Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash Office supplies Prepaid insurance Office equipment Accounts payable Common stock Dividends Services revenue Rent expense $ 37,600 890 4,600 12,900 12,900 18,000 3,370 36,000 7,540 quired: Prepare a trial balance for this business as of the end of May.
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- The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…Q4) A) Journalize the following transactions in the books of AHMED for the month of March. 2020 B) Post the transactions given in Section – D to the proper ledger accounts. 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.create a journal entry and t accounts using the following transaction of august. 1 Garcia invested Php48000 cash in the business1 Rented office space and paid Php800 cash for the August rent3 Purchased exploration equipment for Php22000 by paying cash and agreeing to pay the balance in 3 months5 Purchased office supplies by paying Php1500 cash6 Completed exloration work and immediately collected Php420 cash for the work8 Purchased Php1350 of office equipment on credit15 Completed exploration work on credit in the amount of Php800018 Purchased Php700 of office supplies on credit20 Paid cash for the office equipment purchased on August 824 Billed a client Php2400 for work completed; the balance is due in 30 days28 Received Php5000 cash for the work completed on August 1530 Paid the assistant's salary of Php1100 cash for this month30 Paid Php340 cash for this month's utility bill30 Garcia withdrew Php1050 cash from the business for personal use
- Q1: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner’s Equity Cash Accounts Receivable Supplies Note Payable Account Payable James Capital…QUESTION ONEJuan Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactionsJuly 1. Owner invested sh 500,000 cash along with computer equipment that had a market value of php. 120,000July 2. Paid sh. 15,000 cash for the rent of office space for the month.July 4. Purchased sh 12,000 of additional equipment on credit (due within 30 days).July 8. He completed a work for Mr. Patrick and immediately he was paid the sh. 32,000 cash.July 10. Completed work for Mr. simon and sent a bill for sh. 27,000 to be paid within 30 days.July 12. Purchased additional equipment for sh. 8,000 in cash.July 15. Paid assistant sh. 6,200 cash as wages for 15 days.July 18. Collected sh. 15,000 on the amount owed by Mr. simon.July 25. Paid sh 12,000 cash to settle the liability on the equipment purchased.July 28. Owner withdrew sh. 500 cash for personal use.July 30. Completed work for Miss Akinyi who paid…Challenge Exercise 1 Expands on: E1-7 LO: 4 Wunderkind Photography entered into the following transactions during February 2022. Stockholders invested $5,000 in the business. Bought photography equipment for a cash payment of $1,000. Bought more photography equipment by signing a $500 note payable. Performed photography services for $400 cash. Performed photography services, and billed the customer $900 on account. Collected $900 from the customer in transaction 5. Paid for February developing and printing, $150. Advertised the business in the Platteville Journal. The $100 cost will be billed to Wunderkind. Paid the advertising bill from transaction 8. Paid $200 for photography supplies. Received $300 cash advance payment from a customer for a photography job to be performed in April. Paid $250 dividend to the stockholders. Instructions: Indicate whether each transaction increases or decreases assets, liabilities, or stockholders’ equity. As an example,…
- Question 1 Alan runs his own e-marketing consulting business called Alan E-Marketing. On 1st January 2019, the business of Alan E-Marketing had the following accounts and balances in its general ledger. Accounts title RM Cash at Bank 4,000 Accounts Receivable 12,000 Motor Vehicle 20,000 Office Equipment 4,000 Accounts Payable 6,000 Capital: Alan Tan 34,000 For the month of January, Alan E-Marketing completed the following transactions. Jan 4 Purchased office equipment RM3,800 on credit from Jop Office Supplies. Jan 8 Received a cheque of RM7,500 from accounts receivable Jan 10 Provided consultancy service on credit to Frankie for RM4,500 Jan 13 Paid the balance due of RM6,000 to accounts payable by cheque. Jan 17 Paid in full to Jop Office Supplies for the office equipment bought on January 4. Jan 20…Question No 2Assume 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 useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statementQuestion : Pass the journal entries for the following. May 2013 Date 1 : Set up the entity with capital in cash Rs. 2,500,000. 2 : Bought good on credit from the following supplies : The Bushes company Rs. 5,40,000, Flower city Rs. 8,70,000, D Gibson Rs. 2,50,000, Weedkill Rs. 7,60,000, T greenery Rs. 6,40,000 3 : Sold goods on credit to : The office company Rs. 4,30,000, V Cork Rs. 6,40,000, Texas Chain Stores Rs. 17,60,000. 4 : Paid rent Rs. 1,20,000. 5 : The office company paid the Rs. 4,30,000 that it owed. 6 : Texas Chain Stores paid Rs. 15,00,000. 7 : The following payments were made : to D Gibson Rs. 2,50,000, and to The Bushes Company 5,40,000. 8 : Advertising costs of Rs. 2,30,000 were paid to the Local news Publisher. 9 : Bought goods on credit from the following suppliers : The Bushes Company Rs. 4,30,000, Landscape 11,00,000. 10 : Sold good on credit to Public Parks Rs. 6,70,000. 11 : Paid rent Rs. 1,80,000
- FINANCIAL ACCOUNTING ONE CAT I QUESTION ONE Juan Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions July 1. Owner invested sh 500,000 cash along with computer equipment that had a market value of php. 120,000 July 2. Paid sh. 15,000 cash for the rent of office space for the month. July 4. Purchased sh 12,000 of additional equipment on credit (due within 30 days). July 8. He completed a work for Mr. Patrick and immediately he was paid the sh. 32,000 cash. July 10. Completed work for Mr. simon and sent a bill for sh. 27,000 to be paid within 30 days. July 12. Purchased additional equipment for sh. 8,000 in cash. July 15. Paid assistant sh. 6,200 cash as wages for 15 days. July 18. Collected sh. 15,000 on the amount owed by Mr. simon. July 25. Paid sh 12,000 cash to settle the liability on the equipment purchased. July 28. Owner withdrew sh. 500 cash for personal use. July…Comprehensive Problem 1Part 1: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly ConsultingPost-Closing Trial BalanceApril 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14…Chapter One Challenge Exercise 1 Expands on: E1-7 LO: 4 Wunderkind Photography entered into the following transactions during February 2022. Stockholders invested $5,000 in the business. Bought photography equipment for a cash payment of $1,000. Bought more photography equipment by signing a $500 note payable. Performed photography services for $400 cash. Performed photography services, and billed the customer $900 on account. Collected $900 from the customer in transaction 5. Paid for February developing and printing, $150. Advertised the business in the Platteville Journal. The $100 cost will be billed to Wunderkind. Paid the advertising bill from transaction 8. Paid $200 for photography supplies. Received $300 cash advance payment from a customer for a photography job to be performed in April. Paid $250 dividend to the stockholders. Instructions: Indicate whether each transaction increases or decreases assets, liabilities, or stockholders’ equity.…