What is the journal entry for the following business transactions without the amount?
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- Emerita Modesto established a. Deposited P120,000 in a bank account in the name of the business. b. Bought office equipment on account from PHINMA Company, P31,000 . her own business called Modesto's Self-storage. The account leadings are presented below. Transactions completed during the moth follow. c. Paid rent for the month, F24,00 . d. Bought supplies cash, P4,500 .. e. Paid salaries, P9,800. f. Received cash for storage services, P36,000. g. Received and paid the utility bill, P2, 520. h. Paid Errol Umerez Graphics for advertising, P4,28C . (The bill was not previously recorded.). 1. Paid for a one-year liability insurance policy, P8,350. 3. Billed customers for storage services an account, P33, 700. k. Received cash for storage services, P23,000. 1. Paid salaries, P9,900. m. Paid PHINMA Company P11,000 as part payment on the office equipment bought in transaction b. n. Modesto withdrew P12,000 for personal use. Required: 1. Record the transactions in columnar form, write plus…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.Marichu Fornolles Guardians completed the following transactions during October 2014.Oct.1Fornolles transferred cash from a personal account to an account to be used for the business, P243,000.3Fornolles invested in the business personal weapons having a fair market value of P34,000.4Bought communication equipment on account from Pesa Electronics,P13,740.5Paid rent for the month, P7,650.6Bought a used service vehicle car for P93,000, paying P45,000 down, with the balance due in thirty days.9Received invoice and paid insurance premium to Cacawa Fidelity company for bonding employees, P7,710.12Performed security services for Loreta Galleries. Billed Loreta for services rendered, P8,250.16Received bill from Marcos Printers for office stationary, P1,757.17Billed Pascua Construction for services rendered, P14,790.22Paid Regal Shell Service for gasoline for service vehicle, P720.24Performed security services at a fashion jewelry fair, Billed organizers for services rendered, P17,500.27Paid…
- Which of the following transactions would increase the cash by RO 5000 and increase the revenue by RO 5000? a. Purchased Furniture RO 5000 b. Took Loan of RO 5000 from Bank Nizwa c. Performed service to the customer RO 5000 and the customer paid cash RO 5000 d. Paid RO 5000 for the creditorsQ1. Mr. X has recorded good relations with his partners as an asset in the balance sheet? Is he violating anyaccounting principles? Why or why not support your answers with reasons?Q2. Javlon purchased a furniture for $10000 on credit? In books he passed an entry of Cash A/c debit toFurniture account credit $10000. Do you agree with the journal entry? If not tell the correct entry? Alsopass a rectification entry?Q3. On December 31, Javlon Company, a partnership between Fogg and Shelhon, realized a $66,000 netincome. According to the partnership agreement, the partners split the profits on a 3:2 basis. Determineeach partner’s split and the journal entries you will make to record the split of net income.Decor Services completed the following transactions. Oct. 7 Received cash on account from Randy Hill, a customer, Inv. No. 312, $970. 15 Paid on account to Miller Ideas, a creditor, $725, Ck. No. 2242. 20 B. Brown, the owner, withdrew cash for personal use, $1,200, Ck. No. 2243. 23 Bought store supplies for $150 and office supplies for $70 on account from Williams Office Supply, Inv. No. 1040. 29 B. Brown, the owner, invested $3,000 cash and $1,500 of his personal equipment. Journalize the transactions in general journal form. For compound entries, if an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- Oct. 7 fill in the blank 2 fill in the blank 4 Received on account from Randy Hill, Inv. No. 312. Oct. 15 fill in the blank 6 fill in the blank 8 Paid on account to Miller…
- You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8June 1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque £5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for £200 cash. 26 Paid amount owing to Dream Ltd £1,780 by cheque. 28 Took £130 out of the bank and added to cash. 30 F Brown lent us £4,000 – giving us the money by cheque.You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8June == == == == == == == == == 1 Started business with £12,000 in cash.2 Paid £11,700 of the opening cash into a bank account for the business.5 Bought office furniture on credit from Dream Ltd for £1,900.8 Bought a van paying by cheque £5,250.12 Bought equipment from Pearce & Sons on credit £2,300.18 Returned faulty office furniture costing £120 to Dream Ltd.25 Sold some of the equipment for £200 cash.26 Paid amount owing to Dream Ltd £1,780 by cheque.28 Took £130 out of the bank and added to cash.30 F Brown lent us £4,000 – giving us the money by cheque.Following transactions are given to you(a) Started business with cash Rs.5,00,000 and plant &machinery Rs.2,00,000.(b) Purchased goods for cash Rs.40,000 and on credit Rs.30,000.(c) Purchase furniture for office use Rs.10,000 and for thedomestic use of proprietor Rs.5000.(d) Rent paid in advance Rs.6000.(e) Goods lost by fire Rs.1000.Required: Accounting equations.
- 1. Green Company buys a laptop computer on credit for P72,000. The transaction will affect the: assets, liabilities and owner's equity, assets and liabilities only, liabilities and owner's equity only, or assets only? 2. An accountant has debited an asset account for P1,000 and credited a liability account for P500. Which of the following would be an incorrect way to complete the recording of the transaction? a. credit an owner's equity account for P500 b. credit an asset account for P500 c. debit an owner's equity account for P500 d. credit another liability account for P500 3. An entry to record the owner's initial cash investment P500,000 will require a: a. credit to Capital account for P500,000 b. Debit to Capital account for P500,000 c. credit to Cash account for P500,000 d. Debit to Loans Payable account for P500,000On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and equipment at fair value of Rs. 20000 from his personal sources. The other transactions of the business for the month were as under:2-1-2020, purchased furniture for Rs. 20000 on account/on credit from Mr. B.5-1-2020, sold furniture for Rs. 22000 on cash.10-1-2020, purchased computer for cash Rs. 30000.16-1-2020, borrowed cash Rs. 50000, an interest free from HBL.20-1-2020, make partial payment to bank of Rs.30000.25-1-2020, purchased TV for cash Rs. 10000..31-1-2020, paid rent of the office Rs. 2000 for the month of January.Required: Make Accounting equation.On 1-1-2020, Mr. A started business of dealing in electric fans by investing cash Rs. 200000 and equipment at fair value of Rs. 20000 from his personal sources. The other transactions of the business for the month were as under: 2-1-2020, purchased furniture for Rs. 20000 on account/on credit from Mr. B. 5-1-2020, sold furniture for Rs. 22000 on cash. 10-1-2020, purchased computer for cash Rs. 30000. 10-1-2020, company purchased Rs. 450 worth of office supplies on credit. 16-1-2020, borrowed cash Rs. 50000, an interest free from HBL. 20-1-2020, make partial payment to bank of Rs.30000. 25-1-2020, An advertisement was run in the newspaper at a total cost of Rs. 250. Cash was paid when the order was placed. 31-1-2020, paid rent of the office Rs. 2000 for the month of January. Required: Make Accounting equation. Question: For each of the following items, indicate whether a debit or a credit applies. increase in retained earnings decrease in prepaid rent increase in dividends decrease…