Journalize the transactions in the general journal ualiy Ifr ntry is required select "No ent 'for m
Q: ournalize the transactions
A: Journal Entry The basic function of accounting is to enter the required transaction which are…
Q: a. Provide the Journal entries
A: Journal Entries in the books of Tuttie Bee Cargo Services For the month ended 30th November 2014…
Q: Under each of the following independent situations, prepare all relevant journal entries on the…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Recording of transaction in the Journal is called:(i) Casting(ii) Posting(iii) Journalising(iv)…
A: Journal: A journal is a detailed account that records all the financial transactions of a business,…
Q: Describe journal entries for external transactions.
A: A external transaction is a transaction which is entered by two people or two entities to exchange…
Q: B. Journalize the following transactions using the Perpetual method:
A: The financial transactions are initially recorded in the form of journal entries. Every transaction…
Q: Prepare Journal Entry
A: Notes Receivables are those receivables which the company has which will be received by the company…
Q: Journalize ize
A: Journal entries ,ledgers, trial balance and financial statement are prepared to provide the…
Q: REQUIRED A. EQUATION B JOURNAL ENTRY C POST TO T-ACCTS
A:
Q: 2. Accounts are generally grouped and kept together in the OA. ledger OB. general journal. OC. book…
A: The ledger is the summary of all of the accounts used in the business, along with record of the…
Q: Requirement: Prepare the journal entries.
A: Journal Entry The Purpose of providing the journal to enter the required transaction into debit and…
Q: e journal entries
A: Trade discount (List price * Rate of discount) = P108,000 * 15% P16,200 A Balance amount payable…
Q: Journalize the transactions
A: Journal entries forms the basic step for preparation any books of accounts. Dual accounting approach…
Q: Prepare the general journal for the above transactions. Narrations ares required.
A: Journal Entries for the month of July 2022 Date Particulars L.F Debit $ Credit $ 05-Jul Cash…
Q: Identify what special journal that is applicable for the following transactions:
A: Given: Payment received from Customer ₱10,000 Purchase made on Credit…
Q: Journalize
A: Journal entries of the Nour ceramic as under.
Q: Prepare the necessary closing entries. (List a ic torod Do not ont manualh, If n
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Prepare journal entries to record the transactions.
A: Journal: It refers to an account which records all the financial transactions pertaining to a…
Q: structions: repare the entries in the Journal
A: Step 1 Journal is the Part of Book keeping.
Q: Required: 1.Prepare a memorandum entry
A: Shares: Shares can be defined as the securities held by the individual that reflect the ownership of…
Q: Journal entry?
A: Answer:
Q: Journalize the following transaction. Thank you!
A: At the time of recording journal entries, rules of debit and credit are followed by debiting atleast…
Q: Set c. Com.p.ute the General Journal
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction which can…
Q: The process of recording a transaction entry into the journal is called a) Journal Entry b)…
A: In Accounting, transaction refers to the activity incurred by an organization which have a certain…
Q: prepare journal entries
A: Journal Entry The basic process accounting is to enter the required transaction which are incurred…
Q: Requirement: Give the journal entries for the foregoing transactions.
A: Dividend is the amount which is paid to the shareholders of the company and the dividend amount is…
Q: Explain the Rules for Journalising Transactions
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: Journal entry worksheet < A B C D Record the summary journal entry = reporting period. Note: Enter…
A: No. Account Debit Credit a Cash (Received From Customer) 155.30 Account Receivable…
Q: SHOW THE JOURNAL ENTRY OF I AND J! SHOW THE JOURNAL ENTRY OF I AND J! SHOW THE JOURNAL ENTRY OF I…
A: Introduction Ordinary share is recorded at ordinary share capital account and amount received is…
Q: Required: Journal entries
A: All business transactions are recorded in a journal book so that every transaction can be easily…
Q: Journal lists transactions in which order? Decreasing O Alphabetical O Chronological O Increasing O
A: Journal: In accounting, it implies to a comprehensive record of all the transactions entered into,…
Q: Journalize the entries required on each date.
