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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fab89f2fd-2d90-4d55-9e01-3ab3450cbdbc%2F5dd948f2-bb59-4802-9b50-1675ce138fbd%2F85hq9cj_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
![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
3 Aug
on credit from Right Way Manufacturers
Bought supplies
24 Boxes Air Filter
96 Bottles fuel injector cleaner
48 Boxes Spark Plug
36 Boxes Brake Shoe
24 Boxes Disc Pads
$720.00 per box
$200.00 per bottle
$300.00 per box
$580.00 per box
$400.00 per box
5 Aug
Provided services for cash less 10% discount
12 small motorbike engines
6 large motorbike engines (full service)
8 medium size motorbike engines (full service)
$350.00 per engine
$950.00 per engine
$800.00 per engine
7 Aug
Paid Rent by cheque
$5,000.00
10 Aug
Paid Wages by cheque
$8.000.00
10 Aug
Bought Fixtures from CT Limited
paying by cash
$3,500.00
11 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) $550.00 per engine
$350.00 per engine
$650.00 per engine
12 Aug
Bought Fixtures on credit from CT Ltd
$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
P&S Auto paid the amount owing by them in
Cash less 10 % discount
27 Aug
27 Aug
Electricity paid by cash
$1,500.00
28 Aug
The owner took $5000 out of the bank for his personal use.
28 Aug
Provided services for cash
12 small motorbike engines
6 medium size motorbike engines
4 medium size motor bike engines
$350.00 per engine
$550.00 per engine
$800.00 per engine
29 Aug
Bought supplies on credit from big J Manufacturers
4 Bottles Fuel Injector Cleaner
9 Boxes Air Filters
8 Boxes Sparks Plugs
$200.00 per bottle
$720.00 per box
$300.00 per box
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
$720.00 per box
$200.00 per bottle
$300.00 per box
$580.00 per box](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fab89f2fd-2d90-4d55-9e01-3ab3450cbdbc%2F5dd948f2-bb59-4802-9b50-1675ce138fbd%2F3j5fjls_processed.jpeg&w=3840&q=75)
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
3 Aug
on credit from Right Way Manufacturers
Bought supplies
24 Boxes Air Filter
96 Bottles fuel injector cleaner
48 Boxes Spark Plug
36 Boxes Brake Shoe
24 Boxes Disc Pads
$720.00 per box
$200.00 per bottle
$300.00 per box
$580.00 per box
$400.00 per box
5 Aug
Provided services for cash less 10% discount
12 small motorbike engines
6 large motorbike engines (full service)
8 medium size motorbike engines (full service)
$350.00 per engine
$950.00 per engine
$800.00 per engine
7 Aug
Paid Rent by cheque
$5,000.00
10 Aug
Paid Wages by cheque
$8.000.00
10 Aug
Bought Fixtures from CT Limited
paying by cash
$3,500.00
11 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) $550.00 per engine
$350.00 per engine
$650.00 per engine
12 Aug
Bought Fixtures on credit from CT Ltd
$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
P&S Auto paid the amount owing by them in
Cash less 10 % discount
27 Aug
27 Aug
Electricity paid by cash
$1,500.00
28 Aug
The owner took $5000 out of the bank for his personal use.
28 Aug
Provided services for cash
12 small motorbike engines
6 medium size motorbike engines
4 medium size motor bike engines
$350.00 per engine
$550.00 per engine
$800.00 per engine
29 Aug
Bought supplies on credit from big J Manufacturers
4 Bottles Fuel Injector Cleaner
9 Boxes Air Filters
8 Boxes Sparks Plugs
$200.00 per bottle
$720.00 per box
$300.00 per box
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
$720.00 per box
$200.00 per bottle
$300.00 per box
$580.00 per box
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