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- 1. Record Journal Entries 2. Post them into ledger accounts 3. Prepare the Trial Balance as on 31.12.2020INMACULATA TRUCKING., INC. On April 1, 2020, Marie France organized a business called Inmaculata Trucking. Inc. During April, the company entered into the following transactions: Apr 1 Marie France deposited Php 500,000 cash in a bank account in the name of the business. Purchased for Phr 250,000 a transportation equipmentto be used in the business. Marie France paid 50% as down payment while the balance will be paid on May 15, 2020 Apr 1 Apr 1 Paid rental forthe month of April, Php 5,000 Apr 5 Earned and collected trucking income from Eva, Php 8,000 Apr 8 Earned trucking income from Julia, Php 30,000 on account and Julia will pay on May 8, 2020 Apr 10 Paid salaries of drivers, Php 10,000 Rented the vehicle to Joshua for Php 35,000, Joshua paid Php 20,000 on that date and the balance on April 20 Apr 15 Apr 18 Paid electric bills for the month, Php 2,000 Apr 20 Collected from Joshua the balance of his April 15 account Apr 25 Purchased office supplies, Php 2,300 Apr 29 Earned and…a. Prepare journal entries for the purchase transaction held on December 1, b. Prepare the forward contract transaction entered into on December 1, 2020
- Your assistant prepared the following bank reconcillation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconcilation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 $ 9,500 Add: Electronic Fund Transfer $ 1,060 Deposit in transit 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) 10 500 1, 8ee 36 2,346 $10,669 9,359 Indicated bank balance Balance per bank statement Discrepancy $ 1,310On January 1, 2021, LLB Industries borrowed $400,000 from Trust Bank by issuing a two-year, 8% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing iPhone USB ue of its debt to increase. The agreement called for the company to receive payment based on a 8% fixed interest rate on a notional amount of $400,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating (LIBOR) settlement rates were 8% at January 1, 6% at March 31, and 4% June 30, 2021. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. Fair value of interest rate swap Fair value of note payable January 1 0 $400,000 Required: 1. Calculate the net cash…1. Enter the balances as of 11/30/2021 in the general ledger.
- Prepare journal entries to record the transactions in Jan. 2021A. Post the journal entries to their ledger using T-Account Format. Use Additional information on Enrichment Activity 2-1 and use the trial balance for the beginning balances. B. Prepare Trial balance, as of April 30, 2021.On April 30, a team sold a twelve-game pack of advance courtside tickets for $61,200 cash. On August 14, the team played the first game of the twelve-game pack (this represented one-twelfth of the advance ticket sales). Record the entries for the April 30 and August 14 transactions. View transaction list Journal entry worksheet 1 2 Record the entry for the April 30 transaction. Note: Enter debits before credits. Date April 30 General Journal Debit Credit >
- Oo.93. Subject :- Account 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accountsMAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS: Question 13/14/15QUESTIONS 1. Shows the Journal entry for additional information above (Items 1-4). 2. Prepare an Adjusted Trial Balance on 31 Dec 2021