(1)
To prepare:
Introduction: The financial statements of a company include the
(2)
To prepare: The T-accounts for each item.
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
(3)
To record: The journal entries to T-accounts.
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
(4)
To prepare: The
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
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Horngren's Financial & Managerial Accounting
- Accounting The following cash, credit stock purchases and returns were made RMIT Bookstore during June. Date Details Amount (incl GST) June 2 Purchase from Diane June 8 Purchase from Bean June 18 Return to Diane June 23 Return to Bean June 28 Cash Purchases June 29 Paid Bean $ 550 $ 198 $ 66 $ 4 $ 693 $ 154 Task 8 Required: Record the transactions in the General Journal. Post the General Ledger and Subsidiary Ledger. Reconcile the Payables Ledger with the General Ledger. Answer: General Journal - RMIT Bookstore Date Particulars Debit Credit General Ledger - RMIT Bookstore Bank Date Particulars Debit Credit Balance Inventory Date Particulars Debit Credit Balance GST Paid Date Particulars Debit Credit Balance Accounts Payable Date Particulars Debit Credit Balance Payables Subsidiary Ledger - RMIT Bookstore Bean Date Particulars Debit Credit Balance Diane Date Particulars Debit Credit Balance Payables Subsidiary Reconciliation - RMIT Bookstore Diane Balance per Control Accountarrow_forwardKnowledge Check 01 On December 31, the company provides consulting services and bills its customer $3,000 for these services. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet 1 > On December 31, the company provides consulting services and bills its customer $3,000 for these services. Note: Enter debits before credits. %24 ... *.*.......... 6:1 3/27/ Insert Prt Sc F3 F4 F5 F6 EZ F8 F9 F10 F11 F12 Fn Lockarrow_forwardPrepare 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, $16,000arrow_forward
- Required: Prepare the journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a. Note: Enter debits before credits. 3 The firm was organized and the stockholders invested cash of $8,800. Record entry 4 5 6 7 General Journal 8 Clear entry Assessment Tool iFrame Debit 14 Credit View general journalarrow_forwardComprehensive Problem – Journalizing, Posting. Trial Balance Ulysses Dela Cruz established an enterprise he registered with the DTI under the name: The Storm Decorators, on May 1, 2020. During the month he completed the following transactions: 01 - Mr. Ulysses Dela Cruz transferred cash from a personal bank account to an account to be used for the business, P31,000. 02 - Purchased supplies for cash, P750. 02 - Paid P1,230 worth of local government taxes and business permits. 02 - Purchased tools on account from Tonyo General Merchandise, P4,600. 03 - Purchased a second-hand van from Bagyo Used Cars Inc. for P48,000, paying P8,00 cash and giving a note payable in 3 months for the remainder. 05 - Paid rent of the office space for the month, P2,250. 06 – Received cash for a job completed, P8,600. 08 – Purchased supplies on account from Tonyo General Merchandise, P2,450. 10 - Paid premiums on property insurance, P2,440. 12 - Paid in full creditor for the tools purchased on May 2. 14 - Paid…arrow_forwardStep 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template xisx". Use the following accounts as appropriate: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue 1-Dec Issue common stock in exchange for cash of $8.500 1-Dec Paid the premium in advance on a one-year insurance policy, $1,080. 1-Dec Purchased Equipment for $4,800 cash. 5-Dec Purchased office supplies from XYZ Company on account, $500. 15-Dec Provided services to customers for $6,400 cash 16-Dec Provided services to customer ABC Inc on account, $4,000. 17-Dec Received $1,300 cash in advance from a customer for services to be provided in January 22-Dec Paid $240 to XYZ company for the Dec 5 purchase on account. 23-Dec Received $2,000 cash from customer, ABC Inc., on…arrow_forward
- Requirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000arrow_forward1. OBJECTIVES: 1. prepare journal entries to record basic business transaction (ABM FABM12-Illa-b3) II. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on…arrow_forwardDirections: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a separate sheet of paper. Account Titles Cash Accounts Receivable Office Furniture Office Equipment Accounts Payable Estrada, Capital Consulting Revenues Salaries Expense Rent Expense 101 301 102 401 103 501 104 502 201 Jinky Estrada is an experienced event planner. Her transactions for December 2018 are: Dec. 1 Jinky invested P100,000 in cash to start her own business. She paid 5,000 for one month's rent. 4 She bought office furniture for P15,000 in cash. 4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days. 6 She performed services for P12,000 in cash. 7 She did services for P11,000 on credit. She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days. 11 She received P5,400 from…arrow_forward
- Instruction for the following questions: Prepare: 1) Journal entries 2) Ledger 3) Balancing off the accounts 4) Trial Balance 2. The following are ABM Trading's transactions for April 20X3. Record the transactions in the appropriate accounts. Apr. Started a business with RM4,500 cash Deposited RM3,500 of cash in a bank account Bought goods worth RM250 by cash Bought goods worth RM1,000 on credit from Wong Sold goods worth RM2,000 on credit to Simex Bhd. Sold goods worth RM2,250 for cash Returned goods worth RM65 to Wong Paid rent amounting to RM200 by cheque Simex Bhd. returned goods worth RM85 Bought a van priced at RM10,000 on credit from Maju Motor 11 3. 6. 7. 8. 10 10 Returned goods worth RM70 to Wong 12 Paid wages amounting to RM250 by cash 13 Received a cheque for RM3,000 being loan from Kawanku Sold goods worth RM2,.000 on credit to Salman Salman returned goods worth RM125 Received cheque from Simex Bhd. after deducting 5% of cash discount Sent a cheque for RM830 to Wong.…arrow_forwardRequired information Use the following information for Exercises 9-12 below. (Algo) [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $1,758 cash. 20 The company received $3,850 cash from taking photos for customers. 31 The company paid $881 cash for August utilities. Aug.arrow_forwardQuestion Content Area Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Common Stock, Dividends, Professional Fees, and Operating Expenses. Question Content Area a. In the T accounts, journalize the following transactions of Potter Pool Services for June, identifying each entry by number: Stockholders invested $12,500 cash in the business by purchasing common stock. Purchased supplies on account, $6,250. Paid operating expenses, $5,500. Billed clients for fees, $7,440. Received cash from cash clients, $4,700. Paid creditors on account, $1,400. Received $3,100 from clients on account. Paid $1,500 cash dividends.arrow_forward
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