Write business name/address/website, nature of business, type of business organization, capital invested (in Omani riyals), company assets and liabilities, a few imaginary incomes and expenses of the company, and write 10 transactions along the following example March 1: the owner of the business invested
Q: a. Enter these transactions in the cash book and ledgers. Balance the cash book and Duleep’s…
A: Cash A/c Date Particular Amount Date Particular Amount Nov-01 To Mahendra…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360…
A: Financial statements include Income statement, Cash flow statement, Statement of Retained earnings…
Q: Presented below is information related to Hanshew Real Estate Agency: 1. Oct. 1: Hanshew begins…
A: Lets understand the basics. Journal entry is required to make to record financial event or…
Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…
A: Statement of owner's equity describes the total investment value of the owner till a particular…
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: B. Haas established Computer Wizards during November of this year. The accountant prepared the…
A: For determing + and - of accounts, the following rules need to be remembereda) All expenses and…
Q: The following table contains several business transactions for the current month. Required:…
A: Account which is affected and element of financial statement has been answered.
Q: On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: Show the effects of each transaction on the accounting equation by indicating under the proper…
A: The accounting equation is written as: Assets = Liabilities + owner's equity
Q: Analyze the following transactions and prepare a list of accounts that are affected. Organize them…
A: The chart of accounts gives the list of all the Accounts of the company.
Q: Selected transactions for B. Madar SE, an interior decorating firm, in its first month of business,…
A: Journal Entry: Journal entry has two effects for every transaction. The journal entry is passed by…
Q: [The following intorma. On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the…
A: Capital, December 31 = Capital, January 1 + Consulting revenue - Rent expense - Salaries expense -…
Q: The following information is related to Kingbird Real Estate Agency. Oct. 1 Diane Lexington…
A: Journal entries are used by the management to record the transactions in the books of accounts.…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: A business has the following transactions:• The business is started by receiving cash from an…
A: Net income is computed by collecting revenues and deducting company expenditures such as production…
Q: [The following information applies to the questions displayed below.] On October 1, Ebony Ernst…
A: A statement of financial position or balance sheet of a company can be categorized in two sections…
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in…
A: First we need to find net income for the month of December inorder to prepare statement of owners…
Q: The following transactions occurred for Baker Suleiman Co Sep 1 The business received cash of OMR…
A: A journal entry helps in recording of the business transactions and it is the first step of…
Q: Classify each transaction as an operating, an investing, or a financing activity.
A: IAS -7 classifies cash flow into three different types a) Cash flow from operating activities…
Q: Mr. Ali starts business on January 1, 2015
A: The entire accounting cycle cannot be solved. Please resubmit the question with the required part…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360…
A: The income statement is prepared by the management to identify the performance of the business. It…
Q: Directions: Journalize the following business transactions in general journal form. Identify each…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…
A: The statement of the owner's equity states the changes in the capital balance of the company over…
Q: Selected transactions for A. Aslam, a property manager, in her first month of business, are as…
A: Answer A) The basic type of account debited and credited for each transaction:
Q: A business has the following transactions: The business is started by receiving cash from an…
A: Net Income can be calculated by substracting all the expenses from the service revenue earned by the…
Q: [The following information applies to the questions displayed below.] On October 1, Ebony Ernst…
A:
Q: Required information [The following information applies to the questions displayed below.] On…
A: 1. Income Statement 2. Statement of Owner's Equity - 3. Balance Sheet The first statement shows…
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in…
A: Statement of owners equity shows changes in equity balances during the particular period of time.…
Q: Write business name/address/website, nature of business, type of business organization, capital…
A: Name: SOHAR TRADING COMPANY Address: Sohar Industrial Estate, Plot No. 636,…
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in…
A:
Q: Journalize the following business transactions in general journal form. Identify each transaction by…
A:
Q: John Sullivan started a business. During the first month, the following transactions occured. Show…
A:
Q: Show the effects of each transaction on the accounting equation by indicating under the proper…
A: 1. Purchase of supplies on account and amount payable for equipment in six months both are credited…
Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…
A:
Q: Mr. Faroq opened a service station on May 1, a summary of May transactions is presented below.…
