FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Why transaction is 2880. Please explain
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe $720.00 per box. $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 8 small motorbike engines 7 Large motorbike engines 8 Medium motorbike engines 24 Boxes Disc Pads $350.00 per engine 5 Aug $550.00 per engine Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) $350.00 per engine $950.00 per engine $800.00 per engine 31 Aug Supplies on hand 5 Boxes Air Filter 6 Bottles fuel injector cleaner 12 Boxes Spark Plug 13 Boxes Brake Shoe 9 Boxes Disc Pads $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited paying by cash $3,500.00 To avoid duplication of account names and the use of improper account names, the company has provided the following list of accounts used to record its transactions as extracted from its chart of accounts: Capital Cash Supplies Right Way Manufacturers J Manufacturers P&S Auto CT Ltd Service Revenue Discount Allowed Rent Expense Wages Expense Supplies Expense Fixtures 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service) $350.00 per engine $650.00 per engine $550.00 per engine 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 Auto Care Loan NBC Discount Received Electricity Expense Drawings 13 Aug Received a loan from NBC cash $25,000.00 14 Aug Provided services on credit to P&S Auto 18 Large motorbike engines (full service) 12 medium size motor bike engines 24 medium size motorbike engines 20 small motorbike engines $950.00 per engine $650.00 per engine $550.00 per engine $350.00 per engine 21 Aug Paid CT Ltd by cheque $8,000.00 22 Aug Paid wages cash $8,000.00 Requirements: A. Create a name for the owner of the company and give the business a name that reflects the operations of the 23 Aug Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount organization. B. Record the transactions stated above in the general journal. P&S Auto paid the amount owing by them in Cash less 10 % discount 27 Aug 27 Aug Electricity paid by cash $1,500.00 28 Aug The owner took $5000 out of the bank for his personal use. 28 Aug Provided services for cash 12 small motorbike engines 6 medium size motorbike engines 4 medium size motor bike engines $350.00 per engine $550.00 per engine $800.00 per engine 29 Aug Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner 9 Boxes Air Filters 8 Boxes Sparks Plugs $200.00 per bottle $720.00 per box $300.00 per box S PhotoGrid 30 Aug Provided service for cash
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Transcribed Image Text:Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe $720.00 per box. $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 8 small motorbike engines 7 Large motorbike engines 8 Medium motorbike engines 24 Boxes Disc Pads $350.00 per engine 5 Aug $550.00 per engine Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) $350.00 per engine $950.00 per engine $800.00 per engine 31 Aug Supplies on hand 5 Boxes Air Filter 6 Bottles fuel injector cleaner 12 Boxes Spark Plug 13 Boxes Brake Shoe 9 Boxes Disc Pads $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited paying by cash $3,500.00 To avoid duplication of account names and the use of improper account names, the company has provided the following list of accounts used to record its transactions as extracted from its chart of accounts: Capital Cash Supplies Right Way Manufacturers J Manufacturers P&S Auto CT Ltd Service Revenue Discount Allowed Rent Expense Wages Expense Supplies Expense Fixtures 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service) $350.00 per engine $650.00 per engine $550.00 per engine 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 Auto Care Loan NBC Discount Received Electricity Expense Drawings 13 Aug Received a loan from NBC cash $25,000.00 14 Aug Provided services on credit to P&S Auto 18 Large motorbike engines (full service) 12 medium size motor bike engines 24 medium size motorbike engines 20 small motorbike engines $950.00 per engine $650.00 per engine $550.00 per engine $350.00 per engine 21 Aug Paid CT Ltd by cheque $8,000.00 22 Aug Paid wages cash $8,000.00 Requirements: A. Create a name for the owner of the company and give the business a name that reflects the operations of the 23 Aug Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount organization. B. Record the transactions stated above in the general journal. P&S Auto paid the amount owing by them in Cash less 10 % discount 27 Aug 27 Aug Electricity paid by cash $1,500.00 28 Aug The owner took $5000 out of the bank for his personal use. 28 Aug Provided services for cash 12 small motorbike engines 6 medium size motorbike engines 4 medium size motor bike engines $350.00 per engine $550.00 per engine $800.00 per engine 29 Aug Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner 9 Boxes Air Filters 8 Boxes Sparks Plugs $200.00 per bottle $720.00 per box $300.00 per box S PhotoGrid 30 Aug Provided service for cash
General Journal Journal Entry Date Particulars Debit ($) Credit ($) 01-Aug Cash 150000 To J Christine Capital 150000 (Being bring Capital into the business) 28-Aug J Christine Drawings 5000 To Cash 5000 (Being withdraw money from business) 28-Aug Cash 10700 To Service Revenue 10700 (Being provided services) 29-Aug Supplies 9680 To Accounts Payable - J Manufactures 9680 (Being purchase of supplies) 30-Aug Cash 13850 To Service Revenue 13850 (Being provided services) 31-Aug Supplies 12350 To Accounts Payable - J Manufactures 12350 (Being purchase of supplies) 31-Aug Supplies Expenses 2880 To Supplies 2880 (Being charged to supplies expenses)
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Transcribed Image Text:General Journal Journal Entry Date Particulars Debit ($) Credit ($) 01-Aug Cash 150000 To J Christine Capital 150000 (Being bring Capital into the business) 28-Aug J Christine Drawings 5000 To Cash 5000 (Being withdraw money from business) 28-Aug Cash 10700 To Service Revenue 10700 (Being provided services) 29-Aug Supplies 9680 To Accounts Payable - J Manufactures 9680 (Being purchase of supplies) 30-Aug Cash 13850 To Service Revenue 13850 (Being provided services) 31-Aug Supplies 12350 To Accounts Payable - J Manufactures 12350 (Being purchase of supplies) 31-Aug Supplies Expenses 2880 To Supplies 2880 (Being charged to supplies expenses)
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