1. The closing stock at 31 May 2010 $15602. You are to open the books of K. Mullings, a trader, via the journal to record the assetsand liabilities, and then record the daily transactions via the books of original entry andthe ledgers for the month of May 20103. A trial balance is to be extracted as on 31 May, 2010.4. The trading and profit and loss account for the month ended 31 May 2010.5. The balance sheet as at 31 May 20102010May 1N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45.Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors:Liabilities: CreditorB. Blake $60, V. Reagan $200.Paid rent by cheque $15.May 12 Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee$69.3 Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; L. Staines $98;N. Duffy $48; B. Green $118; M. Nelson $40.4 Paid for motor expenses by cash $137 Cash drawings by proprietor $209 Goods sold on credit to: M. Benjamin $22; L. Pearson $6711 Goods returned to Mullins by: K. O'Connor $16; L. Staines $1814 Bought another motor van on credit from Better Motors Ltd $30016 The following paid Mullings their accounts by cheque less 5% cash discount:N. Hardy; M. Nelson; K. O'Connor; L. Staines19 Goods returned by Mullings to N. Lee $922 Goods bought on credit from: J. Johnson $89; T. Best $7224 The following accounts were settled by Mullings by cheque less 5% cashdiscount: B. Blake; V. Reagan; N. Lee27 Salaries paid by cheque $5630 Paid rates by cheque $6631 Paid Better Motors Ltd a cheque for $300

Name: 1. The closing stock at 31 May 2010 $15602. You are to open the books
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1. The closing stock at 31 May 2010 $15602. You are to open the books of K. Mullings, a trader, via the journal to record the assetsand liabilities, and then record the daily transactions via the books of original entry andthe ledgers for the month

Closing Stock = Opening Stock + Purchases - Sales. By using the above formula we are going to…

Answered: e books of K. Mullings, a trader, via…

Business

Accounting

e books of K. Mullings, a trader, via th cord the daily transactions via the bod of May 2010

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the…

A: General journal entry given

Q: Purchases and Cash Payments Journals Happy Tails Inc. has a September 1, 20Y4 accounts payable…

A: Purchase journal is prepared by the organizations to record the purchases on account. When the goods…

Q: THE BALANCES OF THE ACCOUNTS OF MONGOLIA TRADING ON DECEMBER 31,2009 ARE AS FOLLOWS: YOU ARE…

A: The question is related to Trial Balance as on 31st December 2009

Q: Nov. 30, 2024: ClassicCard collected the fees for the month of November. Assume the November 15 tr…

A: Journal entries are the first step in recording financial transactions. It's based on the double…

Q: Cash Receipt #95 Dated April 12, 2022 From WiseGuys, cheque # 189 for $1 800 in payment of invoice…

A: Journal entry refers to the initial recording of the transactions in the books. These entries are…

Q: What is the balance of the VISA Credit Card account after the credit card payment is recorded?

A: Credit card is such a facility which a person is having from the bank through which the money can be…

Q: Just do the journal ent

A: 1. May 01, 2020: - Debit: Bank ($4,344) - Credit: Machinery ($19,000), Accumulated Depreciation on…

Q: Journal entry worksheet

A: Journal entries are the first step in recording financial transactions. It's based on the double…

Q: is the general ledger correct based off the general journal in image 1.

A: Close Revenue Accounts to Trading Account:SalesTrading (same amount as sales for balance…

Q: Rashid started business on 1 January 2019 preparing accounts to 31 December 2019 The following is a…

A: Following will be the correct entry passed for the given transaction

Q: How do you journalizing this transaction on april1 .Ali deposit 20000 in a bank account in the name…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Mookie the Beagle Concierge makes a payment on the VISA credit card on 01/31/2023 in the amount of…

A: A credit card seems to be a financial tool provided by banks with a pre-determined credit card limit…

Q: 1. Calculate the Accounts Receivable Collection Period & Accounts Payable Payment Period based on…

A: Accounts receivable collection period = 365 x Average Accounts receivable…

Q: Prepare a worksheet as of December 31, 2020

A: WORKINGS ADJUSTMENT NOTE : 1 . Cash (17.5-0.200-3.500-3.920+5.390) = 15.270 2. Account Receivable…

Q: Show how the following transactions for March 2024 will reflect in the ledger accounts of Mike…

A: After recording of all the transactions in the Journal, the next step is to transfer them to the…

Q: Date Account Titles and Explanation Debit Credit 1, 2032 Cash Bonds Payable 48000 if yos would ike…

A: SOLUTION- A company that pays its bonds at maturity would have already amortized any related…

Q: Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 2. You…

A: Answer: Journal entry are booked as double entry having debit and credit.

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

1. The closing stock at 31 May 2010 $1560
2. You are to open the books of K. Mullings, a trader, via the journal to record the assets
and liabilities, and then record the daily transactions via the books of original entry and
the ledgers for the month of May 2010
3. A trial balance is to be extracted as on 31 May, 2010.
4. The trading and profit and loss account for the month ended 31 May 2010.
5. The balance sheet as at 31 May 2010
2010
May 1
N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45.
Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors:
Liabilities: Creditor
B. Blake $60, V. Reagan $200.
Paid rent by cheque $15.
May 1
2 Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee
$69.
3 Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; L. Staines $98;
N. Duffy $48; B. Green $118; M. Nelson $40.
4 Paid for motor expenses by cash $13
7 Cash drawings by proprietor $20
9 Goods sold on credit to: M. Benjamin $22; L. Pearson $67
11 Goods returned to Mullins by: K. O'Connor $16; L. Staines $18
14 Bought another motor van on credit from Better Motors Ltd $300
16 The following paid Mullings their accounts by cheque less 5% cash discount:
N. Hardy; M. Nelson; K. O'Connor; L. Staines
19 Goods returned by Mullings to N. Lee $9
22 Goods bought on credit from: J. Johnson $89; T. Best $72
24 The following accounts were settled by Mullings by cheque less 5% cash
discount: B. Blake; V. Reagan; N. Lee
27 Salaries paid by cheque $56
30 Paid rates by cheque $66
31 Paid Better Motors Ltd a cheque for $300

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Brief Exercise 9-12 (Algo) Record bond issue at a discount and related annual interest (LO9-5) Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $68,000 for $60,200 on January 1, 2024. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue on January 1, 2024 and first interest payment on December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet
Need help with this questiin please. Thank you
A ____ is an interest-bearing checking account. Group of answer choices NOW account certificate of deposit Treasury bill regular checking account Series EE US savings bond
A credit records financial informati. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. EA7. Prepare journal entries to record the following transactions. will increase and the other side will- the terms debit and credit representedi- by calculating the difference between ectively. Depending on the acc 1. January 22, purchased, an asset merchandise inventory on account for $2,800. B. February 10, paid creditor for part of January 22 purchase, $1,600 C. July 1, issued common stock for cash, $15,000 D. July 15, purchased supplies, on account, $1,800 E. July 25, billed customer for accounting services provided, $950 BAT. Prepare journal entries to record the following transactions.