Problem 1On February 1, 2019, Diane Winn established a business to manage rental property. She completed thefollowing transactions đuring February:a. Opened a business bank account with a deposit of $30,000.00b. Purchased supplies on account, $1,250.00c. Received cash from fdees eamed, $5,500.00d. Paid rent on Offce an d Equipment for the month, $3,300.00e.Paid creditors on account, $575.00f.Billed customers for fees eamed, $3,250.00Paid automobile expenses for month, $980.00, and miscellaneous expenses, $775.00h. Paid Office Salaries $1,500.00i.Detemined that the cost of supplies on hand was S315.00; therefore, the cost of supplies used was $935.00.j.Withdrew cash for personal use, $1,000.00Instructions:1 Indicate the effect of each transaction and the balances after each transactions, using the followings equation:Owner'sAssetsLiabilitiesEquityAccountsAccountsDiane Winn,Cash+ ReceivableSuppliesPayables +CapitalCommentsa.b.C.d.e.i.j.k. Briefly explain why the owner's investment and revenues increased owner's equity, while withdrawals and expenses decreased owner's2 equity

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Answered: Problem 1 On February 1, 2019, Diane…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 3PB: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During...

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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.
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.
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?
Preparing financial statements. Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying six items and sks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for 1,350 a month. b. On June 21, 2020 Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost 900, but he hasnt yet received the bill. c. Hugo borrowed 3,500 from his parents last fall, but so far, he has made no payments to them. d. Hugo makes monthly payments of 225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling 4,500. e. Hugo paid 3,800 in taxes during the year and is due a tax refund of 650, which he hasnt yet received. f. Hugo invested 2,300 in a mutual fund. g. Hugos Aunt Lydia gave him a birthday gift of 300.
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…
Your activity: Posting to the ledgerThe following journal entries were found in the books of Lagumang Pagsusulit Photocopying Services in the month of January 2019: January 20191 Cash on Hand Php 30,000.00Machines 450,000.00Building 500,000.00Granfon, Capital Php 980,000.00 3 Permits and Licenses 7,500.00Cash on Hand 7,500.00 4 Cash on hand 5,500.00Service Revenue 5,500.005 Cash on Hand 4,650.00Accounts Receivable 2,300.00Service Revenue 6,950.00 6 Prepaid Insurance 12,000.00Cash on hand 12,000.009 Supplies 10,000.00Accounts Payable 10,000.00 13 Cash on Hand 15,500.00Service Revenue 15,500.0015 Accounts Receivable 8,000.00Service Revenue 8,000.0016 Salaries Expense 3,000.00Cash on Hand 3,000.00 19 Repairs and Maintenance 1,000.00Cash on Hand 1,000.0022 Cash on Hand 7,000.00Service Revenue 7,000.0024 Supplies Expense 3,000.00Supplies 3,000.00 27 Cash on Hand 6,500.00Service Revenue 6,500.0030 Granfon, Drawing 5,000.00Cash on Hand 5,000.00
Question 01: Mr. Siddiqui started business on December 1, 2019 with the investment of cash Rs. 500,000 and office equipment worth Rs. 80,000. Following transactions were completed during the month: December 2: Purchased merchandise for cash Rs. 50,000, paid cash Rs. 30,000 and balance on credit. December 3: Purchased office supplies for cash Rs. 12,000. December 08: Purchased furniture on credit Rs. 75,000. December 15: Sold merchandise for Rs. 80,000, received cash Rs. 30,000 and balance on credit. December 18: Merchandise retuned to supplier Rs. 5,000. December 20: Merchandise retuned by customer Rs.8,000. December 22: Received cash from customer Rs. 35,000. December 24: Paid rent for the month Rs. 25000. December 26: Paid to suppliers Rs. 20,000. December 28: Mr. Siddiqui withdrew cash Rs, 30,000 for personal use. Required: a) Record the above transactions in the general journal. b)…
Question: How would I record these in MYOB account right v19. can you please provide step by step instructions. Thanks It is now 7 January 2024 You find a note on your desk from Alonso instructing you to record a list of transactions that occurred during the first week of January as follows: Transactions from early January 2024 2 3 Obtained a loan of $16,000 from Uncle Sebastian (a family relative of Alonso Cohen) at a simple interest rate of 12% per year, Cheque No. 188, ID #CR000001. The principal and interest on the loan are payable in six months time. Issued Cheque No. 4005 for $9,328 to Big Telco in payment of Purchase #326 (Supplier Inv#253). 3 Received Cheque No. 249 from Hypertronics for the full amount outstanding on their account, ID #CR000002. 3 Issued Cheque No. 4006 for $1,980 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 4 5 Purchased 7 units Tony ZIO MLP projectors from Pear Technology at $1,342 each (includes 10% GST), Purchase…
Comprehensive Problem – Journalizing, Posting. Trial Balance Ulysses Dela Cruz established an enterprise he registered with the DTI under the name: The Storm Decorators, on May 1, 2020. During the month he completed the following transactions: 01 - Mr. Ulysses Dela Cruz transferred cash from a personal bank account to an account to be used for the business, P31,000. 02 - Purchased supplies for cash, P750. 02 - Paid P1,230 worth of local government taxes and business permits. 02 - Purchased tools on account from Tonyo General Merchandise, P4,600. 03 - Purchased a second-hand van from Bagyo Used Cars Inc. for P48,000, paying P8,00 cash and giving a note payable in 3 months for the remainder. 05 - Paid rent of the office space for the month, P2,250. 06 – Received cash for a job completed, P8,600. 08 – Purchased supplies on account from Tonyo General Merchandise, P2,450. 10 - Paid premiums on property insurance, P2,440. 12 - Paid in full creditor for the tools purchased on May 2. 14 - Paid…
HEAD OF DEPART ENT below Transactions of Lubanz's Garden Services for January 2020 1. Lubanzi Gumede deposited R200 000 into the bank account of the business the tosin issued receipt number 001 According to cash register roll, a total of 16 000 was received for services rendered Bought equipment of R7000 and paid by cheque number 01 Purchased a business vehicle for 63 500 paid by cheque number 02 3. 10 21 28 Paid the manager S Ntuli, his salary of R 8000 with cheque 03 DATE SOURCE JOURNAL ASSETS OWNER'S EQUITY DOCUMENT LIABILITIES HEAD
Your activity: Posting to the ledger The following journal entries were found in the books of Lagumang Pagsusulit Photocopying Services in the month of January 2019: January 2019 Cash on Hand Php 30,000.00 Machines 450,000.00 Building Granfon, Capital 500,000.00 Php 980,000.00 3 Permits and Licenses 7,500.00 Cash on Hand 7,500.00 4 Cash on hand 5,500.00 Service Revenue 5,500.00 5 Cash on Hand 4,650.00 2,300.00 Accounts Receivable Service Revenue 6,950.00 6 12,000.00 Prepaid Insurance Cash on hand 12,000.00 9 Supplies 10,000.00 Accounts Payable 10,000.00 13 Cash on Hand 15,500.00 Service Revenue 15,500.00 15 Accounts Receivable 8,000.00 Service Revenue 8,000.00 Salaries Expense Cash on Hand 16 3,000.00 3,000.00
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.

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