Net Income7. (a) Using the trial balance below, prepare a work sheet for the threemonths ended September 30, 20-, for the Wabanaki Golf Club.(b) Prepare an income statement, a statement of owner's equity, anda classified balance sheet.AccountCashSuppliesLandBuildingsEquipmentAccounts PayableBank Loan (5 years)Mortgage PayableJ. Benoit, Capital1. Benoit, DrawingsMembership FeesSalaries ExpenseInterest ExpenseMaintenance ExpenseUtilities ExpenseOffice ExpenseWabanaki Golf ClubTrial BalanceSeptember 30, 20--Acc.No.100120150160170200220230300310400500501502503504Debit$ 3.0009.000200 000400 00030 0006 00046 00069002 0007 0002000$711 900Credit$ 8.90095 000250 000248 000110 000$711 900

A financial statement is a written financial record of the company and organization. It shows the…

Answered: 7. (a) Using the trial balance below,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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While passing a journal entry for the following transaction which account would be debited? "Commission of $5,000 received"
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Received a $760 deposit from a customer who wanted her piano rebuilt in February. how would you Record the transaction.
Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice…
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
Requirements: 1. Journalize each transaction including explanations. 2. The accounts listed in the trial balance, together with their balances as of March 31,2024, have been opened for you in T-account form. Post the journal entries to the ledger (use T-account format). 3. Prepare the trial balance of Harper Service Center as of April 30, 2024. More info Apr. 2 Borrowed $45,000 from the bank and signed a note payable in the name of the business. Apr. 4 Paid cash of $40,000 to acquire land. Apr. 9 Performed services for a customer and received cash of $5,000. Apr. 13 Purchased office supplies on account, $300. Apr. 15 Performed services for a customer on account, $2,600. Apr. 18 Paid $1,200 on account. Apr. 21 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. Apr. 25 Received $3,100 from a customer on account. Apr. 27 Received a $200 utility bill that will be paid next month. Apr. 29 Received $1,500 for services to be…
INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries. You may want to prepare a T-account for each account to determine the answer. See exhibit 2.11 on textbook page 66 for examples of how this is done. DR CR a) Cash $3,900.00 Note Payable $ 3,900.00 b) Equipment $1,000.00 Note Payable $ 1,000.00 c) Supplies $300.00 Cash $300.00 d) Supplies $700.00 Account Payable $700.00 e) Note Payable $900.00 Cash $900.00 For example, The ending balance of the 'Equipment' account is $1000 DR(There is only one debit entry for equipment-see…

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