A: Accounting equation refers to relationship between the assets, liabilities and equity of a company…
Q: The following transactions for the month of March have been journalized and posted to the proper O…
A: Accounting equation is one of the important concept in accounting. It has three important elements,…
Q: A business has the following transactions: The business is started by receiving cash from an…
A: Total income for the month is calculated by deducting total expenses from the total revenues of the…
Q: Using the Transaction Analysis table provided, analyze the effect of the transactions listed below…
A: Accounting equation states that assets is equal to sum of liabilities and Owner's equity. Assets =…
Q: The following transactions of MORALES Accounting Firm during the first month of Operations: April 1…
A: The journal is prepared to record the transactions of the business on daily basis. The ledger…
Q: The following transactions of MORALES Accounting Firm during the first month of Operations: April 1…
A: Journal entry is recording financial transaction in books of account. After journal entry,…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: se the following information for the Exercises below. (Algo) Skip to question [The following…
A: Lets understand the basics. Statement of retained earning shows the how much profit is retained over…
Q: [The following information applies to the questions displayed below.] On October 1, Ebony Ernst…
A: The owner's equity statement depicts movements in an organization's capital balance throughout an…
Q: [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst…
A: Net income = Total revenue - Total expenses
Q: Create a chart of accounts for this business. Prepare the journal entries for all the part 1…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Oct. 1 Pete Shawshank begins business as a real estate agent with issuing stock for cash $25,000.…
A: Below are the journal entries for Shawshank Real Estate Agency-
Q: Show the effect of each transaction on the three basic accounting elements by Indicating the dollar…
A: The transactions and events of the company will be recorded in the books of accounts in an…
Write business name/address/website, nature of business, type of business organization, capital invested (in Omani riyals), company assets and liabilities, a few imaginary incomes and expenses of the company, and write 10 transactions along the following example
March 1: the owner of the business invested OMR 10,000 cash.
March 2: Paid rent OMR 200
March 8: Purchased Office Supplies from Ali Traders for OMR 5,000, paid only OMR 3000 cash, the remaining on account.
March 15: Provided Services to a customer OMR 5000 on Credit
March 20: Purchased furniture for cash OMR 5,000
March 25: Paid the remaining amount to Ali traders.
March 26 Provided Services to Ms. hind OMR 3000 and received only 50% cash. The balance to be received next month.
March 27: Withdrew cash OMR 500 for buying a gift to her sister
March 28: Received cash from a customer billed on March 15.
March 30: Provided Services for Cash OMR 2,300
Step by step
Solved in 5 steps
- A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?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?During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. 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.
- 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.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.EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.
- 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.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.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.
- Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Determined that the cost of supplies used was 1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20Y7. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in retained earnings for August.ANALYSIS OF TRANSACTIONS Charles Chadwick opened a business called Charlies Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense. The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary. (a) Invested cash in the business, 30,000. (b) Bought office supplies for cash, 300. (c) Bought office furniture for cash, 5,000. (d) Purchased computer and printer on account, 8,000. (e) Received cash from clients for services, 3,000. (f) Paid cash on account for computer and printer purchased in transaction (d), 4,000. (g) Earned professional fees on account during the month, 9,000. (h) Paid cash for office rent for January, 1,500. (i) Paid utility bills for the month, 800. (j) Received cash from clients billed in transaction (g), 6,000. (k) Withdrew cash for personal use, 3,000. TRIAL BALANCE Based on the transactions recorded in Exercise 3-7A, prepare a trial balance for Charlies Detective Service as of January 31, 20--.ANALYSIS OF TRANSACTIONS Charles Chadwick opened a business called Charlies Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense. The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary. (a) Invested cash in the business, 30,000. (b) Bought office supplies for cash, 300. (c) Bought office furniture for cash, 5,000. (d) Purchased computer and printer on account, 8,000. (e) Received cash from clients for services, 3,000. (f) Paid cash on account for computer and printer purchased in transaction (d), 4,000. (g) Earned professional fees on account during the month, 9,000. (h) Paid cash for office rent for January, 1,500. (i) Paid utility bills for the month, 800. (j) Received cash from clients billed in transaction (g), 6,000. (k) Withdrew cash for personal use, 3,000.
