Enter the following transactions in the two-column journal provided for Charlie's Cabinetry. You mayomit explanations.Purchased auto cleaning supplies from Robert Suppliers for $750 on account.Collected an account receivable of $525 from a customer, Elegant Kitchens.Paid $275 in partial payment of an account payable to Lucy Co for equipment purchased inFebruary.7.Mar. 24.Issued capital stock in exchange for $5,600 cash.Purchased office equipment from Diamond's Warehouse for $3,700; paid $1,700 cash andissued a note payable due in 90 days for the balance.DateGeneral Journal20DebitCreditMar 24.148/15

The journal entries are a basic method to record the transaction into books of accounts. It helps in…

Answered: Enter the following transactions in the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
Henry Johnson runs a book store. Henry receives his bookstore's bank statement for the month of March, in which bank charges of $25 were deducted. Which of the following entries records this transaction in the store's general journal? a.A debit to Miscellaneous Expense account for $25 and a credit to Cash account for $25 b.A debit to Cash account for $25 and a credit to Miscellaneous Expense account for $25 c.A debit to Miscellaneous Expense account for $25 and a credit to Profit and Loss account for $25 d.A debit to Profit and Loss account for $25 and a credit to Miscellaneous Expense account for $25
Harris, Inc. incurred the following transactions during the month of February. Record the appropriate ones in the cash payments journal. Include posting references. a. On February 3, the company purchased $650 worth of supplies on account. The supplies account number is 15. b. On February 5, Harris, Inc. made a payment on account to Sanders Industries in the amount of $1,215 (Check No. 2214). c. On February 14, Harris, Inc. bought a one-year insurance policy for $1,500. The prepaid insurance account number is 14 (Check No. 2215). d. On February 22, Harris, Inc. paid monthly rent of $2,000. The rent expense account number is 63 (Check No. 2216). e. On February 26, Harris, Inc. purchased equipment making a down payment of $3,000 (Check No. 2217) and agreeing to pay the $4,000 balance in 30 days. The equipment account number is 18. If an amount box does not require an entry, leave it blank. Page: OTHER ACCOUNT DEBITED CK. NO. POST. ACCOUNTS CASH REF. ACCOUNTS DR. PAYABLE DR. CR. DATE 1. 3
Prepare a Journal Entry. Typewritten.
Decide which journal to use in each of the given transactions
Enter the following transactions in the records of King Zola, balance the various accounts and extract a trial balance for the month of June 2001. stated business with GH¢25,000 of the bank June 1 June 2 Bought goods on credit from Blessing GH¢1,200 June 3 Bought goods GH¢700 from John paying by cheque June 4 Return goods to Blessing GH¢500 June 7 Sold good for cash GH¢3,000 June 8 Bought furniture by cheque GH¢1,750 June 9 Banked cash GH¢1,500 June 12 Sold goods on credit to Deede GH¢480 June 14 Received loan GH¢2,300 from Andra June 15 Deede returned goods GH¢210 June 18 Paid rent GH¢750 by cash June 20 Received discount of GH¢60 by cash June 24 Withdrew GH¢800 from the bank for personal use June 30 Received electricity bill GH¢230 from E. C. G but not settled
Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,800; Accounts Receivable, $1,300; Equipment, $44,900; Accounts Payable, $2,100; Common Stock, $20,000; and Retained Earnings, $33,900. a. Signed a long-term note and received a $123,800 loan from a local bank. b. Billed a customer $2,300 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $740 of rent for the current month. d. Received $360 cash on account from a customer for work done last month. e. The company incurred $350 in advertising costs for the current month and is planning to pay these costs next month. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a classified balance sheet.
Record the following transactions for the month of January of Thomas Cook, a small finishing retailer,balance off all the accounts, and then extract a Income statement as at January 31, 2022:2022Jan 1 Started business with $10,500 cash.Jan 2 Put $9,000 of the cash into a bank account.Jan 3 Bought goods for cash $550.Jan 4 Bought goods on credit from: T. Dry $800; F. Hood $930; M. Smith $160; G. Low $510.Jan 5 Bought stationery on credit from Buttons Ltd $89.Jan 6 Sold goods on credit to: R. Tong $170; L. Fish $240; M. Singh $326; A. Tom $204.Jan 8 Paid rent by cheque $220.Jan 10 Bought fixtures on credit from Chiefs Ltd $610.Jan 11 Paid salaries in cash $790.Jan 14 Returned goods to: F. Hood $30; M. Smith $42.Jan 15 Bought van by cheque $6,500.Jan 16 Received loan from B Barclay by cheque $2,000.Jan 18 Goods returned to us by: R. Tong $5; M. Singh $20.Jan 21 Cash sales $145.Jan 24 Sold goods on credit to: L. Fish $130; A. Tom $410; R. Pleat $158.Jan 26 We paid the following by cheque:…
Javier Jimenez operates a delivery service. During the month of April, the firm had the following transactions. April 1 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. April 2 Javier made an additional investment of cash in amount of $11,200. April 4 Performed services for $715 in cash. April 6 Sent a check in the amount of $410 to the utility company to pay the monthly bill. April 7 Purchased supplies in the amount of $870 on credit. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Date April 01 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. Note: Enter debits before credits. 5 General Journal Debit Credit >
Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000
Ahmed has just started his own business selling computer equipment and software. The following transactions took place during his first month of trading,June 2018. You are required to enter them into the books of account. 2018 June 1 Started in business with $20,000 in the bank. June 3 Bought stock of computers for resale $8.000 on credit from Computers Wholesale Ltd. June 4 Bought shop fittings paying by cheque, $1,690. June 8 Bought stock of software for resale, $1,000 paid by cheque. June 9 Bought motor car paying by cheque, $7,000. June 12 Sold goods, $1,700 by cheque. June 16 Returned faulty goods to Computers Wholesale Ltd, $900. June 20 Sold goods for cash, $340. June 26 Bought desk and chair for office, $300 paying by cheque. June 28 Sold goods on credit to Law & Co., $1,600. June 29 Paid Computers Wholesale Ltd $5,000 on account by cheque. June 30 Bought goods from Computers Wholesale Ltd on credit, $850. June 30 Law &…

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