Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Create journal entries for sage 50. ?
1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business.
2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today.
3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.
Case Scenario1 - Hien
Hien is in business selling high quality glassware to retailers. Her accountant prepares a statement of financial position each year following Hien’s year end of 31 December. It is now 30 June 20X3. Hien, who has no knowledge of accounting, asks you for some assistance:
‘I know you’re studying accountancy and I’ve got a little exercise for you. The situation is this: I seem to be doing really well if the bank account is anything to go by. At over £62,000 the balance is higher than it’s ever been before. I’m wondering if I can actually spend this money. I don’t need it for myself but I’m thinking about buying some shares in the glass company which supplies a lot of the goods I sell. Could you possibly draw up a statement of financial position for me for the end of June and let me know whether the business is really looking as
healthy as I think it is?’
Hien supplies the following list of balances at 30 June, prepared by her book-keeper.…
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
Knowledge Booster
Similar questions
Anthony Clement is applying for a car loan. The lending institution requires a personal net worth statement. Anthony currently has $1,085.00 in cash, and his camera is worth $635.00. He also owes Vista Travel $305.00 and Kelley Electronics $83.00. Complete a net worth statement for Anthony Clement. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.
arrow_forward
Question 1.
From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder.
Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day.
Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days.
Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000.
Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha.
Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account.
Mar 13. Mr. John paid RO 15,000 by Cheque.
Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…
arrow_forward
Problem Solving:
Judylaine Berley opened a laundry shop in General Santos City. With the given chart of accounts, record the following narrative transactions in a two column General Journal:
CHART OF ACCOUNTS
FOLIO
ACCOUNT TITLES
FOLIO
ACCOUNT TITLES
ASSETS
OWNER’S EQUITY
110
Cash in Bank
310
J. Berley, Capital
111
Accounts Receivables
320
J. Berley, Drawing
112
Unused Laundry Supplies
INCOME
140
Prepaid Insurance
410
Laundry Income
150
Laundry Equipment
EXPENSES
160
Delivery Equipment
510
Salaries Expense
LIABILITIES
511
Taxes & Licenses
210
Accounts Payable
513
Utilities Expense
220
Notes Payable
514
Repairs & Maintenance
230
Unearned Laundry Income
515
Rental Expense
Transactions:
March 1 Opened an account with the Bank of the…
arrow_forward
i am doing chart of accounting general journal,
4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this).
how to solve this problem? with puting into general journal as debit and credit side
arrow_forward
Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper.
June 1 Kim investedPhp 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa.
2 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business.
7 She bought tables and chairs from Maginhawa Furnitures and paid Php 20,000.00 cash.
15 Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00.
18 She made a withdrawal of Php 10,000.00 for her personal use.
20 The account due to Beauty Shoppy was paid in cash.
21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer.
22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a…
arrow_forward
Lisa and Ruby two friends from high school, incorporated their design company and began operation on October 1, 2023. During that first month of operation, the company provided services for clients. It is now October 31, 2023, and Lisa and Ruby are wondering how their company performed in its first month of operations. They have provided you with the following information
Accounts payable 1,800
Accounts receivable 2,000
Cash balance at June 1, 2023 0
Cash balance at June 30, 2023 33,300
Common shares 50,000
Land 18,000
Office supplies 3,700
Payment of cash dividends 2,100
Rent expense 1,100
Retained earnings at June 1, 2023 0
Retained earnings at June 30, 2023 ??
Salaries and wages expense 1,200
Service revenue 10,000
Utilities expense 400
a) Prepare an income statement for the month of June for this company.
b)Prepare a statement of retained earnings for the month of June for this company.
c)Prepare a balance sheet as at October 31, 2023 for this…
arrow_forward
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader:
Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020
arrow_forward
Financial information have different group of users. Mention any six (6) groups of financial information users and briefly outline their information needs.
b). Enter the following transactions in a general journal for the month of July 2019
1st Started business with ¢9,750 cash
2nd Received a loan of ¢12,000 from Barnes by cheque
3rd Bought a computer for cash ¢6,000
5th Bought a camera on credit from Kodak ltd ¢4.020
8th Took ¢2,000 out of the bank and put it in the cash till
15th Paid part of Barnes’s loan by cheque ¢5,000
17th Paid Kodak Ltd ¢4,020 by cheque
24th Final payment of Barnes’s loan by cash
31st Bought a printer on credit from F. Jones ¢2,550
arrow_forward
State whether there is an increase, decrease, or no entry for the following transactions, using the accounting equation (Assets = Liabilities + Owner's Equity):
Question:
a) Jess signs a lease agreement to rent some space for her new business. The rent is around $1,100 per month.
b) Jess borrowed $5,500 from her cousin to buy some supplies for her new business.
c) The money that Jess borrowed from her cousin, is then deposited in a new bank account, followed by $750 of her own money (in cash), under a new account with the name Jess's Pet Sitting.
Please Explain.
arrow_forward
Construct an analysis of the following transaction and use the table:
Assets
=
Liabilities
+
Owner's Equity
Account title
Debit
Credit
Account title
Debit
Credit
Account title
Debit
Credit
Mrs. Mason completed these transactions during the first month of her business’s operations:
Date
Transactions
April 2
Talas invested P14,000 cash to start her business.
2
Paid monthly rent, P500
3
Paid cash for a Dell computer, P2,000.
4
Purchased office furniture on account, P3,600.
10
Purchased supplies on account, P300.
15
Performed service to customers on account, P1,700
22
Paid salaries, P200
25
Performed service for customers and received cash for the full amount of P800
26
Paid P1,000 for the office furniture purchased on September 4 and gave a note payable for the remaining accounts payable
30
Received P1,500 from customers billed before.
arrow_forward
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:a. Opened a business bank account with a deposit of $25,000 from personal funds.b. Purchased office supplies on account, $1,850.
c. Paid creditor on account, $1,200.d. Earned sales commissions, receiving cash, $41,500.e. Paid rent on office and equipment for the month, $3,600.f. Withdrew cash for personal use, $4,000.g. Paid automobile expenses (including rental charge) for the month, $3,050, and miscellaneous expenses, $1,600.h. Paid office salaries, $5,000.i. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.
arrow_forward
On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July follow:
a. Manalo deposited P150,000 in a bank account in the name of the business.
b. Paid office rent for the month P11,000.
c. Bought supplies for cash , P2,750.
d. Bought professional equipment on account from J. Perez Equipment, P142,000.
e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the remaining balance on account.
f. Performed professional services for cash, P32,800.
g. Paid accounts to S. Lacorte Computers, P5,000
h. Received and paid the bill for the utilities, P2,830
i. Paid salaries of the part-time assistants, P10,000
j. Performed professional services for cash, P37,250
k. Manalo withdrew cash for personal use, P16,000
Record the transactions for the month of July 2018 using a financial transaction worksheet. Use the following accounts: cash, account receivable, professional equipment, office equipment,…
arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage