1. issuance shares for 400,000 in cash 2. purchaseing equipment of 40,000 on acount 3. performaing sewrvice in 50,000 cash 4.paid for rent 12,000 5. paid dividends of 3,000 in cash 6.Borrow a loan of 20,000 from bank From that fianancail information, prepare journal and ledger PLEASE MAKE IT IN A TABLE WITH DETAILS

1. issuance shares for 400,000 in cash 2. purchaseing equipment of 40,000 on acount 3. performaing sewrvice in 50,000 cash 4.paid for rent 12,000 5. paid dividends of 3,000 in cash 6.Borrow a loan of 20,000 from bank From that fianancail information, prepare journal and ledger PLEASE MAKE IT IN A TABLE WITH DETAILS

Name: 1. issuance shares for 400,000 in cash2. purchaseing equipment of 40,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1. issuance shares for 400,000 in cash2. purchaseing equipment of 40,000 on acount3. performaing sewrvice in 50,000 cash4.paid for rent 12,0005. paid dividends of 3,000 in cash6.Borrow a loan of 20,000 from bankFrom that fianancail information, prep

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…

Q: Cy loans Mookie The Beagle™ Concierge $2,000 at 6% annual interest. Record the transaction as a loan…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Need need on part B. Thank you

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: a. FNB's earning assetsInvestments4,500Federal funds sold2,295Loans16,425Reserve for loans…

Q: Use the following to answer questions 34-39: Bank A (Dollars in Millions) Assets Cash Securities…

A: Total Assets = ta = $8735 millionNet Income = ni = $114 million

Q: Income Statement Interest income on loans Interest income on securities Interest expense Noninterest…

A: Return on equity(ROE) measures the profitability of business in relation to equity invested. It can…

Q: Evaluating Bank performance -Problem One - The capitalization ratio is: Below is the financial data…

A: Capitalization ratio is a ratio that evaluates the proportion of the operations of the company is…

Q: Current Portion of Long-Term Debt Long-Term Investments 4,000 8,320 Marketable Securities 5,040…

A: Balance Sheet- An financial statement prepared at the end of each year, showing the financial…

Q: bank’s customer wants to exercise a $6,750,000 loan commitment. Show the balance sheet after the…

A: When a loan is established, it means that a borrower has been granted access to a specific amount of…

Q: I just want to know what happens in the cash account thats after all the transactions occur

A: A cash account, often known as a cash book, seems to be a ledger whereby all cash transactions are…

Q: 4. Prudential Bank PLC. has the following balance sheet as of December 31, 2019 (figures in thousand…

A: Liquidity Coverage Ratio(LCR) calculates the portion of total net cash outflows which is covered by…

Q: Question-Given the following information, what amount would be recorded for cash on the balance…

A: Step 1: Define Bank Reconciliation:Bank Reconciliation is used to bring the cash balance in the book…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: The total current assets for San Marcos Corporation is $845 (D).Here's how we can find the total…

Q: Using the stylized balance sheet below, please 1) finish the balance sheet, and 2) use that…

A: Part 2: Explanation:Step 1: Calculate Interest Income:- Calculate interest income from assets: -…

Q: Instructions: Use the below bank account receipts and payments summary to create a statement of cash…

A: Statement of cash flows is one of financial statement being prepared in business. It shows all cash…

Q: Refer to the information provided in Table below to answer the question(s) that follow. Table First…

A: We are given the following data - Assets Liabilities Reserves-$800 Deposits Loans-$400 Net Worth…

Q: Based on the information provided below about banks A and B, compute for each bank its return on…

A: Balance sheet for both the banks are shown as below:

Q: During the year, Company A had the transactions listed below. Cash to retire bonds $4,200 Proceeds…

A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Q: Use the following information to calculate cash received from dividends: Dividends revenue Dividends…

A: Cash received from dividend is the amount received from company for dividends earned during the…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Answer (a) :Before tax cost of debt :~ Since the market selling price of bond (SAR 100) is equal to…

Q: ASSETS Date Cash + Accts Rec+ Supp + LIABILITIES Accts Pay + Interest Pay Capital + + + OWNER'S…

A: Introduction A company's cash balance as shown in its accounting records is known as the book…

Q: Record all of these transactions in a cash disbursement journal table, such as this one: Date…

A: A cash disbursement journal is a record of a company's internal accounts that itemizes all financial…

