Journalise and post to ledger May transactions Prepare the trial balance end in May
Q: Write the journal entry for each transaction.
A: JOURNAL ENTRY RULE : ITEM INCREASE DECREASE ASSET DEBIT CREDIT LIABILITY CREDIT DEBIT…
Q: An adjusted trial balance should be prepared immediately: Multiple Choice after posting normal…
A: Adjusted trial balance reflects the year ending adjustments made due to prepaid and deferral…
Q: a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form…
A: Business events are the business transactions which affect the activities, assets, liabilities of…
Q: 2. Prepare the following: a) Journal Entry b) T-account c) Trial Balance d) Balance Sheet
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Prepare the Following Journal Entries Ledger Trial Balance Income Statement Balance Sheet…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (
A: Given:
Q: Write any ten transactions relating to the business. h) Prepare Journal,
A: The ten transaction related to a business are John started a business with an investment of…
Q: Required: A Record the above transactions in the relevant ledger accounts. B Balance off the…
A:
Q: A. Pass Journal Entries B. Prepare Ledger Accounts
A: Journal entry is the entry which is recorded at the time of transaction and is recorded on the…
Q: T accounts, adjusting entries, finan atries; optional end-of-period spreadsheet justed trial balance…
A: Trial balance , T account , adjustment entries financial statement and closing entries :…
Q: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account…
A: Working Note-1 Nov-03 Purchase price = 93,000 x (100% - 30%) =65,100 Working Note-2 Nov-13 Discount…
Q: Please answer asap thank you!. Prepare T accounts, General Journal, General Ledger, Unadjusted…
A: Journal entry Journal entry refers to an entry that is made to record the financial transactions in…
Q: Required: a.) Prepare general journal entries to record the above transaction. Open the accounts…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using…
A: Journal Entry It is used to account the financial transaction of the business
Q: Identify the following transactions as either: a. Journal entries b. Adjusting journal entries…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Prepare following: a.Prepare journal entry, Post to Ledger(T account) and prepare Unadjusted Trial…
A: Financial statements are prepared to analyze the financial position of a company.
Q: Prepare Income statement,Balancesheet,closing entries,pos-closing trial balance and opening entry on…
A: Income Statement is a statement which shows the financial results of a business during the…
Q: LEDGER ENTRIES - ADJUSTING JOURNAL ENTRIES
A: Adjusting journal entries are the entries which a company records at the end of the period in order…
Q: Requirements: • Posting • Trial Balance • Worksheet
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: pls prepare journal entries
A: The transaction of Kassey company for the first year of operations is given to us. Journal entries…
Q: Instructions: 1. Prepare Adjusting Journal Entries
A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…
Q: Requirements: a. Journalize each transaction and prepare the necessary adjusting entries.
A: The transactions for the month of Dec 2021 for K-Dynamite company are given to us. The Company has…
Q: Required: a. Record all the transaction in the general journal b. Record the transaction in the…
A:
Q: Required a. Write up the General Journal for the month b. Write yup the Respective Ledger accounts…
A: Record Keeping is an important part of the Business. Journal is used to record the transactions at…
Q: al entry, t-accounts, trial balance, and balance sheet
A: Transactions are first recorded in journal entries which affect two ledgers and then transferred to…
Q: G se or erify that the end-of-period spreadsheet is in b verify that the adjusted trial balance at…
A: Post closing trial balance contains permanent account balances. These are balance sheet items which…
Q: project. 1. Record transactions with journal entries in the General Journal. 2. Post journal entries…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.
A: Solution Concept Journal entry is the book where the transactions are initially recorded The entry…
Q: a. Post the Transactions to T-Account b. Prepare a Trial Balance
A: Cash Account Date Particulars Dr. Amount Date Particulars Cr. Amount 01-Jun To Farooq Capital…
Q: Create a post closing trial balance for Gj business
A: A post-closing trial balance is a statement that contains all the items which have a non-zero…
Q: The following transactions were taken from the books of Cartago Renair Shonfor the mont of May 2018:
A: Dear Stuedent ,…
Q: Required: A. On the transaction summary table, indicate the effect of each transaction on each…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: ransactions e T-account format d trial balance, as of April 30
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The following are all the steps in the accounting cycle. List them in the order in which they…
A: Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in the…
Q: Reguerment : Prepare the ledger account (Posting January transactions)?
