Topic 3: Assignment 4 - T-Accounts Record each of the following transactions, using T-Accounts July 1) You invest $97,000 cash to start a business. July 2) You withdraw $1400 cash from your business for personal use. July 3) You pay $41,000 cash for advertising for your business. July 4) You earn $62,000 in fees for services rendered. The customer financed the entire amount there was no down payment ument for $50.009. You made a $25,000 down payment and financed the balance.

Topic 3: Assignment 4 - T-Accounts Record each of the following transactions, using T-Accounts July 1) You invest $97,000 cash to start a business. July 2) You withdraw $1400 cash from your business for personal use. July 3) You pay $41,000 cash for advertising for your business. July 4) You earn $62,000 in fees for services rendered. The customer financed the entire amount there was no down payment ument for $50.009. You made a $25,000 down payment and financed the balance.

Name: please answer within the format by providing formula the detailed work
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Need journal and Ledger Topic 3: Assignm

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 3AP

See similar textbooks

Similar questions

Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
Q#22: Mash Company, a service provider, has asked for your assistance with their cash flow analysis. Mash makes all sales to customers on account and purchases 100% of the supplies, on account, from Mark Company. Mash provides the following list of normal account balances as well as the company's income statement activity for the twelve months ended 12/31/20X5. Ref. No. Account Title Cash 1 2 Accounts Receivable 3 Prepaid Insurance Expense 4 Prepaid Advertising Expense Supplies 5 6 Equipment 7 Accumulated Depreciation 8 Land 9 Accounts Payable- Mark Co. 10 Dividends Payable 11 12 Rent Payable Utilities Payable 12/31/20X4 12/31/20X5 $13,320 $13,770 6,500 12,000 9,570 7,830 43,200 40,800 4,500 6,000 108,000 96,000 47,770 28,000 1,050 8,000 2,100 720 37,400 0 750 6,000 1,800 600 Ref. No. Account Title Wages Payable Dividends Sales Revenue 13 14 15 16 17 18 19 20 21 22 23 24 Advertising Expense Depreciation Expense Insurance Expense Maintenance Expense Rent Expense Supplies Expense…
Record the entries for each of the following showing accounts to be Debited or Credited 1 You have decided to open your own business 5-Jul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank 6-Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense 10-Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 12-Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $ 11,200 and cost of goods sold from inventory is $ 8,000 31-lul
ANALYSIS OF T ACCOUNTS Roberto Alvarez began a business called Robertos Fix-It Shop. 1. Create T accounts for Cash; Supplies; Roberto Alvarez, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts: (a) Invested cash in the business, 6,000. (b) Purchased supplies for cash, 51,200. (c) Paid utility bill, 900. 2. Foot the T account for cash and enter the ending balance.
QUESTION 1 a) You are the accounts executive for BFC Enterprise. You are responsible to prepare the monthly receivables and payables control accounts for the business. Following are balances from the company’s record at 1 February 2020. Dr RM Cr RM Debtor ledger control account 54,000 1,000 Creditor ledger control account 200 43,000 The following information is extracted in February 2020 from the company’s records: RM Credit sales 251,000 Cash sales 34,000 Credit purchases…
Read through the transactions impacting JumpStart Co. and answer the question below: On November 10, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600 in cash and put the balance on account. On November 20, JumpStart Co. clients paid an additional $900 on their accounts due. Document the journal entries that reflect the November 10 and 20th transactions. Edit View Insert Format Tools Table 12pt v Paragraph v BIUAY O words
2. Study the account summary of the following credit card bank statement: Account numbers 3642 0243. Debits Account summary Gredits Balance brought forward R 2 000,80 Payments and credits Purchases and debits R 1 380,50 Interest charged R 22,51 Transaction fees 8,90 Closing balance 2.1 Determine the 'payments and credits' value, if the client paid 25% of the closing balance of the previous month's statement. 2.2 Calculate the closing balance. Refer to the transaction fee structure on p. 96 for Question 3, 4 and 5. 3. 3.1 A client wants to deposit R350 into his account. 3.1.1 How much will it cost the client to deposit the cash at the bank's own ATM if this is his first deposit of the month? 3.1.2 How much will it cost the client to deposit the cash inside the branch if this is his sixth deposit this month? 3.1.3 How much will it cost the client to deposit a cheque of R350 at the bank's own ATM if this is his first deposit of the month? 3.1.4 How much will it cost the client to deposít…
EE Fit to page Page view A Read aloud PART A Question: Imagine you are the finance manager of Al Mohsin Company. The company management feels that the cash management of the company should be made more effective. The following information from the company's records is available to you: Miscellaneous Month Sales Purchase Wages 7,000 еxpenses 1,000 3,000 February 40,000 20,000 March 55,000 14,000 8,000 April Мay 60,000 28,000 30,000 32,000 9,000 2,000 74,000 90,000 9,000 2,000 June 8,800 3,500 Additional Information 1. Al Mohsin LLC expects to have RO 8,000 cash balance at the beginning of April. 2. Period of credit allowed by suppliers – 2 months 3. 40% of the total sale is for cash. Half of the credit sale is collected in the next month of sale and the remaining half in the following month after that. 4. Delay in payment of wages 1/4 month 5. Delay in payment of expenses 1/2 month 6. Income tax to be paid in the month of June RO 1,500. You are required to : a. Prepare an estimate of…
Knowledge Check 01 On December 31, the company provides consulting services and bills its customer $3,000 for these services. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet 1 > On December 31, the company provides consulting services and bills its customer $3,000 for these services. Note: Enter debits before credits. %24 ... *.*.......... 6:1 3/27/ Insert Prt Sc F3 F4 F5 F6 EZ F8 F9 F10 F11 F12 Fn Lock
Please answer following question Q5: Company Name Net Credit Sales Beginning Net Receivables Ending Net Receivables Brown $180,000 $ 5,000 $30,000 Pink $400,000 $52,000 $42,000 Yellow $ 75,000 $ 5,400 $ 5,800 (a)Which company is doing the best job of managing its accounts receivable? Why? Be sure to support your answer with computations. (b)What are your concerns about these companies? BR,
construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 2 Paid monthly office rent of P4,000. 3 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 15 Borrowed P50,000 from the bank, signing a note payable 22 Performed service for patients on account, P3,600 30 Received cash from patients billed on September 3, P2,000 31 Received and paid a utility bill, P200 31 Paid monthly salary to nurses, P3,000 31 Paid interest expense of P200
EX.06.206.ALGO On March 4, Micro Sales makes $8,400 in sales on bank credit cards that charge a 3% service charge. Funds are deposited net of credit card expenses into Micro Sales' bank account at the end of the business day. Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank. Mar. 4 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9