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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
1. When posting all transactions to the ledgers, the cash account will show a total amount in the credit side of
A. 118,200
B. 362,000
C. 243,800
D. 100,000
2. What is the final balance of the cash account after posting all related transactions to the ledger and after taking the difference between the total debits and credits?
A. 243,800 credit balance
B. 243,800 debit balance
C. 362,000 debit balance
D. 362,000 credit balance
3. After posting all related transactions to the ledger, the service revenue account will show a total balance of
A. 82,000 debit
B. 58,000 debit
C. 82,000 credit
D. 58,000 credit

Transcribed Image Text:Activity 1- ACCHT 221 - RECORDING TRANSACTIONS ; POSTING TO LEDGER AND PREPARATION OF TRIAL BALANCI
Remy opened her Tours4Fun business. During the first month, January, she completed the following transactions:
Began business by investing cash of P300,000 a office equipment valued at P40,000, shop furniture worth
a.
P 65,000.
Paid rent for the month, P20,000.
b.
Bought additional office equipment from Kapamilya Store on credit, P25,000.
Bought shop supplies for cash P8,000.
Received P20,000 from Sally for passporting services rendered.
Purchased another office equipment for cash for P18,000.
Completed work for Novy on credit, at P38,000.
Paid telephone and internet services worth P5,200.
Paid Kapamilya store in full.
Received cash from customers for services rendered worth P24,000.
с.
d.
е.
f.
g.
h.
i.
j.
Received P18,000 from Novy as partial payment of the amount she owes the Tours4Fun.
Paid the salary of the office staff, P15,000.
k.
I.
Bought another shop furniture worth P10,000 on credit.
Miscellaneous expenses paid during the month were paid worth P27,000.
m.
n.
Using the following Account Titles, answer the questions found in the attached google forms.
ACCOUNT TITLES:
Cash
Accounts receivable
Shop supplies
Office equipment
Shop furniture
Accounts payable
Remy, capital
Service revenue
Rent expense
Telephone and wifi expense
Salary expense
Miscellaneous expense
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Could you answer the question through this journal I'm confused on where to input the informationarrow_forwardhow do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…arrow_forward[The following Information applles to the quIestions alsplayed below Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and It reported two checks outstanding, No. 5888 for $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check…arrow_forward
- A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principlearrow_forwarda.Prepare the updated cashbook. b.Prepare the bank reconciliation statement as at 31 December 2020.arrow_forward
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