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a. Provide the Journal entries

a. Provide the Journal entries

FINANCIAL ACCOUNTING
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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On November 10, 2014, Tuttie Bee Cargo Services started its operations. The following are the transaction of the company for 2014. Nov. 10 Mr. Tuttie Bee invested 1,000,000 and two trucks with fair market value of $750,000 each in the business. 12 Paid taxes and licenses, #6,500 15 Paid office rent up to December in advance, 96,000 16 Hired a driver with #6,000 monthly salary to start work tomorrow 17 Called Success Builder to order paints for the office amounting to $2,500 Purchased furniture and fixtures on account, $18,000 18 20 Bought office supplies, #2,000 cash 25 Delivered cargo to Pampanga for Ms Sue Bah. Cash of $24,000 was received for this transaction as payment. 29 Paid driver's salary, #6, 000 30 Paid the December insurance premium for the two trucks, #10, 000
Transcribed Image Text:On November 10, 2014, Tuttie Bee Cargo Services started its operations. The following are the transaction of the company for 2014. Nov. 10 Mr. Tuttie Bee invested 1,000,000 and two trucks with fair market value of $750,000 each in the business. 12 Paid taxes and licenses, #6,500 15 Paid office rent up to December in advance, 96,000 16 Hired a driver with #6,000 monthly salary to start work tomorrow 17 Called Success Builder to order paints for the office amounting to $2,500 Purchased furniture and fixtures on account, $18,000 18 20 Bought office supplies, #2,000 cash 25 Delivered cargo to Pampanga for Ms Sue Bah. Cash of $24,000 was received for this transaction as payment. 29 Paid driver's salary, #6, 000 30 Paid the December insurance premium for the two trucks, #10, 000
Dec. 3 The company received #30, 000 from Mr. Tee Wah for delivery services. Paid the furniture and fixtures bought on account 7 10 Bought computer from Oktagon on account, $45, 000 15 Delivered cargo to Isabela for Mr Teh Ngot $45,000 cash Paid $3,000 for utilities 18 20 22 Delivered cargo to Nueva Ecija #30, 000 cash Proceeds of loan from Bankkrupt Bank $200,000 Mr Tuttie Bee withdrew $20,000 for personal used Paid driver's salary $6,000 24 29 30 Received utilities bill for payment on January 5, $3,000 Additional Information: Office supplies showed zero balance at the end of the year. Depreciation of Plant, Plant and Equipment will start at January. Requirements; a. Provide the Journal entries b. Post the entries to the ledger c. Prepared the unadjusted Trial Balance d. Provide the adjusting entries e. Prepared the worksheet up to Balance Sheet
Transcribed Image Text:Dec. 3 The company received #30, 000 from Mr. Tee Wah for delivery services. Paid the furniture and fixtures bought on account 7 10 Bought computer from Oktagon on account, $45, 000 15 Delivered cargo to Isabela for Mr Teh Ngot $45,000 cash Paid $3,000 for utilities 18 20 22 Delivered cargo to Nueva Ecija #30, 000 cash Proceeds of loan from Bankkrupt Bank $200,000 Mr Tuttie Bee withdrew $20,000 for personal used Paid driver's salary $6,000 24 29 30 Received utilities bill for payment on January 5, $3,000 Additional Information: Office supplies showed zero balance at the end of the year. Depreciation of Plant, Plant and Equipment will start at January. Requirements; a. Provide the Journal entries b. Post the entries to the ledger c. Prepared the unadjusted Trial Balance d. Provide the adjusting entries e. Prepared the worksheet up to Balance Sheet
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