Presented below is information related to Pickett Real Estate Agency. Oct. 1 2 3 6 27 30 31 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock. Hires an administrative assistant. Purchases office equipment for $3,500, by paying $500 cash with the balance on account. Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N. Foster. Pays $1,000 on the balance related to the transaction of October 3. Pays the administrative assistant $2,300 in salary for October. Collects $1,500 of the balance owed by N. Foster.
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- Oct. 1 Matthew Young begins business as a real estate agent with a cash investment of $27,400 in exchange for common sto Hires an administrative assistant. Purchases office furniture for $5,300, by paying $940 cash with the balance on account. Sells a house and lot for N. Williams, earning a fee of $6,000, with $840 collected in cash and the balance billed to N. Williams. (a) 2 6 27 Pays $3,300 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $4,700 in salary for October. 31 Collects $3,600 of the balance owed by N. Williams.. Journalize the transactions. (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles Debit 07400 CreditSharon Samson starts a plumbing service called Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total liabilities? a. $15,000 b. $4,400 c. $19,000 d. $4,000May 1 B.D. invests $4,350 cash in exchange for common stock to start his welding business, Sheridan Company. 3 Buys equipment on account for $1,055. 13 Pays $394 to landlord for May rent. 21 Bills Noble Corp. $530 for welding work done. (Use Service Revenue account.)
- WABWIRE starts business on 1* July 2021, when he pays Shs. 180,000 into business account. During the month of July, he undertakes the following transactions 2021 July.3 He purchases shop fittings for sh. 25,000 and pays cash. July.4 He buys a motor vehicle from AB & Co. on credit Sh. 30,000. Julv.6 He buys stock for Sh. 15,000 and pays cash. July 8 He sells goods for cash Sh.10,000. July 10 Buys goods on credit from XY & Co. for Sh. 12,000 July 12 Sells goods to A. Smith for Sh. 9,000 on credit July 13 Pays wages Sh. 1,200 July 15 Pays to AB & Co. Sh. 30,000 July 21 Receives from A. Smith a cheque for Sh. 9,000 July 25 Sells goods for cash Sh. 3,000. July 30 Pays general expenses Sh. 800 July 31 Draws Sh. 500 out of business for his personal use (a) Journalize the above transactions (b) Use T accounts to enter the above transactions into the ledger (c) Close the accounts and determine the respective balances (d) Extract a trial balance at 31* July, 2021|Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total assets? a. $24,200 b. $25,700 c. $5,200 d. $20,200Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all of the transactions, what is the amount of total assets? A)25,200 B)5,200 C)24,200 D)20,200
- Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total owner's equity? a. $20,200 b. $7,700 c. $5,200 d. $7,300Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities ExpensePROBLEM: Mr. Min Jimin established the MinJi Car Rental Services in August 1, 2021. During the first month of the business, the following transactions occurred: August 1 August 2 |August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of…
- S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash - OMR 15,000 Al-Noor Enterprises for January Date Particulars Ref. Debit Credit 2020 Feb. 11 Rent Expense 700 Cash 700 16 Abdullah, Withdrawal 10,000 Expense 10,000 10,000 Cash Accounts Payable 23 10,000 30 Sales 15,000 Cash 15,000