£12,000 into a business bank account. During the first month of operation other relevant information is as follows: • On 1st acquired a second hand vehicle paying £5,000 in cash and agreed to pay the balance of the purchase price at the end of December. • On 1st September paid £600 for a year's insurance on the vehicle and £240 for a year's vehicle tax. • Purchased goods for cash of £5,000. Sold goods for cash of £8,200. Incurred vehicle running costs of £1,100 of which £1,000 was paid in cash. There are no stocks of goods at the end of September. lapore depreciation on the vehicle

£12,000 into a business bank account. During the first month of operation other relevant information is as follows: • On 1st acquired a second hand vehicle paying £5,000 in cash and agreed to pay the balance of the purchase price at the end of December. • On 1st September paid £600 for a year's insurance on the vehicle and £240 for a year's vehicle tax. • Purchased goods for cash of £5,000. Sold goods for cash of £8,200. Incurred vehicle running costs of £1,100 of which £1,000 was paid in cash. There are no stocks of goods at the end of September. lapore depreciation on the vehicle

Name: please help me Q1&2Q1Q2On September 1st Jim started a business, called
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: please help me Q1&2Q1Q2On September 1st Jim started a business, called J Enterprises, by transferring£12,000 into a business bank account.During the first month of operation other relevant information is as follows:• On 1st acquired a second hand veh

