3 Prepare a Trial Balance to prove journalizing and posting is done correctly. Journal paper, ledger accounts and a blank trial balance is given below the transactions. Transactions for Sully Company for the month of July, 2023. July 2 4 6 9 14 17 20 Owner invested $40 000 cash and $25 000 vehide into his business. Purchased equipment for $25 000 on a bank loan Paid $5 000 cash for office furniture Provided services for $5 000 cash. Provided services for $3 000 on account to a customer Owner withdrew cash for personal use from the business for $2.000. Business paid off some of the account payable for $1.000. Customer paid $3 000 off his account from July 9, Purchased more equipment for $40 000 by paying $10 000 cash and borrowing the balance. Bought supplies for $400 cash

3 Prepare a Trial Balance to prove journalizing and posting is done correctly. Journal paper, ledger accounts and a blank trial balance is given below the transactions. Transactions for Sully Company for the month of July, 2023. July 2 4 6 9 14 17 20 Owner invested $40 000 cash and $25 000 vehide into his business. Purchased equipment for $25 000 on a bank loan Paid $5 000 cash for office furniture Provided services for $5 000 cash. Provided services for $3 000 on account to a customer Owner withdrew cash for personal use from the business for $2.000. Business paid off some of the account payable for $1.000. Customer paid $3 000 off his account from July 9, Purchased more equipment for $40 000 by paying $10 000 cash and borrowing the balance. Bought supplies for $400 cash

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.2: Writing Off And Collecting Uncollectible Accounts Receivable

Problem 1WT

See similar textbooks

Similar questions

Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
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.
Hajun Company started its business on May 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 $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
Journalize the following transactions in the books Mr. Omar, post them in ledgers, and prepare the trial balance and Financial Statements. 2020 January 1 January 3 January 4 cheque. January 5 January 7 January 10 OMR 19,000 January 11 January 12 January 18 Owner started business with Cash OMR 18,500 Bought Computers for Cash OMR 5,000. Bought Furniture of OMR 14,000 through Purchase goods for cash OMR 90,000 Paid rent of office OMR 1,000 with a cheque. Bought goods from Mohammed on Credit Paid Salary for OMR 2,000 Sold goods for Cash for OMR 4,000 Sold goods to Mr. Ahmed OMR 2,000 January 19 Paid electricity bill OMR 500 in cash. Received Cash from Ahmed OMR 5,000 Money withdrawn OMR 5,000 for personal use. Deposited OMR 3,000 cash in to business bank Paid cash to Mohammed OMR 9,000 January 20 January 24 January 29 January 30 асcount.
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.The owners invested $8,500 from their personal account to the business account.Paid rent $650 with check #101.Initiated a petty cash fund $550 check #102.Received $750 cash for services rendered.Purchased office supplies for $180 with check #103.Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days.Received $1,200 cash for services rendered.Paid wages $560, check #105.Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106.Increased Petty Cash by $100, check #107.
Tasks 8-9. Application. Prepare the journal entries of the transaction below and post them to the necessary ledger books. Write your answer on a separate sheet of paper. Olson Sala Company completed the following sales transactions during the month of June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at the transaction date. June 1 Olson Sala invested Php 52,000 of his funds in the business. 1 Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377 Sold merchandise on account to A. Perdales, Php 54,000. Invoice no. 378 3 4 Sold merchandise for cash, Php 46,000. 7. Received payment from R. Bltuin less discounts. Received payment from A. Perdales less discounts. 9. Required: 1. Record the transactions in the general journal. 2. Post to the accounts receivable ledger. 3. Prepare a schedule of accounts receivable.
: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020
: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner’s Equity Cash Accounts Receivable Supplies Note Payable Account…
how do i do a journal entry for the following. received cash from clients on account 21,000.00 recorded revenue earned billed to clients during the 1st half of the month 20,900.00 returned a portion of office supplies 50.00 owner withdrawls 10,000 for personal use
prepare journal ,post them in ledgers ,and prepare the trial balance and financial statement.2020January 1 owner started business with cash OMR._______January 3 bought stationery for cash OMR 5,000January 4 bought machinery of OMR____ through cheque.January 5 purchase goods for cash OMR 90,000January 7 paid rent of office OMR 1,000 with a cheque.January 10 bought goods from Mr. salim on credit OMR____.January 11 paid wages for OMR 2,000.January 12 provided service's for cash for OMR____.January 18 sold goods to Mr. adil OMR____.January 19 paid cash to Mr. salim OMR____.January 20 paid water bill OMR 500 in cash.January 24 received cash from Mr. Adil OMR 5,000.January 29 money withdrawn OMR 5,000 for personal use.January 30 deposited OMR 3,000 cash in to business bank account.
Prepare ledger in T format. month. During the month of June entered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account . June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance. June 3 Paid $ 10,000 four months advance rent. June 4 Received $12000 cash as advance payment on equipment from xyz company. June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days. June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor. Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE) June 10 Paid salaries for $ 3200. June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash. June 18 Paid the accounts payable to F.P. distributor. June 19 Collected $ 800 of the accounts receivable. June 23 Rented an equipment to M.L. company at a price $ 110…