Christopher started anew business, and completed the following transactions during December: Dec. 1 Christopher contributed $21,000 cash on exchange for capital 2 received $3,500 cash from customers for services performed. 5 paid $200 cash for office supplies 9 performed services for a customer, and billed the customer for services rendered $2,000 10 received $300 bill for utilities due in two weeks 15 Paid for advertising in the local paper $325 20 Paid bill utility received on Dec.10 25 collected cash from customer billed on Dec. 9 28 paid rent for the month, $2,000 28 paid $1,250 to assistant for wages 30 received $1,800 cash from customers for services performed Christopher withdraw $5,000 cash from the business. Analyze the effects of transactions on the accounting equation

Christopher started anew business, and completed the following transactions during December: Dec. 1 Christopher contributed $21,000 cash on exchange for capital 2 received $3,500 cash from customers for services performed. 5 paid $200 cash for office supplies 9 performed services for a customer, and billed the customer for services rendered $2,000 10 received $300 bill for utilities due in two weeks 15 Paid for advertising in the local paper $325 20 Paid bill utility received on Dec.10 25 collected cash from customer billed on Dec. 9 28 paid rent for the month, $2,000 28 paid $1,250 to assistant for wages 30 received $1,800 cash from customers for services performed Christopher withdraw $5,000 cash from the business. Analyze the effects of transactions on the accounting equation

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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What is the journal entry of the transactions?
More info Dec. 1 Cameron contributed $21,000 cash in exchange for capital. 2 Received $2,400 cash from customers for services performed. 5 Paid $350 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $1,500. 10 Received $100 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $300. 20 Paid utility invoice received on Dec. 10. 25 Collected cash in full from customer billed on Dec. 9. 28 Paid rent for the month, $2,800. 28 Paid $1,100 to assistant for wages. 30 Received $2,800 cash from customers for services performed. 31 Cameron withdrew $4,500. Print Done
Please follow the same sample which I attached
Prepare journal entry Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his business named Song Auto Shop b) April 5 - Bought supplies P40,000 on credit to Kim Store c) April 7 - Received advanced payment from the customers, P30,000 d) April 11 - Paid salaries expense for her two assistants amounting to 12,500. e) April 17-Paid the 25,000 for the account to Kim Store. f) April 23 - Performed services for the cash payment received last April 7, P10,500. g) April 25 - Performed three auto repair services on account, P10,000 each. h) April 27 - Received and paid the bill for utilities, P4,500. i) April 29 -Collected 50% of the receivables from clients on account i) April 30 - Withdrew 4,000 for personal use. k) April 30- Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000 Use the following account titles and account numbers: 101 102 103 104 201 202 301 Cash Accounts Receivable Supplies Machine Accounts Payable…
Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.
Mr. Yiadom decided on 1 July, to invest his insurance compensation of GHȼ 4,000,000 in a retail business to buy and sell second hand shovels. The following transactions took place from that month to December. Date Purchases Quantity Cost Date Sales Quantity ValueJuly5 200 720,000 Aug 2 500 2,500,000Aug 1 400 1,520,000 Sept 3 600 2,400,000Oct 4 400 1,400,000 Oct 12 600 2,700,000Dec 7 500 1,400,000 Dec 12 400 1,500,000RequiredCalculate the cost of shovels issued during the period and the cost of shovels on hand on 31/12 using the following methods of pricingi) FIFO ii) LIFO iii) Weighted average (calculation to nearest whole number)
Reliable Corporation provides computer consulting services to the local community and keeps its accounting records using cash- basis accounting. For the current year, cash was received from customers, $42,000, and cash salaries to employees were paid, $23,000. At the beginning of the year, customers owe Reliable $1,200. By the end of the year, customers owe $6,400. At the beginning of the year, Reliable owes employee salaries of $5,400. At the end of the year, Reliable owes employee salaries of $3,200. Determine cash-basis net income and accrual-basis net income for the current year. Cash-basis net income Accrual-basis net income
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XYZ Company is a landscaping service. In July, they provided $30,000 of services for several customers and billed them. During January, they received $25,000 from their customers for services performed. Employees clocked 500 hours of work and had earned $6,000 of wages. During July, XYZ had paid their employees $5,000. What is their income using cash basis income measurement? Group of answer choices $25,000 $20,000 $19,000 $24,000
Dec. 2 Paid $1,060 cash to Northview Mall for Security First’ share of mall advertising costs. Dec. 3 Paid $520 cash for minor repairs to the company’s computer. Dec. 4 Received $6,900 cash from Brady Engineering Co. for the receivable from November. Dec. 10 Paid cash to Zahara Hughes for six days of work at the rate of $160 per day. Dec. 14 Notified by Brady Engineering Co. that Security First’ bid of $7,100 on a proposed project has been accepted. Brady paid a $1,550 cash advance to Security First. Dec. 15 Purchased $2,250 of computer supplies on credit from Arnold Office Products. Dec. 16 Sent a reminder to Jackson Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Masters Corporation and received $7,900 cash. Dec. 22-26 Took the week off for the holidays. Dec. 28 Received $4,400 cash from Jackson Co. on its receivable. Dec. 29 Reimbursed K. Hughes for business automobile mileage…
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $53,000. 2 Paid rent on office and equipment for the month, $7,950. 3 Purchased supplies on account, $4,240. 4 Paid creditor on account, $2,320. 5 Earned fees, receiving cash, $24,180. 6 Paid automobile expenses (including rental charge) for month, $2,490, and miscellaneous expenses, $560. 7 Paid office salaries, $6,630. 8 Determined that the cost of supplies used was $1,860. 9 Withdrew cash for personal use, $2,600. Required: Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will…
JOURNAL ENTRIES, LEDGERS, AND TRIAL BALANCE After opening their computer sales and service store, the Millers completed the following four transactions: 1. They invested $100,000 in cash in the business. 2. They purchased on credit $10,000 worth of goods from several suppliers. 3. They sold on a cash basis $13,000 worth of products and services. 4. They paid $3,000 for salaries. Use the above information to prepare the following: 1. Journal entries 2. Ledgers 3. Trial balance