What will the general journal entry be for the following transaction? Mr. Smith paid his outstanding account at Choice Bakery for products he purchased for his school.
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What will the general
- A. Dr Creditors control; Cr Bank
- B. Dr Bank; Cr Creditors control
- C. Dr Bank; Cr Debtors control
- D. Dr Choice Bakery; Cr Creditors control
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- From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementIn November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?Do the following events represent business transactions?Explain your answer in each case.(a) A computer is purchased on account.(b) A customer returns merchandise and is given crediton account.(c) A prospective employee is interviewed.(d) The owner of the business withdraws cash from thebusiness for personal use.(e) Merchandise is ordered for delivery next month
- Please prepare journal entries for the following statements. You will also need to prepare the related T-accounts for each journal entry. Then you should prepare the trial balance, the adjusting entries, the financial statements and the closing entries. Additionally, for each account that you use in the journal entries, please indicate which component of the Accounting Equation this account belongs in (if this is unclear, please ask). 9/1/21 – Mary decides to open a new business. She has $20,000 to invest in the company, and she buys all 100 shares of stock. 9/1/21 – Mary borrows $90,000 from Suntrust Bank. This loan will be repaid in 3 years and will charge interest at 4% semi-annually. She will pay $3,600 per year. 9/1/21 – Mary hires an accountant and financial advisor to help manage her business and her money. She will pay her accountant an hourly rate of $90 per hour. 9/1/21 – Mary signs a contract to provide services to a local school district. She will provide services…Identify the accounts and the debit/credit entries to be made in the ledger to record eachof the following transactions. a. Bought goods for sale on credit from Ali.b. Paid carriage on the goods purchased, in cash.c. Owner’s private car brought into the business.d. Bought office equipment on credit from Bakar.e. Received a cheque from Sally.f. Cash sales.g. Paid wages to workers by cheque.h. Bank loan from RHB.i. Paid personal computer with the company cheque.j. Returned goods to Ali.Identify the accounts and the debit/credit entries to be made in the ledger to record each of the following transactions. Debit Credit Sally Sales Example: Sold goods on credit to Sally. a. Bought goods for sale on credit from Ali. b. Paid carriage on the goods purchased, in cash. c. Owner’s private car brought into the business. d. Bought office equipment on credit from Bakar. e. Received a cheque from Sally. f. Cash sales. g. Paid wages to workers by cheque. h. Bank loan from RHB. i. Paid personal computer with the company cheque. j. Returned goods to Ali.
- prepare journal ,post them in ledgers ,and prepare the trial balance and financial statement.2020January 1 owner started business with cash OMR._______January 3 bought stationery for cash OMR 5,000January 4 bought machinery of OMR____ through cheque.January 5 purchase goods for cash OMR 90,000January 7 paid rent of office OMR 1,000 with a cheque.January 10 bought goods from Mr. salim on credit OMR____.January 11 paid wages for OMR 2,000.January 12 provided service's for cash for OMR____.January 18 sold goods to Mr. adil OMR____.January 19 paid cash to Mr. salim OMR____.January 20 paid water bill OMR 500 in cash.January 24 received cash from Mr. Adil OMR 5,000.January 29 money withdrawn OMR 5,000 for personal use.January 30 deposited OMR 3,000 cash in to business bank account.Requirements: A. Prepare the journal entries for the October Transactions on journal sheets. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment: Accounts Payable; Ruiz, Capital; Ruiz, Drawings; Accounting Service Revenues; Salaries Expense; Rent Expense B. Use separate journal sheets for your answers. Rerey Ruiz had just opened his business for Accounting Services. During the month of October 2020, the following are his transactions: Oct. 01 Rerey Ruiz obtained the funds to start the business by withdrawing P650,000 from his personal savings and deposited the money in the name of the firm, Ruiz Accounting Services. 03 Ruiz bought a computer, a copy machine, a fax machine, calculators and other necessary equipment from M. Mercado, Inc. at a cost of P100,000. M. Mercado Inc. on account. 05 Ruiz placed an order for various supplies that had a total cost P20,000. The entity that sold the items, Cavite Supplies, Inc. requires cash…(Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on June of the 2021. During the month, she completed the following business transactions: June 1 – Ms. Marikit deposited cash for the business, P500,000. 5 – Purchased supplies for cash, P25,000. 7 – Purchased equipment on account, P30,000. 9 – Purchased truck for P`150,000, paying P80,000 cash and issued a promissory note for the balance. 11 – Paid rent for the period of one month, P5,000. 13 – Received cash for job completed, P200,000. 14 – Purchased supplies on account, P40,000. 15 – Paid wages of workers, P60,000. 17 – Paid premium of property and casualty insurance, P2,000. 19 – Paid creditor for equipment purchased on June 7, P15,000. 20 – Recorded services to customers on account and sent invoices to customers, P250,000. June 21 – Received cash for job completed, P90,000. 24 – Received an invoice…
- For each transaction In Column D, numbered 1 through 12 below, identify its effect for the current year on the accounting equation by selecting from a through h below. You may use each letter more than once or not at all. ANSWER HERE # Transaction Accounting Equation Effects g 1 Purchased computer equipment for cash a. + A and + L 2 Received cash in exchange for the issuance of a note payable b. + A and + SE (Contributed Capital) 3 Purchased building and land in exchange for a mortgage note payable c. + A and + SE (Retained Earnings) 4 Received cash in exchange for the issuance of common stock d. - A and - L 5 Purchased computer supplies on account e. - A and - SE (Contributed Capital) 6 Provided computer services to customers for cash f. - A and - SE (Retained Earnings) 7 Paid an account payable g. + A and - A 8 Provided computer services to customers…Assume 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 use BasedDescribe the impact of each of these external transactions on the accounting equation. a. Receive a loan from the bank. b. Pay employee salaries for the current period. c. Receive cash from customers for services provided in the current period. d. Purchase equipment by paying cash.
