. c. Purchased supplies on account, $3,200. d. Paid creditor on account, $1,750. e. Earned fees, receiving cash, $18,250. f. Paid automobile expenses (including rental charge) for month, $1,880, and miscel- laneous expenses, $420. g. Paid office salaries, $5,000. h. Determined that the cost of supplies used was $1,400. i. Withdrew cash for personal use, $2,000. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Draw- ing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted.…On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000.b. Paid rent on office and equipment for the month, $6,000.c. Purchased supplies on account, $3,200.d. Paid creditor on account, $1,750.e. Earned fees, receiving cash, $18,250.f. Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, $420.g. Paid office salaries, $5,000.h. Determined that the cost of supplies used was $1,400.i. Withdrew cash for personal use, $2,000. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing;Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted.2. Prepare T…
- Christopher started a new business, and completed the following transactions during December: Dec. 1 Christopher contributed $21,000 cash on exchange for capital 2 received $3,500 cash from customers for services performed. 5 paid $200 cash for office supplies 9 performed services for a customer, and billed the customer for services rendered $2,000 10 received $300 bill for utilities due in two weeks 15 Paid for advertising in the local paper $325 20 Paid bill utility received on Dec.10 25 collected cash from customer billed on Dec. 9 28 paid rent for the month, $2,000 28 paid $1,250 to assistant for wages 30 received $1,800 cash from customers for services performed Christopher withdraw $5,000 cash from the business. Analyze the effects of transactions on the accounting equationIn February Ola Gott invested an additional 12,000 in her business, Gott's pharmacy, which is organized as a proprietorship. Gott's accountant, Sal Costa, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate? Why or why not?On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1,750. 5 Earned fees, receiving cash, $18,250. 6 Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, $420. 7 Paid office salaries, $5,000. 8 Determined that the cost of supplies used was $1,400. 9 Withdrew cash for personal use, $2,000. Required: 1. Journalize entries for transactions Jan. 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 account…
