Selected transactions for Ali Company, on May 1, 2018 in her first month of business. Are as follows. 1-Invested $10,000 cash in business. 3- Purchased used car for $4,000 cash for use in business. 9- Purchased supplies on account for $500. 16- Paid $350 cash for advertising. 20- Received cash of $1,200 for services completed. Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on May 31, 2018.
Q: Arnina established a service business to be known as Arnina Photography on July 1, 2021. During the…
A: Your journal entries may not be seen if you use accounting software or outsource your accounting,…
Q: Creighton’s transactions for the first month of business are as follows: Jan. 1 Creighton invested…
A: Journal entries are passed; so that, the transactions can be recorded in the books and effects could…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: Journal Entry: Journal is the first place where a transaction is recorded. It contains record of…
Q: On 1st January Pranav started Business by introducing $ 24,000 as cash, $ 7,000 as Equipment and $…
A:
Q: On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following…
A: Journal Entries:
Q: Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were…
A: Hey, since there are two questions posted, we will answer only first question. If you want second…
Q: Domingo Company started its business on May 1, 2019. The following transactions occurred during the…
A: The trial balance is prepared to record the debit and credit balance of each account of the…
Q: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:…
A: April 2016 (Dr.) (Cr.) 1. Cash…
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Given below are the transactions related to Hameed Enterprises for the month of March 2021. Date…
A: Income statements and Balance sheets are prepared at the end of the period to analyze the income and…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book with…
Q: Domingo Company started its business on May 1, 2019. The following transactions occurred during the…
A: Trial balance: It implies to one of the company's financials that shows all the assets,…
Q: The following table contains several business transactions for the current month. Required:…
A: Account which is affected and element of financial statement has been answered.
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: transactions during the month of January 2021. January 4- It started the business with cash of OMR…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date…
A: The financial statements of the business include the income statement and balance sheet of the firm.…
Q: Sonya Jared opened a law offi ce on July 1, 2020, On July 31, the Balance Sheet showed Cash $5,000,…
A: (a) The statement of tabular analysis of the August transaction Particulars Amount $ Amount $…
Q: Chart of Accounts On March 1, 2022, Mr. Martinez started his Photography business. The following are…
A: Journal entry is the primary step to record the transaction in the books of accounts. The journal…
Q: Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: Trial Balance= It represents the balances which may be debit and credit of ledger accounts. The…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: SOLUTION - Bank Reconciliation is the process of identifying the Difference that exits between the…
Q: The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo…
A: Journal entries records the transaction in such a way that there are 2 effects in the financial…
Q: Katerina's Boutique is a business registered for GST and it lodges its Business Activity Statement…
A: Introduction: GST Paid: The GST (goods and services tax) is a ten percent tax on almost all goods,…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: On October 1, 2018, Jay Crowley established Affordable Realty, which completed the following…
A: Journal entry is a record of financial transactions in the books of accounts of a business. Trial…
Q: On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: The accounting equation states that assets equal to sum of liabilities and equity. The transactions…
Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…
A:
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A: Heritage Designs Journal Entries Date Account Title Debit Credit Nov 1 Cash $50,000…
Q: The following transactions were taken from the books of Cartago Repair Shopfor the month of May…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: Remy opened her ToursAFun business. During the first month, January, she completed the following…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL…
A: Journal entries are prepared on the basis of double entry system of accounting. Golden rules of…
Q: A. Opened a business bank account with a deposit of $25,000 from personal funds.B. Purchased office…
A: Answer 1)
Q: On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following…
A: The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Any…
Q: The following information summarizes Christopher Lee's personal finances as at February 1, 2021.…
A: Revenue-Total Expenses=surplus Total expenses include miscellaneous expenses , purchase of new…
Q: The following selected transactions were completed by Roberto Orcajada Delivery Service during July…
A: As per the accounting equation, the total assets of the firm will always be equal to the sum of…
Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…
A: ExpectedTransaction 1. Incorrect 2. Correct 3. Incorrect 4. Incorrect 5. Incorrect
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A: Notes: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…
A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…
Q: Remy opened her Tours4Fun business. During the first month, January, she completed the following…
A: Pencil footing the ledger means the total balance of both side of ledger. After pencil footing…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: A bank reconciliation statement aligns an organization's bank account with its book records by…
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following…
A: Accounting cycle refers to the 8-step process of recording, analyzing, summarizing and interpreting…
Q: On November 1, 2018, Kris Lehman established an interior decorating business. Modem Designs. During…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the…
A: 1&2
Q: Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;…
A: A journal entry is record of the business transactions in the accounting books of accounts. A…
Q: The following transactions occurred in the business during the month of July 2021. 5-Jul Provided…
A: Journal entries are the first step of recording the transactions. Every journal entry will have…
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A:
Selected transactions for Ali Company, on May 1, 2018 in her first month of business. Are as follows.
1-Invested $10,000 cash in business.
3- Purchased used car for $4,000 cash for use in business.
9- Purchased supplies on account for $500.
16- Paid $350 cash for advertising.
20- Received cash of $1,200 for services completed.
Instructions
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a
Step by step
Solved in 4 steps
- The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.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.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.
- Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, 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.Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Tasks 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.
- Jasmine operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed. TRANSACTIONMay 1 - Jasmine invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 May 3- Purchased merchandise on account from Subic, P13,200. Terms: 2/10, n/30. Purchase Invoice 422. May 4 - Paid rent expense for April, P900; Check No. 200. May 5 - Purchased store supplies on account from Alexis, P550. Terms: 1/10, n/30. Purchase Invoice 510. May 8 - Sold merchandise on account to Rustan, P11,000. Terms: 1/10, n/30; Sales Invoice No. 150.Cost of merchandise was P5,500. May 12 - Paid Subic the amount owed on the May 3 purchase, Check No. 201 May 14 - Purchased merchandise on account from Ong’s Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. May 15 - Paid Alexis the amount owed on the May 5 purchase. Check No. 202 May 16 - Recorded cash sales for the first half of May, P33,000. Cost of…Jim operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed. TRANSACTIONS May 1 - Jim invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 May 3- Purchased merchandise on account from Subic, P13,200. Terms: 2/10, n/30. Purchase Invoice 422. May 4 - Paid rent expense for April, P900; Check No. 200. May 5 - Purchased store supplies on account from Alexis, P550. Terms: 1/10, n/30. Purchase Invoice 510. May 8 - Sold merchandise on account to Rustan, P11,000. Terms: 1/10, n/30; Sales Invoice No. 150.Cost of merchandise was P5,500. May 12 - Paid Subic the amount owed on the May 3 purchase, Check No. 201 May 14 - Purchased merchandise on account from Ong’s Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. May 15 - Paid Alexis the amount owed on the May 5 purchase. Check No. 202 May 16 - Recorded cash sales for the first half of May, P33,000. Cost of…Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1, 2018. A cheque for $400 payable to cash was given to Kate, the petty cashier, who went to the bank and brought back $400 and put it in the petty cash box. The following transactions were completed during January. Jan 1 Purchased business cards for $36 (this business records office supplies as expenses upon purchase) Jan 10 Paid $60 for repairs to the office photocopier Jan 15 Paid $66 COD charges on merchandise to be resold to customers (the business uses the periodic inventory system) Jan 15 Purchased paper for the printer, $37 Jan 20 Paid $45 for an advertisement in the local January newspaper Jan 25 M. Jordan took $90 from the cash box to pay for a personal gift for his mother Jan 26 Paid $40 delivery charges on merchandise inventory sold to a customer Jan 28 Paid $16 for stamps used for mailing cheques to its suppliers. The money in the petty cash box was counted…