A: Dividends are a part of net income that is paid to the shareholder of the company in the form of a…
Q: journal entries u
A: Prepaid Expense-:A Prepaid Expense is a variety of assets for the firm which is presented on the…
Q: A journal entry is not recorded on what date?a. Date of declaration.b. Date of record.c. Date of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Journalize the following transactions. Thank you!
A: At the time of recording journal entries, rules of debit and credit are followed by debiting atleast…
Q: Prepare journal entries
A: Jan 1 Cash Dr 3,000,000 To Capital 3,000,000 Jan 2 Purchase Dr 2,000,000 To Atlas…
Q: Tollowing inrormation, prepare a general journal entry to
A: In Payroll accounting we debit the total amount payable as…
Q: a) Prepare the journal entries
A: The first question has been answered for you. Please resubmit the question specifically mentioning…
Q: Record the above summary transactions. (Record journal entries in the order presented in the…
A: The act of maintaining or making records of any transactions both monetary or non-monetary.…
Q: Prepare journal entries to record the following transactions.
A: Concept introduction: Journal entry is the entry made in Journal books; it is also called books…
Q: 2) prepare the following journal entries!
A: Job costing is one of the method of costing under which all costs are assigned, accumulated and…
Q: Required: Prepare the journal entries to recoru the Busilness ComUIna of ABC Ltd. in the records
A: ABC Ltd takes over DEF Ltd on 01.10.20*5 DEF is liquidated on takeover. (No Non controlling interest…
Q: EQUIREMENT: JOURNAL ENTRIES
A: The accounting items that is reported as financial records includes assets, liabilities,…
Q: Record the following transactions in the proper general journal entry form. Descriptions are not…
A: solution concept In a journal entry form the transactions are recorded by giving double effect In…
Q: a. Assunce tliat perpetual in ventory records are Kept in doller Perpetaal inventory the ending…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: 13. The process of transferring the information contained in the journal to the ledger is called OA.…
A: Any transaction that happens is first recorded in the journal. Those recorded transactions are then…
Q: please journalize following transactions or activity thanku
A: Refer below for the journal entries for the above transactions
Q: Prepare general journal entries for the following transactions:
A: The journal entries are prepared to keep the record of day to day transactions of the business.
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- Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
- Sheikh Bazar is a retail business owned by Mr. Sheikh. The followings are the summarized business transactions in the month of November: Nov 3 Collected RM27,000 from the debtors of the accounts receivable. 5 Paid debts of RM16,400 to the payable accounts. 8 Purchased goods worth RM22,000 on credit. 12 Goods in hand at the end of the period cost RM15,000 is sold on credit for RM23,000. 17 Paid shop rental of RM1000 for the month of November by cash. 25 Paid workers' salaries of RM3,100 for the month of November by cash. 29 Mr. Sheikh took out cash of RM6,300 for his personal use. Required: Prepare journal entries for each business transaction in November.Below were selected transactions of FDNACCT Services for the month of September: • Paid rent for the month, P43,000 • Received the electricity bill, P17,000 • Paid salary of the secretary, P29,000 • Paid water bill, $4,400 Based on these transactions alone, how much was the total amount credited to Cash account?Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: Provided $84,000 of cleaning services on account. Collected $76,000 cash from accounts receivable. Paid salaries of $28,500 for the year. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,650. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts under on accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1.
- Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksOn October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $31,500. Paid rent on office and equipment for the month, $2,650. Purchased supplies on account, $2,200. Paid creditor on account, $830. Earned sales commissions, receiving cash, $14,580. Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $460. 7 Paid office salaries, $2,400. 8 Determined that the cost of supplies used was $1,150. 9 Paid dividends, $3,200. 1 2 3 4 5 6 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete.…Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. Mar. 25 The company sold merchandise with a $2,200 cost for $2,900 on credit to Wildcat Services, invoice dated March 25. Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.)2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.)3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits…
- Holloway Company earned $9,400 of service revenue on account during Year 1. The company collected $7,990 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. C. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an…Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $30,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received an $18,000, 120 day, seven percent note from B. Shore Company on account. Dec.16 Received a $14,400, 45 day, eight percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore’s account as uncollectible. Ponoma, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $24,500. An analysis of aged receivables indicates that the desired balance of the allowance account should be $21,300. Dec.31 Made the appropriate adjusting entries for interest. RequiredRecord the…In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…