O’Neil Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Collins AutoSales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of (a) O’Neil OfficeSupplies and (b) Collins Auto Sales Co.?

Question 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 Auto Care Loan NBC Discount Received Electricity Expense Drawings Requirements: Create a name for the owner of the company and give the business a name that reflects the operations of the organization. Record the transactions stated above in the general journal. Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st. Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that date

Solve the following Question quickly please.

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.  Cash (a) 179,000 (b) 35,000 (d) 19,000 (e) 590 (g) 1,900 (h) 9,900     (i) 3,900   Equipment (c) 69,000                               Accounts Receivable (f) 10,200 (g) 1,900                           Accounts Payable     (c) 69,000                           Supplies (b) 35,000                               Scott Hamilton, Capital     (a) 179,000                           Fees Income     (d) 19,000     (f) 10,200                   Telephone Expense (e) 590                               Scott Hamilton, Drawing (i) 3,900                               Salaries…

Which of the following Journal entry is Correct when the business purchased a heavy equipment on account? a. debit Expense and credit Accounts Payable. b. debit Expense and credit Cash. c. debit Equipment and credit Cash. d. debit Equipment and credit Accounts Payable.

Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); ACcounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $200,000 cash along with $28,000 in office equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01

Hawaii Drive-O, Inc. rents jeep off-road vehicles to adventurous travelers on the big island of Hawaii. Selected ledger accounts for the company are listed below along with identifying numbers.  Following this list of account numbers and titles is a series of transactions.  For each transaction, indicate the proper accounts to be debited and credited by entering the number(s) for the account(s) and the related amounts in the space provided.  If you feel the transaction should not be entered into the accounting system, write N/A.  Note:  You may use each account only once, more than once, or not at all.    # Account # Account # Account 10 Cash 20 Accounts payable 32 Dividends 11 Accounts receivable 21 Wages payable 40 Rental revenue 12 Supplies 22 Unearned revenue 50 Advertising expense 13 Prepaid insurance 23 Notes payable 51 Rent expense 14 Vehicles 30 Common stock 52 Insurance expense 15 Equipment…

William specializes in purchasing and selling of furniture, currently the business decided to sell a computer equipment on credit. In which of the below journal, the transaction should be recorded? O a. Sales journal O b. Computer equipment journal O c. General journal O d. Purchases journal

A chart of accounts varies with each type of business as well as each company. In a group, compare and contrast the accounts that would appear in Cole's Real Estate Office, Sarah's Clothing Emporium, Neal's Grocery Store, and Tanner Plumbing Service. What accounts would appear in all companies? What accounts would be specific to each business?