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PA5.LO 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the
- 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.
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- 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. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, 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.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.
- Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…On July 1, 2024, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During July, the petty cash custodian paid the following bills from the petty cash fund: Office supplies $ 36 Postage 22 Delivery charges 40 Bottled water 28 Total $ 126 At the end of July the petty cash fund was replenished. The journal entry to establish the petty cash fund includes:
- Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashedfollowing transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Issue of common stock $ 50,000 320,000 Collections from customers Borrowed from local bank on April 1, note signed requiring principal and interest at 12% to be paid on March 31, 2022 40,000 Total cash receipts $ 410,000 Cash disbursements: $ 220,000 Purchase of merchandise Payment of salaries 80,000 Purchase of office equipment 30,000 14,000 Payment of rent on building Miscellaneous expense 10,000 Total cash disbursements $ 354,000 You are called in to prepare financial statements at December 31, 2021. The following additional information was provided to you: 1. Customers owed the company $22,000 at year-end. 2. At…
- At December 31, Year 1, Kale Co. had the following balances in the accounts it maintains at First State Bank: Checking account #101 Checking account #201 Money market account 90-day certificate of deposit, due 2/28/Y2 180-day certificate of deposit, due 3/15/Y2 $175,000 (10,000) O $320,000 O $240,000 O $200,000 O $190,000 25,000 50,000 80.000 Kale classifies investments with original maturities of three months or less as cash equivalents. In its December 31, Year 1, balance sheet, what amount should Kale report as cash and cash equivalents?4. The following information is available for Bosch Company for the month of May. a. On May 31, the company's Cash account has a balance of $6,322. b. The company's bank statement shows a balance on May 31 of $6,450. c. Outstanding checks total $63. d. A $47 NSF check from a customer, T. Shannon is shown on the bank statement but not yet recorded by Bosch Company. e. A deposit placed in the bank's night depository on May 31 totaling $275 did not appear on the bank statement. f. Bank fees for check printing of $45 are not yet recorded by Bosch Company. g. A note receivable for $432 is collected by the bank for Bosch Company. Bosch Company has not yet recorded the note's collection. Prepare the May bank reconciliation for the Bosch Company.Accounting please answer asap? John Corporation's bank statement for April 30 showed an ending cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of April 30: • The bank deducted $125 for an NSF check from a customer deposited on April 15. • The April 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the April 30 bank statement. • A$15 debit memorandum (service charges) for checks printed by the bank was included with the canceled checks. • Outstanding checks amounted to $1,145. • Included with the bank statement was a credit memo in the amount of $875 for an EFT in payment of a customer's account. • Included with the canceled checks was a check for $275, drawn on the account of another company by error. Required: 1. Prepare a bank reconciliation as of April 30. 2. Prepare the journal entries for the…