A: Ledger accounts are used for posting transactions that are recorded in journal first. These ledger…
Q: Prepare the adjusting entries that were made. (Credit account titles are automatically manually.)…
A: Adjusting entries refers to the journal entries which are reported in the books at the end of the…
Q: Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of…
A: Required general ledger accounts with opening balances are shown below:
Q: Required: Identify book of prime entries. Prepare the specialized journal Prepare the subsidiary's…
A: Journal is Book of Prime entry because all business transactions are recorded first in Journal Book.…
Q: hapter Assignments Discussion Questions 1. Number in order the following steps in the accounting…
A: Hello, I am only answering second question as per your requirement. Thank you
Q: 1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.
A:
Q: Prepare closing entries including general ledger account numbers and descriptions. Use 360 for the…
A: Closing entries: Revenue account will have credit balance, so a journal entry has to be passed by…
Q: (a) Prepare the general journal entries to record the July transactions. (b) Set up T accounts,…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Required: a) Prepare the general journal. b) Post all the transactions into the ledger accounts. c)…
A: Journal entry means the entry in prime book with chronological order. Journal entry should have…
Q: Instructions: 1. Prepare Adjusting Journal Entries 2. Prepare Income Statement
A: Journal entries refer to the recording/classifying of business transactions initially into books of…
Q: Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial
A: 1) Journal Entries Date Particulars Debit Credit April 1 Cash 101 20000 To Owner's…
Step by step
Solved in 5 steps
- Create a journal entries and Ledger posting (T-accounts) for these transactions; 1. Commenced business with cash 500000 2. Purchased goods 25000 3. Paid salary 10000 4. Sold good costing 20000 at a profit of 25% on the cost 5. Paid salary in advance 2000 6. Introduced additional capital 10000 7. Purchased computer 15000 8. Deposited 50000 into the bankMr. shailesh furnishes you the following details. cash sales 200000 cash purchases 60000 sale of machinery 90000 stationery expense paid 10000 dividend received 16000 capital introduced in cash 18000 interest on fixed deposit reeived 14000 sale of building with 20% profit on selling price 100000 prepare necessary ledger accounts from above questionIllustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.
- Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: Provided P100,000 cash as initial investment. Obtained a P50,000 loan .. Acquired furniture and fixtures for P80,000 cash. Acquired inventory on account for P60,000. (Use perpetual inventory system) Sold goods on cash basis for P200,000. The cost of sales is ?20,000. Sold goods on account for P300,000. The cost of sales is ?30,000. Paid supplies expense for P20,000 cash. Paid rent expense of P180,000. Paid utilities expense of P40,000. Collected P240,000 accounts receivable. Paid P30,000 accounts payable. Made total drawings of P25,000.Using T – account analysis: Compute for the ending balance or carrying amount of the following: Cash, Accounts Receivable, Building, Equipment, Notes Payable Lucas has the following balances on his book: Cash ₱50,000 Accumulative Depreciation-Building 500,000 Account Receivable 200,000 Accumulative Depreciation-Building 75,000 Building 1,000,000 Notes Payable 100,000 Equipment 500.000 Cash collections 50,000 Allowance for bad debts 50,000 Cash payment 10,000Al-Hofuf 100000 carry-over balance 100000 100000 100000 Transferred balance i Example: The following balances are extracted from the records of Al-Yaqeen commercial stores and homework (on 31/12/2009: 1500000 Fund, 2000000 Bank, 1100000 Debtors, 700000 Receipt Papers, 4000000 Goods, 7500000 Purchases, 3500000 Returns of Purchases) 1,200,000 inbound transportation expenses 400,000 customs taxes, 10,000,000 sales, 420,000 sales returns, 60,000 discounts allowed, 500,000 furniture, 450,000 tax, 300,000 general expenses, 650,000 selling expenses, 8,500,000 creditors, 65,000 payment papers, 100,000 deduction earned, 50,000 profits from selling assets Fixed, 6 million buildings, 2,000,000 cars, 300,000 personal withdrawals, 3,000,000 long-term loans, 13,000,000 capital. If you know that the goods at the end of the period are estimated after the inventory at 4,500,000 dinars. Required: Prepare trial balance with balances. : .6
