B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash- OMR 15,000

B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash- OMR 15,000

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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b) Sofea Enterprise runs a retail business. All cash and cheque receipt and payment are recorded in the Cash Book. The following transactions occurred during the month of September 2021 and are yet to be recorded in the Cash Book: The debit balance in the Cash and Bank accounts are $2,000 and $17,000 respectively. 3/9 Transfer cash $1,000 into the bank account. 4/9 Purchased goods worth $3,600 by cheque. 5/9 Paid Jamilah & Co. $5,000 by cheque for purchase of goods. 6/9 The owner took $500 cash for his own use. 8/9 Paid the shop rental $3,000 by cheque. 10/9 Received a cheque from Ms. Angie amounting to $3,600 after deducting cash discount $400. 15/9 Cash sales of $3,200. 18/9 Issued $2,850 cheque to Seri Enterprise after deducting cash discount of 5%. 20/9 Received $5,000 cheque from Faiz Enterprise. 23/9 Cash sales banked the same day, $2,600. 28/9 Paid wages to shop assistant by cheque, $1,200. REQUIRED: Prepare a Three-column Cash Book, balancing it at 30 September 2021. Bring down…
2. Ranfurly has been operating a checking account for the past month. After his last transaction log reconciliation he calculated that his beginning balance was $3,465.22. He collected and deposited cash monies twice during the month in the amount of $354.44 and $900.00. He wrote check no 34 on august 3d in the amount of $56.78 to WSC, check no 35 pm august 18h in the amount of $667.00 to BPL, check no 36 on august 20h in the amount of $500.00 to Precious Tots preschool for his son, check no 37 on august 20h in the amount of $200.00 to Ycares fashion center, check no 38 on august 26th to Cable Bahamas in the amount of $90.00. His bank automatically withdraws $1500.00 for his monthly mortgage payment, and $500 for his monthly credit card payment. He also deposited his monthly paycheck on August 28 in the amount of $2900.00. Make all entries in the transaction log below: Transaction Date Description Debit Credit Balance Number
B. Problem (please refer to the picture.)
Hw.30.
The following transactions occurred during the month of October 2021. Date 1 2 3 4 5 6 7 9 11 12 13 14 16 20 28 30 Transactions Balance brought forward from last month: Cash RM 295; Bank RM 4,240. Cash sales RM310. Took RM 200 out of the cash register and paid it into the bank Farid paid us by cheque RM194. We paid for postage stamps in cash RM80. Bought office equipment by cheque RM310. We paid Roslan by cheque RM94. Received business refund by cheque RM115. Withdrew RM 150 from the bank for business use. Paid wages in cash RM400. Cash sales RM430. Paid motor expenses by cheque RM81. Jamal lent us RM1,500 in cash. Kamarul paid us by cheque RM174. We paid general expenses in cash RM35. Paid insurance by cheque RM320. Required: Prepare a two-columns cash book for the month of October 2021.
On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.
K Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $156.45. This month, she deposited $548.61 in her account and withdrew a total of $230.67. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $133 55 The three remaining checks total $100.44. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? CETTS The balance show this month on Mary's bank statement is 5 (Round to the nearest cent)
4
The bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 15 19 21 25 25 27 28 31 BLOSSOM MANUFACTURING LTD. Bank Statement May 31 NSF fee Description Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 Cheque, No. 006 Returned cheque-NSF, S. Gillis Cheque, No. 009 Cheque, No. 010 Bank service charges Amounts Deducted from Account (Debits) 1.648 7,277 8,457 1,016 1,377 31 2,173 2,005 43 Amounts Added to Account (Credits) 25,500 4,743 Balance 25,500 23,852 16,575 21,318 12,861 11,845 10,468 10,437 8,264 6,259 6,216 Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following:
[The following information applies to the questions displayed below.] Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks. Section A: Record the entry to correct the error created while recording check for inventory. Section B: Record…