The company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same as the calendar year. Form the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2 The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked. 5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.

On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company's first month: June 1 Near created the new company by investing $40,000 cash, $5,000 of furniture, and computer equipment worth $60,000. 2 The company rented furnished office space by paying $3,200 rent for the first month. 3 The company purchased $2,400 of office supplies for cash. 10 The company paid $7,200 for the premium on a one-year insurance policy. 14 The owner's assistant was paid $3,600 for two weeks' salary. 24 The company collected $13,600 of commissions from airlines on tickets obtained for customers. The assistant was paid another $3,600 for two weeks' salary. 28 The company paid the month's $3,500 phone bill. The company repaired its computer for $700 on account. 29 30 30 The owner withdrew $2,850 cash from the business for personal use. The company's chart of accounts included these accounts: 101 Cash 302 Sam Near, Withdrawals 106 Accounts Receivable…

Sammi started her business on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each journal entry. Jan 01  Sammi invested RM50, 000 cash into the business.Jan 02  Trendy purchased used motor vehicle for RM20,000.Jan 08  Trendy paid rent for RM4, 000.Jan 08 Trendy completed work for a client and immediately received RM15, 000.Jan 12 Sammi signed a RM50,000 small business loans with CIMB Bank under Trendy’s name.Jan 15 Ideal Homes renovated and installed fixtures and fittings at a cost of RM3, 000. Trendy will pay the bill at a later date.Jan 15 Trendy paid RM1, 000 cash for advertisement in a local magazine.Jan 28 Trendy completed work for another client on credit and invoiced the client RM5, 000. The client is allowed to settle the bill within 30 days.Jan 30 Trendy paid Ideal Homes that installed the fixtures and fittings earlier.Jan 30 Trendy paid…

The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the mer-chandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchan-dise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the…

Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it.  At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?

Prepare the general journal entries for the following transactions. Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred during the month of January 2016: DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day- PHP3,000 1/5/16 of the business was "MR. LABANDERO" Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day - PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers…

After several months of planning, Joane Cardinal started a haircutting business called “The Cutlery”. The following business activities occurred during it’s first month (June 2020) : On June 1st, Joane deposited $16,500 cash into a bank account of the organization On June 1st, purchased on credit tables & chairs (for the business) at TheBay store. Value $7,000 Rent office : $500 per month; paid cash Provided services to customers (on credit). Value $6,000 Purchased supplies, cash ($4,000). Paid 40% of the debt to “The Bay” store Provided services to customers. Value $3,400.   20% of the customers paid cash, 80% on credit. At the end of the month, Joane withdrew $400 cash for her personal use. Required  Prepare journal entries and T accounts  Produce Trial balance and Financial statements (3 usual statements)

After several months of planning, Joane Cardinal started a haircutting business called “The Cutlery”. The following business activities occurred during it’s first month (June 2020) : On June 1st, Joane deposited $16,500 cash into a bank account of the organization On June 1st, purchased on credit tables & chairs (for the business) at TheBay store. Value $7,000 Rent office : $500 per month; paid cash Provided services to customers (on credit). Value $6,000 Purchased supplies, cash ($4,000). Paid 40% of the debt to “The Bay” store Provided services to customers. Value $3,400.   20% of the customers paid cash, 80% on credit. At the end of the month, Joane withdrew $400 cash for her personal use. Required prepare the closing entries

Statsen Company, which prepares financial reports at the end of the calendar year, established a branch on July 1, 2020. The following transactions occurred during the formation of the branch and its first six months of operations, ending December 31, 2020.   1. The Home Office sent $35,000 cash to the branch to begin operations. 2. The Home Office shipped inventory to the branch. Intercompany billings totaled $75,000, which was the Home Office's cost. 3. The branch acquired merchandise display equipment which cost $15,000 on July 1, 2020. (Assume that branch fixed assets are carried on the home office books). 4. The branch purchased inventory costing $53,750 from outside vendors on account. 5. The branch had credit sales of $106,250 and cash sales of $43,750.   Requirements: 1. Prepare journal entries in the books of the home office and in the books of the branch office for the above transaction