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B. Record the transactions stated above in the general journal. C. Post the transactions to the general ledger and balance off each account D. Extract a trial balance on August 31st.

B. Record the transactions stated above in the general journal. C. Post the transactions to the general ledger and balance off each account D. Extract a trial balance on August 31st.

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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Good day please assist me with these questions ... I realise I've been getting some wrong answers on here as well ... I have attached two collages so that everything fits for the two images
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads 3 Aug $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) 5 Aug $350.00 per engine $950.00 per engine $800.00 per engine $5,000.00 7 Aug Paid Rent by cheque $8,000.00 10 Aug Paid Wages by cheque $3,500.00 Bought Fixtures from CT Limited paying by cash 10 Aug Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service) Bought Fixtures on credit from CT Ltd $350.00 per engine $650.00 per engine $550.00 per engine 11 Aug 12 Aug $8,000.00 13 Aug Received a loan from NBC cash $25,000.00 14 Aug Provided services on credit to P&S Auto 18 Large motorbike engines (full service) 12 medium size motor bike engines 24 medium size motorbike engines 20 small motorbike engines $950.00 per engine $650.00 per engine $550.00 per engine $350.00 per engine 21 Aug Paid CT Ltd by cheque $8,000.00 22 Aug Paid wages cash $8,000.00 23 Aug Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount 27 Aug P&S Auto paid the amount owing by them in Cash less 10 % discount 27 Aug Electricity paid by cash $1,500.00 28 Aug The owner took $5000 out of the bank for his personal use. Provided services for cash 12 small motorbike engines 6 medium size motorbike engines 4 medium size motor bike engines 28 Aug $350.00 per engine $550.00 per engine $800.00 per engine Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner 9 Boxes Air Filters 8 Boxes Sparks Plugs 29 Aug $200.00 per bottle $720.00 per box $300.00 per box
Transcribed Image Text:Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads 3 Aug $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) 5 Aug $350.00 per engine $950.00 per engine $800.00 per engine $5,000.00 7 Aug Paid Rent by cheque $8,000.00 10 Aug Paid Wages by cheque $3,500.00 Bought Fixtures from CT Limited paying by cash 10 Aug Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service) Bought Fixtures on credit from CT Ltd $350.00 per engine $650.00 per engine $550.00 per engine 11 Aug 12 Aug $8,000.00 13 Aug Received a loan from NBC cash $25,000.00 14 Aug Provided services on credit to P&S Auto 18 Large motorbike engines (full service) 12 medium size motor bike engines 24 medium size motorbike engines 20 small motorbike engines $950.00 per engine $650.00 per engine $550.00 per engine $350.00 per engine 21 Aug Paid CT Ltd by cheque $8,000.00 22 Aug Paid wages cash $8,000.00 23 Aug Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount 27 Aug P&S Auto paid the amount owing by them in Cash less 10 % discount 27 Aug Electricity paid by cash $1,500.00 28 Aug The owner took $5000 out of the bank for his personal use. Provided services for cash 12 small motorbike engines 6 medium size motorbike engines 4 medium size motor bike engines 28 Aug $350.00 per engine $550.00 per engine $800.00 per engine Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner 9 Boxes Air Filters 8 Boxes Sparks Plugs 29 Aug $200.00 per bottle $720.00 per box $300.00 per box
Styles 30 Aug Provided service for cash 8 small motorbike engines 7 Large motorbike engines 8 Medium motorbike engines $350.00 per engine $950.00 per engine $550.00 per engine 31 Aug Supplies on hand 5 Boxes Air Filter 6 Bottles fuel injector cleaner 12 Boxes Spark Plug 13 Boxes Brake Shoe 9 Boxes Disc Pads $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 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: A. Create a name for the owner of the company and give the business a name that reflects the operations of the organization. B. Record the transactions stated above in the general journal. C. Post the transactions to the general ledger and balance off each account D. Extract a trial balance on August 31st. E. Prepare an Income Statement for the month ended August 31st, the owner's equity statement and a Balance Sheet as at that date
Transcribed Image Text:Styles 30 Aug Provided service for cash 8 small motorbike engines 7 Large motorbike engines 8 Medium motorbike engines $350.00 per engine $950.00 per engine $550.00 per engine 31 Aug Supplies on hand 5 Boxes Air Filter 6 Bottles fuel injector cleaner 12 Boxes Spark Plug 13 Boxes Brake Shoe 9 Boxes Disc Pads $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 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: A. Create a name for the owner of the company and give the business a name that reflects the operations of the organization. B. Record the transactions stated above in the general journal. C. Post the transactions to the general ledger and balance off each account D. Extract a trial balance on August 31st. E. Prepare an Income Statement for the month ended August 31st, the owner's equity statement and a Balance Sheet as at that date
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