y cheque £40. dit from: S Hood £145; D Main £206; W T to: J Wilson £112; T Cole £164; F Syme £25 -nses in cash £47. oprietar 150. to: T Cole E68, Fox £11.
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- Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
- Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
- Hi there can you assist on the following question below The following information was extracted from the records of Tshabalala Traders Ltd for year ended 31 December 2019 R Capital 1 January 2019 350 000 Drawings 20 000 Sales( 70% on credit) 950 000 Gross profit 250 000 Total expenses 80 000 Bank favourable 26 000 Net profit 74 000 Trade creditors 26 000 Property, plant and equipmrnt 350 000 fixed deposit 20 000 Inventory 72 000 Trade debtors 80 000 Mortgage loan 100 000 The opening balance of the inventory, debtors and creditors was , 50 000, 60 000 and 30 000 respectively. assume a 365 day year. Q.1.1 Calculate the following ratio and explain what each ratio means in relation to the industry avarage given in brackets . show your calculations 1.1.1 Net profit margin (10%) 1.1.2. Debt equity ratio (30%) 1.1.3 Average creditors settlement period (60 days) . assume purchases are equal to cost of sales and 60% of all purchases are on credit…S. Green drew up the following Trial Balance as at 30 September 2020: direct debit (DR) credit(CR) capital 45.000 drawings 14.500 cash at bank 29.000 cash in hand 3.500 accounts receivable(debtors) 52.000 accounts payable(creditors) 12.000 inventory stock 30/09/2018 36.000 van 21.000 fixtures and fittings 18.000 sales 700.000 purchases 450.000 return inwards(sales return) 2.000 carriage inwards 810 return outwards (purchase returns) 600 carriage outwards 2.400 motor expenses 1.500 rent 54.000 telephone charges 540 wages and salaries 71.000 insurance 750 office expenses 400 sundry expenses 200 757.600 757.600 Inventory as at 30 September 2019 was £40,000.Required FOR PART A & B need help ,pls!a. Draft an Income Statement for S. Keyes for the year ending 30th September 2020 b.. Construct a Statement of Financial Position (Balance Sheet) for S. Keyes as at…The questions related to this section are based on the following scenario.The financial records of Mr. Tan as at 31 October 2020 is as follows:Creditors/ Payables $3,000 Office fittings $6,000 Operating expenses $7,000 Inventory-closing $6,000 Debtors/Receivables $4,050 Bank overdraft $9,100 Sales $50,000 Purchases $20,000 1.Based on the above scenario in this section. Compute the total liabilities? 2.Based on the above scenario in this section. compute the net profit? Based on the above scenario in this section. Compute the gross profit?
- Prepare Final Accounts from the following trail balance of Mr.Lokesh for the financial year ending 31.03.2018. Debit Amt.Rs. Credit Amt.Rs Purchases 190000 Capital 250000 Salaries 20000 Sales 300000 Rent 7500 Creditors 105000 Insurance 1500 Drawings 20000 Machinery 170000 Bank 22500 Computers 150000 Furniture 25000 Cash 10000 Opening stock 25000 Debtors 13500 Total 655000 655000 Adjustments; 1. Closing stock is Rs.40000. 2. Rent outstanding-Rs.2000 3. Depreciation on furniture-10%; computers-10% 4. Provision for bad debts-5%Balance off the accounts and extract a trial balance for sole trader Airman Co. as at 30 September2020:DR CR£ £Capital 306,070Drawings 26,500Cash at bank 20,000Cash in hand 8,500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1,200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300402,670 402,670Inventory as at 30 September 2020 was £120,000.Required a. Draft an Income Statement for Airman Co. for the year ending 30th September 2020 b. The records show that the Airman Co. has been profitable during 10 years since 2009. Due to COVID-19 outbreak, explain the possible impact of COVID-19 on company Income statement items.2 On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash 25,000 Creditors 40,000 Debtors of goods 17,000 Capital 94,000 Stock of goods 22,000 Building 70,000 Total 1,34,000 Total 1,34,000 Transactions during the month of January are as follows: Jan 01: Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%. Jan 05: Sold goods for cash Rs. 12,000 costing Rs. 10,500. Jan 09: Cash paid to creditors Rs. 25,000. Jan 15: Goods sold for cash Rs. 5,000 and on account basis Rs. 3,000 costing Rs. 6,000. Jan 18: Goods returned by a customer Rs. 2,000 costing Rs. 1,900. Jan 24: Cash received from debtors Rs. 14,000. Jan 30: Depreciation on building Rs. 1,400. Required: Prepare a summary of transaction in an equation form. 8 3 The following transactions were completed by OMN Co., during the month of February 2020. February 01: Introduced cash as capital Rs. 1, 48, 000. February 04: Purchased goods o account from Noor…