Analyze the following transactions using ONE T-Account.The following are the transactions of A. Austria, owner of "AA Typing and Stenographic Services", for themonth of October 2018.1. A.Austria invested P3,500 and typewriter P35,000.2. Purchased supplies for cash P350.3. Purchased a typewriter table on credit from Ace Furniture P4,5004. Received P22,000 from various customers for typing services rendered.5. Sent a bill to K. Garcia for typing service rendered, P3,750.6. Paid Ace Furniture in full amount due.7. Received P2,000 from K. Garcia as partial payment of her account.8. Withdrew P1,800 for personal use.9. Paid the helper's wages, P2,000.10. Received P590 from J. Santos for typing service rendered.CHART OF ACCOUNTSASSETS111 CashCAPITAL311 Austria, Capital312 Austria, Drawing112 Accounts Receivable113 Supplies114 Furniture & Fixtures115 EquipmentINCOME411 Service IncomeLIABILITIES211 Accounts PayableEXPENSE511 Salaries & WagesANSWERS:DebitCredit

Cash and cash equivalents are those term assets which are either in cash or can be converted into…

Answered: Analyze the following transactions…

Principles of Accounting Volume 1

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Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro - Sh. 20,600 in full Settlement less Sh.200 cash discount March 27: Kokise Investment Ltd. - Shs.2,100 Other Transactions: March 5:Purchase goods - Sh.16,000 from R OsoroMarch 11: Sold goods to B…
Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…
Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro - Sh. 20,600 in full Settlement less Sh.200 cash discount March 27: Kokise Investment Ltd. - Shs.2,100 Other Transactions: March 5:Purchase goods - Sh.16,000 from R OsoroMarch 11: Sold goods to B…
Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019. Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro…
Make journal entries for the below listed transactions: On April 01, 2019 Chin started business with P100,000 and other transactions for the month are: 2. Purchase Furniture for Cash P7,000. 8. Purchase Goods for Cash P2,000 and for Credit P1,000 from Shaw Store. 14. Sold Goods to KK Bros P12,000 and Cash Sales P5,000. 18. Owner withdrew of worth P2,000 for personal use.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
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.
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00Net Profit 21,100.00Capital 72,000.00Long term loan 10,000.00Creditors 2,500.00Cash in hand 500.00Cash in Bank 8,000.00Debtors 3,000.00Inventory 12,000.00Land Buildings 40,200.00Vehicles 28,400.00Equipment 8,000.00Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.
Jim operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed. TRANSACTIONS May 1 - Jim invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 May 3- Purchased merchandise on account from Subic, P13,200. Terms: 2/10, n/30. Purchase Invoice 422. May 4 - Paid rent expense for April, P900; Check No. 200. May 5 - Purchased store supplies on account from Alexis, P550. Terms: 1/10, n/30. Purchase Invoice 510. May 8 - Sold merchandise on account to Rustan, P11,000. Terms: 1/10, n/30; Sales Invoice No. 150.Cost of merchandise was P5,500. May 12 - Paid Subic the amount owed on the May 3 purchase, Check No. 201 May 14 - Purchased merchandise on account from Ong’s Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. May 15 - Paid Alexis the amount owed on the May 5 purchase. Check No. 202 May 16 - Recorded cash sales for the first half of May, P33,000. Cost of…

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