Q: Transaction 1: Received interest of $200 cash from bonds held as an investment Please fill all the…

A: Interest received on bonds held as investment is an income for the investor. Generally interest is…

Q: 28. Assuming the following balance sheet, what is the Bank's CAR? ASSETS ($1,000,000s) Cash Fed…

A: According to the given question, we are required to compute the Bank's CAR. Capital Adequacy Ratio:…

Q: Study the following balance sheet to help you prepare for your upcoming interview for an entry-level…

Q: Problem 1- Record notes payable transactions Live Media Co. borrowed $125,000 on May 1, 2021 from…

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: To record the cash payment of $10,000 against a loan owing to the bank. Please select the correct…

A: In accounting, a journal entry is the documentation of a monetary transaction or other occurrence.…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

1. issuance shares for 400,000 in cash
2. purchaseing equipment of 40,000 on acount
3. performaing sewrvice in 50,000 cash
4.paid for rent 12,000
5. paid dividends of 3,000 in cash
6.Borrow a loan of 20,000 from bank
From that fianancail information, prepare journal and ledger
PLEASE MAKE IT IN A TABLE WITH DETAILS

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Journal Entries

VIEW

Step 2: Working for Preperation of Journal Entries

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 .
based on the attached what is the answer?
As loan analyst for Carla Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $124,000 $335,000 Receivables 214,000 305,000 Inventories 589,000 523,000 Total current assets 927,000 1,163,000 Other assets 482,000 582,000 Total assets $1,409,000 $1,745,000 Liabilities and Stockholders’ Equity Current liabilities $301,000 $368,000 Long-term liabilities 409,000 482,000 Capital stock and retained earnings 699,000 895,000 Total liabilities and stockholders’ equity $1,409,000 $1,745,000 Annual sales $946,000 $1,559,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be…
Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable> Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Amount of the loan payable
Complete the followin Common Size Balance Sheet: Amount Percent Cash $ 600 (c) _____________________________ Accounts Receivable 1,400 (d)_____________________________ Total Aseets $ 2,000 (e) _______________________________ Accounts Payable 400 (f) _______________________________ Notes Payable 800 (g)________________________________ Total Liabilities 1,200 (h)…
ased on these items, what is the total of the (a) liquid assets and (b) current liabilities? Checking account balance $ 935 Savings account balance $ 3,425 Retirement account balance 58,500 Current student loan payment due 370 Credit card balance 192 Investment account balance 9,500 Rare jewelry 600 Mortgage 185,500
As loan analyst for Wildhorse Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $119,000 $332,000 Receivables 226,000 298,000 Inventories 562,000 536,000 Total current assets 907,000 1,166,000 Other assets 483,000 636,000 Total assets $1,390,000 $1,802,000 Liabilities and Stockholders' Equity. Current liabilities $319,000 $350,000 Long-term liabilities 419.000 483,000 Capital stock and retained earnings 652,000 969,000 Total liabilities and stockholders' equity $1,390,000 $1,802,000 Annual sales $948,000 $1,453,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, eg. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 Acid-test ratio Accounts receivable turnover times times…
From the following details prepare a summarized balance sheet of Anitha and Company as on 31.12.2018. Fixed assets to net-worth: 0.75:1 Current ratio 2:1 Liquid ratio 3:2 Reserves included in Proprietors" Fund 1:4 07 Page 2 of 4 Current Liabilities Rs.2, 00, 000 Cash and bank balancesRs .10,000 Fixed Assets Rs.6,00,000.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
As loan analyst for Waterway Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $114,000 $328,000 Receivables 230,000 296,000 Inventories 582,000 493,000 Total current assets 926,000 1,117,000 Other assets 493,000 607,000 Total assets $1,419,000 $1,724,000 Liabilities and Stockholders' Equity Current liabilities $314,000 $340,000 Long-term liabilities 385,000 493,000 Capital stock and retained earnings 720,000 891,000 Total liabilities and stockholders' equity $1,419,000 $1,724,000 Annual sales $911,000 $1,440,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, e.g. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 :1 Acid-test ratio :1 :1 Accounts receivable turnover…
1. The following accounts appeared on the partial Balance Sheet of Brandy Inc.: Accounts Payable Accounts Receivable $ 5,500 2,300 2,820 3,000 8,140 18,560 18,760 100 Bank Loan Cash Common Stock Inventory Long-term debt Machinery What is the total amount of all assets (rounded to the nearest dollar)?
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…