On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing transactions during the month: a. Bill Hudson transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. b. Paid rent on office and equipment for the month, $3,250. c. Purchased supplies on account, $2,150. d. Paid creditor on account, $875. e. Earned sales commissions, receiving cash, $14,440. f. Paid automobile expenses (including rental charge) for month, $1,580, and miscel- laneous expenses, $650. g. Paid office salaries, $3,000.
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- What is the journal entry for the following transaction A. Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company 2 Cash purchases of merchandise P100,000. FOB shipping point freight collect P1,200 2 Sold merchandise for P25,000 to bont trading, terms: 1/10, n/60. FOB shipping point freight prepaid, P660 3 Cash sales to Coco Company P7,000 FOB destination freight prepaid P550Tasks 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.On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. 2 Paid rent on office and equipment for the month, $2,250. 3 Purchased supplies on account, $2,300. 4 Paid creditor on account, $840. 5 Earned sales commissions, receiving cash, $14,500. 6 Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,350. 9 Paid dividends, $2,300. 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…
- Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of January 2017 and POST IT TO THE LEDGER. 1 Mr. Dalisay made the following investment: i. Cash ii. SEWING Machine P80,000 20,000 Purchased furniture for cash , P10,000. Purchased supplies for cash,P3,000. Paid the January 2017 rent, P2,000. Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance 3 5 7 8 On six monthly installment. 15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00, Medicare Payable,P12,00, With holding Taxes Payable,P14.00. 15 Received cash for services rendered,P15,000. 20 Sent a bill to customer for services rendered,P5,000. 22 Received a note for a customer for services rendered,P5,000. 27 Purchased supplies for cash,P500. 31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017) 31 Withdrew cash for personal use, P500.00.Prepare the general journal entries for the following transactions. Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred during the month of January 2016: DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day- PHP3,000 1/5/16 of the business was "MR. LABANDERO" Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day - PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers…On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. 2 Paid rent on office and equipment for the month, $4,800. 3 Purchased supplies on account, $2,150. 4 Paid creditor on account, $1,100. 5 Earned sales commissions, receiving cash, $18,750. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. 7 Paid office salaries, $3,500. 8 Determined that the cost of supplies used was $1,300. 9 Paid dividends, $1,500. 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…
- On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. 2 Paid rent on office and equipment for the month, $4,800. 3 Purchased supplies on account, $2,150. 4 Paid creditor on account, $1,100. 5 Earned sales commissions, receiving cash, $18,750. 6 Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. 7 Paid office salaries, $3,500. 8 Determined that the cost of supplies used was $1,300. 9 Paid dividends, $1,500. 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…On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 1. Journalize entries for transactions Oct. 1 through 9. 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. Accounts containing…On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 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. Accounts containing only a single entry do not need a balance.
- On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.On Ontober 1, 20Y6, Jay Crowley estabished Afiordable Reakty, which oompleted the following transactions during the month: 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of Oet 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for account titles. common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,450. PAGE 1 JOURNAL ACCOUNTING EQUATION 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $860. DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 5 Earned sales commissions, receiving cash, $16,430. 6 Paid automobile expenses (including rental charge) for 2 month, $1,650, and miscellaneous expenses, $690. 7 Paid office salaries, $2,200. 4 * Determined that the cost of supplies used was $1,100. * Paid dividends, $3,600. 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for…On November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs.During the month, Kris completed the following transactions related to the business:Nov. 1. Kris transferred cash from a personal bank account to an account to be used for the business in exchangefor common stock, $36,000.1. Paid rent for period of November 1 to end of month, $4,000.6. Purchased office equipment on account, $16,000.8. Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder.10. Purchased supplies for cash, $1,860.12. Received cash for job completed, $8,000.15. Paid annual premiums on property and casualty insurance, $2,400.23. Recorded jobs completed on account and sent invoices to customers, $15,500.24. Received an invoice for truck expenses, to be paid in November, $1,250.Enter the following transactions on Page 2 of the two-column journal:29. Paid utilities expense, $3,660.29. Paid miscellaneous expenses, $1,700.30. Received cash from…