(1)
Introduction: The financial statements of a company include balance sheets, income statements, and
To prepare:
(2)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: Income statement, statement of owner’s equity, and
(3)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: The cash flow statement.
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BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
- 19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?arrow_forwardAssume 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. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount…arrow_forwardETHICS CASE You are the assistant controller in charge of general ledger accounting at Hallasan Bottling. Your company has a large loan from an insurance company. The loan agreement requires that the company’s cash account balance be maintained at ₩200,000 or more, as reported monthly (amounts in thousands). At June 30, the cash balance is ₩80,000, which you report to Yoo Yun, the financial vice president. Yoo excitedly instructs you to keep the cash receipts book open for one additional day for purposes of the June 30 report to the insurance company. Yoo says, “If we don’t get the cash balance over ₩200,000, we’ll default on our loan agreement. They could close us down, put us all out of jobs!” Yoo continues, “I talked to Oconto Distributors (one of Hallasan’s largest customers) this morning. They said they sent us a check for ₩150,000 yesterday. We should receive it tomorrow. If we include just that one check in our cash balance, we’ll be in the clear. It’s in the mail!”…arrow_forward
- You are required to prepare a written report for the following tasks: Transactions for the month of January of Joy Delights Café are given as the following. 2021 Started in business with RM105,000 cash Put RM90,000 of the cash into a bank account Bought goods for cash RM5,500 Bought goods on credit from: Eddy RM800; Franky RM930; Smith RM160, Liew RM510 Bought stationery on credit from Buttons Ltd RM89 Sold goods on credit to: Tomy RM170; Eric RM240; Malcom RM326; Tim RM204. Paid rent by cheque RM220 Bought fixtures on credit from Chiefs Bhd RM610. Paid salaries in cash RM790. Jan 4 6. 10 11 Returned goods to Franky RM30; Smith RM42. Bought van by cheque RM6,500. Received loan from Barclay by cheque RM2,000. 18 14 15 16 Purchases retum: Temy RM5; Malcom RM20. 21 Cash sales RM145 Sold goods on credit to Eric RM130, Tim RM410, Paul RM15S. Ravilink paid the following by cheque Franky RM900 Smith RM118. Received cheques from Paul RM158; Eric RM370. 24 26 29 Received a further loan from…arrow_forwardMr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.arrow_forwardDATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20 Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days. 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. 20 Collected a total of $11,200 on account from…arrow_forward
- DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20 Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days. 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. 20 Collected a total of $11,200 on account from…arrow_forward15.18 Y Ltd keeps a receivables ledger control account as part of its accounting system. The following transactions take place in March: mvolces totalling $5,000 are raised to Customer X in March These invoices offer the customer a 5% discount if they pay within 14 days. Of these invoices, Y Ltd expects invoices amounting to $2,000 to be paid with the discount taken. (a) Customer Z pays cash of $2,850 for invoices with face values of $3,000. They took advantage of discounts totalling $150 for early payment, however Y Ltd had not expected Customer Z to take up the discounts. (b) Which of the following entries correctly record these transactions? DEBIT receivables ledger control $5,000, CREDIT sales $5,000, DEBIT cash $2,850, CREDIT receivables ledger control $2,850 A DEBIT receivables ledger control $4,900, CREDIT sales $4,900, DEBIT cash $2,850, DEBIT sales $150, CREDIT receivables ledger control $3,000 DEBIT receivables ledger control $5,000, CREDIT sales $5,000, DEBIT cash $2,850,…arrow_forwardDATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20 Purchased supplies 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. for $10,000 from White's, Inc.; received Invoice 2384 payable in 30 days. 20 Collected a total of $11,200 on account from credit customers during the third week of…arrow_forward
- equired information Skip to question [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $66,000 cash from a personal savings account to a checking account in the name of Sony Electric. December 2 The company paid $1,500 cash for the December rent. December 3 The company purchased $13,400 of electrical equipment by paying $5,200 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,600 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,900. December 18 The company purchased $500 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment…arrow_forwardJournalize Transactions Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $201,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $4,200. e. January 25: Collected $3,000 from customers for services performed in Transaction d. f. January 28: Purchased land for $260,000 by paying $21,000 cash and obtaining a loan for the balance. g. January 30: Paid salaries of $3,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 4 6 15 25 28arrow_forwardHelp Save A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($330), a customer's note receivable collected by the bank $(1,500), and interest earned $(190). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list А Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %3D Record entry Clear entry View general journal EX:arrow_forward
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