1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. (Make sure to use the next available cell on the proper side of the T-account when entering your transactions. Thencalculate the ending balance for each account and enter the account balance in the "Bal" column on the proper side.)BalBalBalBalBalCashOffice FurnitureOffice SuppliesSalary ExpenseService RevenueBalBalBalBalBalShare CapitalRent ExpenseAccounts PayableAccounts ReceivableDividends More infoa.Leanne Alstead opened a law firm by investing €12,500 cash and officefurniture valued at €7,600. Organized as a corporation, the business issuedordinary shares to Alstead.Paid monthly rent of €1,100.b.C. Purchased office supplies on account, €800.d.Paid employees' salaries of €1,800.e.Paid €400 of the accounts payable created in Transaction c.f. Performed legal services on account, €8,200.g.Declared and paid dividends of €3,600.I

Name: 1. Record the transactions directly in the T-accounts without using a
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. (Make sure to use the next available cell on the proper side of the T-account when entering your transactions. Thencalculate

The T account is a T-shaped account and it is a summary account showing all the transactions of an…

Business

Accounting

Leanne Alstead opened a law firm by investing €12,500 cash and office furniture valued at €7,600. Organized as a corporation, the business issued ordinary shares to Alstead. b. Paid monthly rent of €1,100. a. C. Purchased office supplies on account, €800. d. Paid employees' salaries of €1,800. e. Paid €400 of the accounts payable created in Transaction c. f. Performed legal services on account, €8,200. g. Declared and paid dividends of €3,600.

Leanne Alstead opened a law firm by investing €12,500 cash and office furniture valued at €7,600. Organized as a corporation, the business issued ordinary shares to Alstead. b. Paid monthly rent of €1,100. a. C. Purchased office supplies on account, €800. d. Paid employees' salaries of €1,800. e. Paid €400 of the accounts payable created in Transaction c. f. Performed legal services on account, €8,200. g. Declared and paid dividends of €3,600.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 11P

See similar textbooks

Similar questions

Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash RM80,000 in the bank as capital 4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit 12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600 16 Alex received a bank loan of RM30,000, the money was credited to the business bank account 20 Alex brought in his personal car for business use, the car was valued at RM65,000 23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque 27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500 30 Alex bought a computer for RM5,200 by cheque Required: Prepare the accounting equation for the month of January 2019.
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 ---
Required: post entries to the relevant accounts in the general ledger and balance the accounts: On 1/1/2023, Jassim started his commercial business with a capital of $3,735,000 distributed over the following assets: 1500,000 cash, 700,000 cars, 350,000 goods, 1,185,000 bank, If you know that the following operations took place during January 2023: 1. On 1/3 he bought a building for $950,000 by check, and the costs of registering it amounted to $5200 and the expenses of preparing it for use amounted to $43000, which I paid in cash. 2. On 9/1 he sold his goods on account to Mahmoud for $280,000. 3. On 1/10, he bought goods from Daoud for $324,000, he paid half of them in cash, and wrote the rest as a promissory note due after two months. He also paid the costs of transporting the purchased goods, amounting to $1,800. 4. On 1/12 he sold his goods to Al-Tafa'il stores for the amount of $198,000 in cash, of which $65,000 was deposited in the bank. 5. On 1/15, he sold the most valuable car…
Transaction a. Mr. Vega deposits $6,000 in a bank account in the name of MegaTech, in return for shares of common stock in the corporation. b. MegaTech borrows $10,000 from First National Bank to finances its operations. c. MegaTech buys land for $12,000 cash. d. During the first month of operations, MegaTech earned revenue fees of $5,500, receiving the fees in cash. e. MegaTech paid expenses during September as follows: Wages, $1, 125;, Rent, $950; Utilities, $450; Interest, $100; and, Miscellaneous, $275. f. MegaTech paid $1,500 to stockholders (Dr. Lee Landry) as dividends.
On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)
4. On the 1 January 2019 Sue Sepik commenced in business. During the year ended 31 December 2019 the following transactions occurred: Lodgement by Sue on 1 January 2019 of €150,000 of her savings into the business bank account. Purchase of equipment by cheque €100,000. Purchases of stock on credit €300,000. Sales on credit €500,000. Payments to creditors for stock €180,000. Payments to employees (wages) €160,000. Rent paid €55,000. Insurance paid €24,000. Payments to Sue (drawings) €45,000. Cash received from debtors €320,000. Amount borrowed from bank €120,000. Loan repayments €35,000 (including interest of €12,000). Notes: (1) All money received is lodged. (2) All payments are made by cheque or bank transfer. (3) Closing stock was valued at £90,000. (4) Depreciation is calculated at a rate of 20% per annum on cost. Required: (a) Prepare calculations for the bank, debtors, creditors and loan. (b) Prepare a profit and loss account for the year ended 31 December 2019. (c) Prepare the…
Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation.1. In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity’s bank account. A quarter of the amount is payable to the owner and the rest is not.2. A client of Entity A who currently owes the company R23 000, purchased bricks to the value of R45 000 and paid R35 000 to reduce his outstanding balance. Entity A purchased the bricks for R18 000.3. Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags.4. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A.
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…
Mia Toretto has been in business since 1st January 2020. The following is a list of her transaction for January 2020: 1/1/2020 Capital of RM30,000 paid into a business bank account. 2/1/2020 Van purchased on credit from Lang for RM5,000. 6/1/2020 Goods purchased on credit from Green for RM15,000. 10/1/2020 Cheque drawn on the bank for RM1,000 in order to open a petty cash account. 14/1/2020 Goods sold on credit for RM6,000 o Haddock. 18/1/2020 Cash sales of RM5,000. 20/1/2020 Cash purchases of Rm3,000. 22/1/2020 Miscellaneous expenses of RM500 paid out of petty cash. 25/1/2020 Lang’s account settled by cheque. 28/1/2020 Green allows Mia Toretto a cash discount of RM500. 29/1/2020 Green sent a cheque for RM10,000. 30/1/2020 Haddock is allowed a cash discount of RM600. 31/1/2020 Haddock settles his account in cash. Required: Enter the above transaction in Mia Toretto’s ledger accounts.
Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…
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.