SamA. started an accounting consulting business in 2023. He will operate the business as a proprietorship. The first month’s transactions for the business are noted below: 1.SamA. invests $5,000 into the business out of his personal savings. 2.SamA. transfers a computer valued at $3,000 into the business. 3.The business purchases computer supplies for $400 cash. 4.The business pays $550 for wages to an assistant. 5.The business completes work for a client, who pays $700 for the service. 6.The business incurs adverting expenses of $600 which are to be paid later. 7.The business provides services totalling $1,200 to be collected later. 8.Business pays the total amount owing from transaction 6. 9.Half of the amount owed from customers in transaction 7 is collected. 10.Business purchases additional computer equipment for $450, cash. 11.SamA. withdraws $300 from the company for personal use.   a.Create in excel(or word)a spreadsheet (table) similar to the one below and record each of the…

Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of operations, the business completed the following transactions. Sep 1 Wendy invested RM80,000 cash into the business. Sep 2 She obtained a bank loan of RM80,000 for the business Sep 8 Bought goods on credit for RM75,000 from Century Saloon Supply Sep 10 Distributed free sample worth RM1,000 from her stocks Sep 12 Shampoo costing RM180 was taken from business stock as a personal gift to her friend Sep 16 Purchased a cash register worth RM2,500 on credit from Smart Solution Sep 17 Brought in his personal computer worth RM3,800 for business use Sep 19 Installed a security system for his office, total bill received from his supplier, Secure System was RM9,600 Sep 24 Withdrawn goods bought for resale for her personal use, value of the goods was RM680 Sep 28 Withdrew RM800 from business bank account for her personal use Required: Record the above transactions in the GENERAL JOURNAL. Narratives…

You have graduated from Holmes Institute with a Master’s Degree in Professional Accounting, and you’re employed as an accountant/financial advisor, for an accounting firm called Big Business Accountants.Harry is a client, and he has made an appointment to see you. Harry is keen in starting a business. This business he is proposing to start is a bakery. Harry has qualifications in bakery which includes making cakes, bread, pastries.Harry, has saved up his money and he has about $50,000.00 in cash. He hasn’t bought any equipment but he has found a shop which he is considering leasing where his bakery business will be operating from.Harry has always been an employee and now he would like to know what type of business structure he should have for his bakery. Use IRAC formula that is issue, rule, application and conclusion for above case regarding the business structure.

close Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward SEARCH ASK   CHAT   MATH SOLVER     Question Mr. Y  started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its  accounting period using the calendar year.The following transactions ocurred during its business operation for the year 2020. 1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0,  office equipment P100, 000.00 respectively. 2. Paid rent in advance amounting toP75, 000 for the period of three (3) months. (Jan to March). 3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier. 4. Received P100,000 cash from customer for the service tendered. 5. Paid salaries to employees P50, 000 6. Paid light and water expenses for P30, 0007. Bought 3 units of  computer on…

Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the first month of operations. May   2 Emily moved $8,150 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $792 into the business. May   3 Purchased supplies, including a microphone, and brochures for $645 cash. May   4 Purchased a printer for $252 on account. May   5 Purchased a one-year insurance policy for $1,320 cash. May   6 Emily withdrew $335 for a Mother’s Day gift. May   8 Interviewed and hired one employee to assist with leading tours. May   10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings. May   15 Led three tours of Stanley Park and received $1,045 cash. May   25 Led four tours of…

On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development.  October 1 S. Rey invested $50,000 cash, a $24,000 computer system, and $11,500 of office equipment in the company. October 3 The company purchased $1,400 of computer supplies on credit. October 6 The company billed Easy Leasing $5,700 for services performed in installing a new web server. October 8 The company paid $1,400 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. October 12 The company billed Easy Leasing another $1,500 for services performed. October 15 The company received $5,700 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $780 cash to repair its computer equipment. October 20 The company paid $1,683 cash for advertisements…

Roy Akins was the accounting manager at Zelco, a tire manufacturer, and he played golf with Hugh Stallings, the CEO, who was something of a celebrity in the community. The CEO stood to earn a substantial bonus if Zelco increased net income by year-end. Roy was eager to get into Hugh’s elite social circle; he boasted to Hugh that he knew some accounting tricks that could increase company income by simply revising a few journal entries for rental payments on storage units. At the end of the year, Roy changed the debits from “rent expense” to “prepaid rent” on several entries. Later, Hugh got his bonus, and the deviations were never discovered. Requirements How did the change in the journal entries affect the net income of the company at year-end? How did the change in the journal entries affect the net income of the company at year-end?

i hope you will can solve it quickly    Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness 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 statement

Angela de Dios, a business graduate student who was working in Think Computer, a company selling all kinds of computers, decided to become an entrepreneur and put up an internet shop. The following are the transactions for the month of March: 1 - Angela started an internet shop called “Playnet. com” by investing her savings of ₱ 50,000 and the proceeds from the sale of her car of ₱ 300,000 5 - Angela hired two workers to assist her in the shop. 10 - Two month rent deposit was paid in cash, ₱10,000 15 - Paid ₱15,000 for building materials to fix the shop, ₱8,000 for furniture, ₱ 45,000 for one unit of aircon and two units of electric fan. 20 - Purchased supplies for cash, ₱1,500 25 - The shop was ready for the installation of the computer units. Angela purchased 12 units of computer hardware from Think PC. She paid 50% in cash for ₱ 125,000 and a note for the balance payable in 24 monthly installments starting April 20.