Journalize the given below. Do it nicely. Follow the format given on the second picture. Mr. Klean opened a Cleaning Service shop on September 1, 2019. During themonth, the business completed the following transactions:1Mr. Klean invested 300,500 cash in the business.Purchased a used truck for #100,000 paying #30,000 cash and issued a promissory note for the balance.Purchased cleaning supplies for 98,000 on account.Paid #21,600 on a 2-year insurance policy, effective September 1.Bought a computer on account from JK Computer shop amounting to P50,000.Billed the customers 938,000 for the cleaning services.812Receive cash #40,000 from Pampanga Plaza Hotel for cleaning services to be rendered next month.Paid the amount owed on cleaning supplies in September 3.Paid P16,000 for employees' salaries.Collected P19,000 from customers billed September 12.15182021Received a promissory note from a client for the cleaning services rendered, 935,000.Billed customers #25,000 for cleaning services rendered.Paid gasoline for the month of the truck, P800.Withdrew #7,000 cash for personal use.23253031 DateAccountDebitCredit

The journal entries refer to the accounting entries passed in the books of accounts using the…

Mr. Klean opened a Cleaning Service shop on September 1, 2019. During the month, the business completed the following transactions: 1 Mr. Klean invested P 300,500 cash in the business. Purchased a used truck for #100,000 paying #30,000 cash and issued a promissory note for the balance. Purchased cleaning supplies for 98,000 on account. Paid P21,600 on a 2-year insurance policy, effective September 1. Bought a computer on account from JK Computer shop amounting to P50,000. Billed the customers #38,000 for the cleaning services. 2 8 12 Receive cash P40,000 from Pampanga Plaza Hotel for cleaning services to be rendered next month. Paid the amount owed on cleaning supplies in September 3. Paid P16,000 for employees' salaries. Collected P19,000 from customers billed September 12. Received a promissory note from a client for the cleaning services rendered, 935,000. Billed customers #25,000 for cleaning services rendered. Paid gasoline for the month of the truck, P800. Withdrew 7,000 cash for personal use. 15 18 20 21 23 25 30 31

Mr. Klean opened a Cleaning Service shop on September 1, 2019. During the month, the business completed the following transactions: 1 Mr. Klean invested P 300,500 cash in the business. Purchased a used truck for #100,000 paying #30,000 cash and issued a promissory note for the balance. Purchased cleaning supplies for 98,000 on account. Paid P21,600 on a 2-year insurance policy, effective September 1. Bought a computer on account from JK Computer shop amounting to P50,000. Billed the customers #38,000 for the cleaning services. 2 8 12 Receive cash P40,000 from Pampanga Plaza Hotel for cleaning services to be rendered next month. Paid the amount owed on cleaning supplies in September 3. Paid P16,000 for employees' salaries. Collected P19,000 from customers billed September 12. Received a promissory note from a client for the cleaning services rendered, 935,000. Billed customers #25,000 for cleaning services rendered. Paid gasoline for the month of the truck, P800. Withdrew 7,000 cash for personal use. 15 18 20 21 23 25 30 31

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

See similar textbooks

Similar questions

Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020
S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…
S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment. You will be completing several accounting activities in regards to this purchase. What would the journal entry be for the check 1. Use the write check function in QB Online to record the entire purchase (down payment and capitalization of the truck and related liability). Use check number 171. Create accounts as needed in QB Online. You may find it helpful to write out the journal entry first before completing it in QB Online.
john began an Upholstery cleaning business on October 1,2020 and engaged in the following transactions during the month: Began business by depositing 12,000 in a Clean & Premium ltd bank oct 1 : account oct 2 :Ordered Cleaning supplies 3,000 oct 3: Purchased cleaning equipment for 2,800. oct 4 : Made two months' van lease payment in advance, 1,200 Received the cleaning supplies ordered on (Oct 2) oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days oct 9: Paid for repairs on the van with cash, 1,080 oct 12 : Received cash for cleaning upholstery, 960. oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500. oct 21 : Billed customers for cleaning upholstery, 1,340 oct 24 :Paid cash for additional repairs on the van, RM80 oct 27 : Received 600 from the customers billed on October 21. oct 31 Made a cash withdrawal of 700. you are Required to A : Prepare the general journal based on the above transactions. B:…
Cy discovers a receipt for renter insurance for the storage locker rental. The renter insurance was purchased from Cyrus Insurance to provide insurance coverage for the inventory that Cy planned to store in the storage locker. Mookie The Beagle™ Concierge purchased 1 month of renter insurance coverage for the period January 1 through January 31, 2022. Using the company credit card, Mookie The Beagle™ Concierge paid $16.00 on January 16, 2022 for the 1 month of insurance coverage. So at the end of the accounting period on January 31, 1 month of rent had expired at $16.00. Since Mookie The Beagle™ Concierge had not recorded the transaction, the entire $16.00 should be recorded as Renter Insurance Expense with an adjusting entry to bring accounts up to date at January 31. Create Adjusting Journal Entry. (Round your answer to 2 decimal places.) Select Create (+) icon > Journal Entry Enter the adjusting journal entry in QBO on January 31, 2022 Enter Journal No.: ADJ 8 Complete the…
Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given:
Mr. Manalo opened a mini grocery store with Business name Manalo Trading. Operations began on April 1, 2021, and the following transactions were completed during the month: 1 Mr. Manalo withdrew P100,000 from a personal savings account and used it to open a new account in the name of Manalo Trading. 2 Acquired an office equipment costing P76,000. A payment of P25,000 cash was made and a note payable given for the P51,000 remainder payable for 6 equal monthly installment. 4 Purchased merchandise from Spendmore Hypermart P49,500, terms 5/10, 3/20, n/30. 5 Paid P1,600 delivery charge for April transactions. 7 Bought office supplies on account P10,700. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. 10 Returned defective merchandise to Spendmore Hypermart amounting to P4,500. 12 Sold merchandise on account P42,000 with 40% mark-up from the inventory cost of P30,000, term 2/10, n/30. 13 Paid P1,200 freight for April 12 transactions. 15 Paid…
Ann opened an Office Cleaning Service company on January 1, 2020. During 2020 she had the following transactions.(1) She started the business with investing $30,000 of her own money (business was organized as corporation)(2) She borrowed $40,000 from bank by issuing a 5-year note.(3) She purchased $15,000 of furniture and equipment- paid $5,000 cash and signed a note for the rest.(4) She purchased a truck for business use at $20,000 in cash.(5) During the year, provided $85,000 services to customers of which $71,000 was collected, the rest was not yet collected as of Dec. 31st.(6) During the year, she incurred $58,000 of salaries expense of which $2000 was still not paid as of Dec. 31st.(7) During the year, she paid $3000 interest on the note to the Bank(8) During the year, she took $3,000 as dividend.(9) During the year, she collected $150 interest from bank on company account(10)During the year, purchased $2000 of supplies in cash.(11)During the last week of the year, she…
Chuck recently purchased brand new equipment for his sign making business. He received an invoice for $3,625 dated March 22 with terms 4/10, 2/20, n/60. Chuck paid $1,225 on April 1 and $480 on April 11. What balance was still owed after April 11? Your Answer: