Record the journal entries for the month of July. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. Prepare a trial balance using the balances in your general ledger accounts.
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Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations:
|
July |
1 |
The owner, Manny Gill, invested $5,300 cash. |
|
|
10 |
Purchased $2,800 worth of security equipment on credit. |
|
|
12 |
Performed security services for a sold-out concert and received $10,000 cash from the client. |
|
|
14 |
Paid for expenses; $3,800. |
|
|
15 |
Completed security services for a graduation event and sent the client a bill for $1,650. |
|
|
31 |
The owner withdrew $280 cash for personal use. |
Required:
- Record the
journal entries for the month of July. - Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances.
- Prepare a
trial balance using the balances in your general ledger accounts. - Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance.
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- Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $4,600 cash. 10 Purchased $2,100 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,100. 15 Completed security services for a graduation event and sent the client a bill for $1,300. 31 The owner withdrew $210 cash for personal use. Required: 2. Record the journal entries for the month of July, View transaction list Journal entry worksheet 1 2 3 Record the Investment by owner. 5 6 4>Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $5,500 cash. 10 Purchased $3,000 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $4,000. 15 Completed security services for a graduation event and sent the client a bill for $1,750. 31 The owner withdrew $300 cash for personal use. Prepare a trial balance using the balances in your general ledger accounts.Manny Gill is an entrepreneur who started West Secure, a business that provides number of security guard services, West Secure incurred the following transactions during July 2017, its first month of operations. July 1st The owner, Manny Gill invested $ 5,000 cash. 10th Purchased $ 2,500 worth of security equipment on credit 12th Performed security services for a sold out concert and received $ 10,000 cash 14th Paid for expenses $ 3,500 15th Completed security services for a graduation event and sent the client a bill for $ 1,500 31st The owner withdrew $ 250 cash for personal use Required: Set up the following general ledger accounts using either the T-account format or the balance column format: Cash 101, Accounts Receivable 106, Equipment 150, Accounts Payable 201, Manny Gill, Capital 301, Manny Gill, Withdrawals 302, Revenue 401, Expenses 501. Record the journal entries for the month of July. Post the journal entries to general ledger…
- Manny Gill is an entrepreneur who started West Secure, a business that provides number of security guard services, West Secure incurred the following transactions during July 2017, its first month of operations. July 1st The owner, Manny Gill invested $ 5,000 cash. 10th Purchased $ 2,500 worth of security equipment on credit 12th Performed security services for a sold out concert and received $ 10,000 cash 14th Paid for expenses $ 3,500 15th Completed security services for a graduation event and sent the client a bill for $ 1,500 31st The owner withdrew $ 250 cash for personal use Required: Set up the following general ledger accounts using either the T-account format or the balance column format: Cash 101, Accounts Receivable 106, Equipment 150, Accounts Payable 201, Manny Gill, Capital 301, Manny Gill, Withdrawals 302, Revenue 401, Expenses 501. Record the journal entries for the month of July. Post the journal entries to general ledger…Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- Bayoud has started a computer servicing center on May 1, 2021. Following are some events andtransactions that occurred in the month of May:May 1 Bayoud invested $7,000 cash in the business.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in the County News.9 Received $4,000 cash for services performed.15 Received $5,400 for services to be performed in July.17 Paid $2,500 for employee salaries.20 Paid the one year’s rent in advance $1200.29 Purchased equipment for $4,200 on account.Instructions:(i) Show the tabular analysis of the above transactions. (ii) Give the necessary journals. (iii) Prepare the ledger for Cash accountBayoud has started a computer servicing center on May 1, 2021. Following are some events andtransactions that occurred in the month of May:May 1 Bayoud invested $7,000 cash in the business.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in the County News.9 Received $4,000 cash for services performed.15 Received $5,400 for services to be performed in July.17 Paid $2,500 for employee salaries.20 Paid the one year’s rent in advance $1200.29 Purchased equipment for $4,200 on account.Instructions:Prepare the ledger for Cash account.The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2022. Required:1. Record each transaction in general journal form.2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.
- Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 O Debit Returnable deposit $900; Credit Sales revenue $900 Debit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer equipment and accessories. In the month of January, 2020, the following transactions took place: January 1: The owner personally borrowed $100,000 from a bank. He invested the money in the business. January 2: Purchase of specialized equipment $15,000. 50% of this amount was paid in cash and the remaining was on credit. January 3: Rented an office space for conducting administrative activities. The office will cost $5000 per month. January 5: Purchase 3-year insurance policy for $15,000. January 6: Purchased office supplies $10,000. No cash was paid for the transaction. January 7: Placed an order for computer parts worth $5000 to a local supplier. The supplier will deliver the parts in May. January 8: Made an advertisement in Facebook. The advertisement cost $1000. The entire amount was settled in cash. January 8: Hired 3 employees for the office. Each will be paid $1000 per month.…Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer equipment and accessories. In the month of January, 2020, the following transactions took place: January 1: The owner personally borrowed $100,000 from a bank. He invested the money in the business. January 2: Purchase of specialized equipment $15,000. 50% of this amount was paid in cash and the remaining was on credit. January 3: Rented an office space for conducting administrative activities. The office will cost $5000 per month. January 5: Purchase 3-year insurance policy for $15,000. January 6: Purchased office supplies $10,000. No cash was paid for the transaction. January 7: Placed an order for computer parts worth $5000 to a local supplier. The supplier will deliver the parts in May. January 8: Made an advertisement in Facebook. The advertisement cost $1000. The entire amount was settled in cash. January 8: Hired 3 employees for the office. Each will be paid $1000 per month.…