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
Enter the following transactions, completing the double entry in the books for the month ofMay 20X7.20X7May 1 Started in business with £10,000 in the bank.== 2 Purchased goods £290 on credit from D James.== 3 Bought fixtures and fittings £1,150 paying by cheque.== 5 Sold goods for cash £140.== 6 Bought goods on credit £325 from C Monty.== 10 Paid rent by cash £200.== 12 Bought stationery £45, paying in cash.== 18 Goods returned to D James £41.== 21 Received rent of £25 by cheque for sublet of corner space.
Rosie Flower's business has a capital balance of £76600 on 1 June 20X3. During the month of June the following transactions take place. Inventories purchased on credit for £3000 Sale of goods for cash of £3600. The goods had cost £2100. Receipt of bill for petrol for the month of June of £1200 Cash received from credit customers of £1500 Rosie takes goods which had cost £670 out of the business for her own use Payment of credit suppliers of £2600 What is the balance on the business's capital account at 30 June 20X3?
* 100 ll 2 p E:YA 2_54180033916640... Sonia opens a plastic bag shop in Kangar. She rent shop lots, purchases an initial stock of plastics bag, and begins operations. Complete are the general journal entries for the first month Date Account name and explanation debit credit 01/03/2010 A/C 10,000 A/C- 10,0000 Owner contributes $10,000 in cash to start the business 05/03/2010 A/C- 4000 AC- 4000 Purchased $4000 plastic bags on account, payable in 30 days. 05/03/2010 A/C- 1000 AC 1000 Paid shop rental of $1000. 09/03/2010 A/C -? 500 AC- 500 Customer buy goods for cash.
Searth Summer 19/201 Sport Direct, a sport stuff shop. At the beginning of the current season, the ledger of Sport Direct shop showed cash $2,200, Inventory $1,800, and Share capital - Ordinary $4,000. The following transactions were completed during April NOTE: Answer questions from 1 - 25 by using these information. April 1) Purchased Truck costing $9,600 by signing $9,600, 12%, 6-month notes payable. April 4) Purchased racquets and balls from Jay-Mac Co. for $760, FOB Shipping point, terms 2/10,n/30. April 5) Purchased Building for $48,000 cash, April 6) Paid Freight on purchase from Jay-Mac Co. for $40 cash. April 7) Purchased Supplies for $2,500 cash. April 8) Sold Merchandise to members for $1,150 on account terms n/30. The merchandise sold had a cost of $790 April 9) Paid office rent $1,500 cash. April 10) Returned merchandise for Jay-Mac Co. for $60, for a racquets that were defective, April 11) Purchased tennis shoes from u Sports for $420 cash. April 13) Paid Jay-Mac Co. in…
David started a small new business in Bicester at the 1st September 2020. He ispreparing accounts to 30th September 2020. His transactions in first monthwere as follows:1/09 David contributed to the business with a Computer with value of £2000,£20,000 in the Bank and £4200 cash and2/09 Purchased goods £800 on credit from Dawson3/09 Bought a brand new high speed Computer £2000 paying by cheque5/09 Sold goods for £400 and received the money in Bank6/09 Bought goods on cash £400 from M Maurice10/09 Paid rent by cheque £60012/09 Paid in Cash £100 for repairing Computer18/09 Goods returned to Dawson £10021/09 Let off part of the premises receiving rent by cheque £30023/09 Sold goods on credit to Joseph £40023/09 Sold goods of £1500 and received cash24/09 Bought a car for business use paying by cheque £100030/09 Paid the month’s wages by cash £70030/09 David took cash for herself £450 a) Write double entry record the transactions in T-accounts b) Balance the accounts and bring down an…
David started a small new business in Bicester at the 1st September 2020. He ispreparing accounts to 30th September 2020. His transactions in first monthwere as follows:1/09 David contributed to the business with a Computer with value of £2000,£20,000 in the Bank and £4200 cash and2/09 Purchased goods £800 on credit from Dawson3/09 Bought a brand new high speed Computer £2000 paying by cheque5/09 Sold goods for £400 and received the money in Bank6/09 Bought goods on cash £400 from M Maurice10/09 Paid rent by cheque £60012/09 Paid in Cash £100 for repairing Computer18/09 Goods returned to Dawson £10021/09 Let off part of the premises receiving rent by cheque £30023/09 Sold goods on credit to Joseph £40023/09 Sold goods of £1500 and received cash24/09 Bought a car for business use paying by cheque £100030/09 Paid the month’s wages by cash £70030/09 David took cash for herself £450 d) Prepare an Income Statement for the period ended 30th September2019**Assuming closing inventory of £…
Enter the following transactions, completing the double entry in the books for the month of May 20X7. May 1 Started in business with £10,000 in the bank. == 2 Purchased goods £290 on credit from D James. == 3 Bought fixtures and fittings £1,150 paying by cheque. == 5 Sold goods for cash £140. == 6 Bought goods on credit £325 from C Monty. == 10 Paid rent by cash £200. == 12 Bought stationery £45, paying in cash. == 18 Goods returned to D James £41. == 21 Received rent of £25 by cheque for sublet of corner space. ‘ == 23 Sold goods on credit to G Cross for £845. == 24 Bought a van paying by cheque £4,100. == 30 Paid the month’s wages by cash £360. == 31 The proprietor took cash for his own personal use £80.
Example: Mr Lehoko paid his personal telephone account of R75 with a business aheque, 4.1 4.1 contribution. He was issued with recelpt 001. Mr Lehoko deposited R35 000 directly into the business bank account as his capital 4.2 yueg 000 0 increase 4.2 %3D Equipment to the value of R2 355 was purchased (bought). 4.3 Lehoko Plumbers received R1 700 for services rendered. 4.4 Weekly wages of R800.were pald to Mr Lehoko's assistant. -500 Bank decrease 4.3 4.5 A loan to the amount of R5 000 was made with Capitec Bank. Owner's Equity - /+ Assets Liabilites No. Amount Amount +/- Amount 4.4 4.1 4.2 4.3 4.4 4.5 Record the following transactions of Lehoko Plumbers in the above table provided to ensure that the Accounting Equation is correct after every transaction. All transactions C ---
Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.
J.Moon has the following transactions at for the month of June 2020. June 1 Started business with £28,500 in the bank2 Bought Van paying by cheque £2,1005 Bought office fixtures £850 on credit from Office Hand Ltd8 Bought (second) van on credit from Fast Car Ltd £3,60012 Took £110 out of the bank and put it into the cash till15 Bought office fixtures paying by cash £6019 Paid Fast Car Ltd a cheque for £3,60021 A loan of £2,500 cash is received from F. Maurice25 Paid £160 of the cash in hand into the bank account30 Bought more office fixtures paying by cheque £460Required:a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts and extract a Trial Balance as at 30 June 2020.
24 The following transactions occurred during June 2020 for Rashid Est. June 1: Invested BD64,000 cash in the business. June 8 Purchased supplies for BD3,250 from Nader Est on credit. June 16: Performed services to customer Salem for BD9,200 on account. June 20: Paid balance due to creditor Nader Est. June 23: Received BD4,200 from customer Salem. June 27: Paid BD1,700 cash for electricity. June 30: Rashid withdrew BD2,400 cash for personal use. Required: Prepare the Journal entry for June 30 transactions, like this example: Dr: ….……………………‒‒‒‒ BD Cr: ‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ BD