- The following transactions were extracted from the books of Kwabeng enterprise for February 2020 February Commenced business with a capital of GHC15,000 cash 05 03 Purchased good GHC6,000 Purchased goods on credit from S & Co. GHC3,000 07 10 Purchased furniture GHC2,400 Returned goods to S & Co. GHC600. Sold goods GHC3,900 10 11 12 Received an invoice from Smith GHC5,000 15 Sold goods on credit to DD GHC2,250 Paid salaries GHC960 20 22 Purchased a van GH€50,000 on credit from Silver Star Auto Ltd. 24 Received commission GHC75 25 Goods returned by DD GHC450 25 Received cash from DD GH€1,500 26 Paid to S & Co. GH€1,800 Withdrew from business GHC900 for personal use Borrowed from KK GHC1,500 27 28 Required: 1. Record the above transactions in the appropriate journals 2. Post entries to relevant ledger accounts 3. Prepare a trial balance.Prepare a balance sheet with the information below Debit Credit $ $ Sales 1,000,000 Sales returns 10,000 Selling expenses 150,000 Administration expenses 205,000 Financial expenses 50,000 Purchases 320,000 Cash at bank 77,000 Accounts receivable 22,000 Provision for Doubtful Debts 2,500 Inventories 42,000 Motor Vehicles 80,000 Furniture 42,000 Plant and Equipment 276,500 Accumulated Depreciation Plant 1,500 Accounts payable 56,000 Bank Loan 12,000 Capital - Bennett 75,000 Capital - Barney 112,500 Current - Bennett 25,000 Current - Barney 35,000 Drawings - Bennett 20,000 Drawings - Barney 25,000A business, Sandy's Traders, was opened on 1 January 2020 when the owner invested R25 000 and R100 000 was borrowed from the local bank. Assets in the business included: R6 000 R30 000 R77 000 Computer Inventory Motor car Cash in the bank 7 What was the amount of cash left in the bank account? Answer: I
- Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Upton's balance sheet as of December 31, 2019, is shown here (millions of dollars): Cash $ 3.5 Accounts payable $ 9.0 Receivables 26.0 Notes payable 18.0 Inventories 58.0 Line of credit 0 Total current assets $ 87.5 Accruals 8.5 Net fixed assets 35.0 Total current liabilities $ 35.5 Mortgage loan 6.0 Common stock 15.0 Retained earnings 66.0 Total assets $122.5 Total liabilities and equity $122.5 Sales for 2019 were $350 million and net income for the year was $10.5 million, so the firm's profit margin was 3.0%. Upton paid dividends of $4.2 million to common stockholders, so its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios, (spontaneous…Bailey's Department Store Journal Entries I. Dr. Cash $500 Cr. Refundable Deposit $500 II. Dr. Cash $798,000 Cr. Sales Revenue $760,000 Cr. Sales Tax Payable $38,000 III. Dr. Property Equipment $126,000 Cr. Cash $126,000 IV. Dr. Land Improvement $84,000 Cr. Improvement Obligation $84,000 V. Dr. Loss Contingency $250,000 Cr. Liability- Contingency $250,000 Required: Prepare only the liability portion of Bailey's Balance Sheet from the journal entries above.Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Upton's balance sheet as of December 31, 2019, is shown here (millions of dollars): Cash $ 3.5 Accounts payable $ 9.0 Receivables 26.0 Notes payable 18.0 Inventories 58.0 Line of credit 0 Total current assets $ 87.5 Accruals 8.5 Net fixed assets 35.0 Total current liabilities $ 35.5 Mortgage loan 6.0 Common stock 15.0 Retained earnings 66.0 Total assets $122.5 Total liabilities and equity $122.5 Sales for 2019 were $350 million and net income for the year was $10.5 million, so the firm's profit margin was 3.0%. Upton paid dividends of $4.2 million to common stockholders, so its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios, (spontaneous…