Required: 1. Enter the amounts from the November 2019 trial balance into the appropriate ledger accounts. 2. Prepare the journal entries for the December transactions. 3. Post the entries to the ledger using "page 12" as the journal reference.
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- Journal entries and trial balanceElite Realty acts as an agent in buying, selling, renting, and managingreal estate. The unadjusted trial balance on March 31, 2019, follows: (attached) The attached business transactions were completed by Elite Realtyduring April 2019: Instructions1. Record the April 1, 2019, balance of each account in the appropriatebalance column of a four-column account, write Balance in the itemsection, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journalbeginning on Page 18. Journal entry explanations may be omitted.3. Post to the ledger, extending the account balance to the appropriatebalance column after each posting.4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissionsshould have been $19,100. (a) Why did the unadjusted trial balance in (4)balance? (b) Journalize the correcting entry. (c) Is this error…Journalizing and Posting On September 18, 2019, Afton Company purchased $3,180 of supplies on account. In Afton Company's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize the September 18, 2019, transaction on page 87 of Afton Company's two-column journal. Page: 87 POST. DATE DESCRIPTION DEBIT CREDIT REF. Sept. 18, 2019 Supplies 15 3,180 Accounts Payable 21 3,180 b. & d. In the four-column account for Supplies, enter a debit balance of $1,530 as of September 1, 2019. Place a check mark () in the Posting Reference column. Post the September 18, 2019, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER Account Supplies Account No. 15 POST. BALANCE DATE ITEM DEBIT CREDIT REF. DEBIT CREDIT Sept. 1, 2019 Balance Sept. 18, 2019 C. & d. In the four-column account for Accounts Payable, enter a credit balance of $22,640 as of September 1, 2019. Place a check mark () in the…Record any 5 transactions of your choice for Company ABC for the year 2019, starting from the owner investment of $100,000. Post them in General Journal, Make ledger and trial balance for those enteries.
- You have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders. Trial Balance for Comvita Year Ended March 31, 2019 All figures are in ‘000 Account Name Debt Account Name Credit Accounting Fee 9000 Accounts payable 63600 Accounts receivable 286650 Accumulated Depreciation – Motor Vehicle 30000 Advertising 6000 Accumulated Depreciation – Office Equipment 6000 Bad Debts 1500 Mortgage-non current 282600 Bank 60240 Discount Received 31200 Bank Fees 300 Allowance for Doubtful Debts 2865 Freight Out 36000 Retained earnings 1365000 Cost of goods sold 630000 Sales 1218300…Record any five accounting transactions of your own choice for Ali furniture business (AFB) for the year 2019, Starting from the owner investment of $100,000. Post them in General journal, make ledger, and Trial balance for those entries. with explanation.Record any five accounting transactions of your own choice for Ali furniture business (AFB) for the year 2019, Starting from the owner investment of $100,000. Post them in General journal, make ledger, and Trial balance for those entries.
- Record any five accounting transactions of your own choice for Ali furniture business (AFB) for the year 2019, Starting from the owner investment of $100,000. Post them in General journal, make ledger, and Trial balance for those entries. with explanation and to make it in best formate.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.First using cash accounting, and then accrual accounting, discuss what the balances of each account will be on May 31, 2019 at Hippie Hospital for the financial period below, taking into consideration the transactions listed. Then, discuss why/how you arrived at your answer for each ending account balance. Beginning account balances for May 2019: Assets = $1,400,000 Liabilities = $500,000 Net Assets = $890,900 Revenue = $25,000 Expenses = $15,900 Transaction #1 (May 4, 2019) - the hospital signed a purchase order for a $2,500 supply purchase, which will be delivered/completed in mid-June. Transaction #2 (May 15, 2019) - the hospital provided $15,000 in patient care services and billed patients' insurance plans. Transaction #3 (May 25, 2019) - the hospital took out a loan for $4,000 to meet future, unexpected payroll obligations.
- On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $24,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. ⚫The expected useful life of the asset is nine years, and its fair value is $180,000. Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." .The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of the…Prepare the individual account of H. Potter in the debtors ledger of Dumbledore (15) Magic World for May 2019.Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for the fiscal year ended December 31, 2019, are as follows: Bart Nesbit, Capital Bart Nesbit, Drawing Jan. 1 (2019) Mar. 31 Dec. 31 Dec. 31 90,000 1,375,000 22,500 90,000 Dec. 31 355,000 June 30 22,500 Sept. 30 22,500 Dec. 31 22,500 Prepare a statement of owner's equity for the year.