What is double entry for the following transaction: Started business with MK20,0000 in bank
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What is double entry for the following transaction:
Started business with MK20,0000 in bank
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- A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as RM906. This item would be included in the bank reconciliation as a/an _____?1Jan 1 - Ms Gutierrez invested the following: Bank deposit with Banco De Oro, 850,000: Merchandise with net realizable value of 250,000 and Transportation Equipment with fair market value of 1,800,00054. CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?
- What is double entry for the following transaction: Paid MK20000 of the cash in hand into bank accountQuestion 28 On July 31, 2028, Massive Ltd. had a cash balance of $6,793 in its general ledger. The bank statement from the Bank of Auditing on that date showed a balance of $6,578. A comparison of the bank statement with the Cash account revealed the following: a. Cash receipts for July 31 recorded on the company's books were $3,500, but this amount does not appear on the bank statement. b. A cheque of $5,100 made by another company was incorrectly deducted to Massive's account by the Bank of Auditing. c. The bank statement included service charges and debit and credit card processing fees of $65. d. Cheques outstanding on June 30 totaled $6,200. Of these, $4,600 worth cleared the bank in July. All cheques written in July cleared the bank in July. e. The bank statement included electronic collections from customers on account totaling $8,800. Massive had not recorded the EFT. f. Salaries of $4,800 were paid electronically during the month. The company has already recorded these. g. An…The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R9 500. The provisional total the bank column in the Cash payments journal was R7 750. The bank balance in the general ledger amounted to R6 500 (favourable) on 1 February 2021. A capital contribution of R1 000 was deposited directly into the bank account of Africa Traders. Made an electronic funds transfer to the amount of R1 427 to settle the monthly telephone bill. Bank charges for the month were R180. SA Dealers deposited R550 directly into Africa Traders bank account. Debit order in favour of SA Computers of R350 for monthly computer services. Interest of R250 received on bank favourable. What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to…
- What is double entry for the following transaction: Took MK20600 out of bank and put into the cash billWhat is double entry for the following transaction: Bought van at MK5,000,000 paying chequeMr. Chen lends P500,000 cash to the entity. At the same, the entity uses part of the money to repay the amount owed to a creditor and holds the remaining amount of P400,000 in the bank account. The journal entry to record the transaction should be: a.Debit:Cash....................P500,000Cash in Bank....... 400,000 Credit:Accounts Payable - Mr. Chein........... P900,000 b.Debit:Accounts Payable………. P100,000Cash in Bank……………… 400,000 Credit:Loans Payable-Mr. Chein……… P500,000 c.Debit:Cash…………………………… P100,000Cash in Bank……………… 400,000 Credit:Loans Payable-Mr. Chein………. P500,000 d.Debit:Cash…………………………. P400,000Accounts Payable…….. 100,000 Credit:Cash in Bank……………………….. P500,000
- 38 - Entity A has paid 10000 TL of its 50000 TL debt to sellers by bank transfer. Which account is credited in the registration to be made?A) 320 SellersB) 321 Debt SecuritiesC) 100 CratesD) 102 BanksE) 120 BuyersThe owner, Billy Bong, increased his capital by depositing R30 000, 00 directly into the Received cash from R Roxy's in settlement of his debt as on 1 March; issued receipt no 002. rium ad or service is sold for? set the prices deellers) Transactions for March 2020 02 business's current bank account: receipt no. 001 was isued. 06 Cash sales of goods according to cash register roll, R3 200.00. 13 Received cash from L Lizzy for R3 530 00 in part settlement of the amount owed on 1 March 2020; issued receipt no. 003. 18 Sold goods on credit to R Roxy, R16 830.00: issued invoice no. 654. 23 Received cash from R Roxy in settiement of all his debt to date, receipt no. 004. 29 Credit sales of goods to L Lizzy, R7 450,00: issued invoice no. 655. Debtors journal of Billabong Traders - March 2020 DJ3 Doc Detals Fol Sales Cost of sales NoA. Fill out the bank deposit slip given the following details: A P5,000 check received is written on the deposit slip. 1. Date of Deposit - August 20, 20X5 2. Type of Deposit - Checking 3. Currency - Peso 4. Account Name - ABC Company 5. Account Number - 00397 6. Drawee Bank - BPI 7. Check Number - 01276 8. Amount - P5000 9. Total Deposit - P5000