Financial data for Safety Hire as of 30 June 2019 are: Accounts receivable Equipment hire income Accounts payable Michael Donato, capital Cash at bank $ 63 000 $ 75000 Wages expense Advertising expense Land Hire equipment Loan payable Electricity expense Telephone expense 170 000 30 000 40 000 75 000 180 000 45 000 50 000 Mortgage payable Building 130 000 18 000 85 000 7 500 Required: Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. Week 3 On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST). Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. July 2 Andreou invested $120000 in the business by depositing cash into a business cheque account with the Eastpac Bank. 2 Paid $1800 for the first month's rent. Purchased equipment by an online bank transfer for $32 000 and signed a commercial loan agreement for $38 000. 3 4 Purchased supplies for $8400. 6 Paid advertising expense of $890. 16 Recorded beauty services revenue for the first half of the month of $3250 in cash and $620 on credit. Paid insurance expense for July of $480 using an online bank transfer. Received a $140 payment from customers who paid on credit in the first half of the month. Andreou withdrew $560 cash for personal living expenses. Recorded revenue for the second half of the month of $3680 in cash and $580 on credit. 20 23 28 31 31 Paid telephone account of $330 by electronic transfer. Required: al Prenare the general journal entries to record the above transactions
Financial data for Safety Hire as of 30 June 2019 are: Accounts receivable Equipment hire income Accounts payable Michael Donato, capital Cash at bank $ 63 000 $ 75000 Wages expense Advertising expense Land Hire equipment Loan payable Electricity expense Telephone expense 170 000 30 000 40 000 75 000 180 000 45 000 50 000 Mortgage payable Building 130 000 18 000 85 000 7 500 Required: Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. Week 3 On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST). Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. July 2 Andreou invested $120000 in the business by depositing cash into a business cheque account with the Eastpac Bank. 2 Paid $1800 for the first month's rent. Purchased equipment by an online bank transfer for $32 000 and signed a commercial loan agreement for $38 000. 3 4 Purchased supplies for $8400. 6 Paid advertising expense of $890. 16 Recorded beauty services revenue for the first half of the month of $3250 in cash and $620 on credit. Paid insurance expense for July of $480 using an online bank transfer. Received a $140 payment from customers who paid on credit in the first half of the month. Andreou withdrew $560 cash for personal living expenses. Recorded revenue for the second half of the month of $3680 in cash and $580 on credit. 20 23 28 31 31 Paid telephone account of $330 by electronic transfer. Required: al Prenare the general journal entries to record the above transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Financial data for Safety Hire as of 30 June 2019 are:
Accounts receivable
Equipment hire income
Accounts payable
Michael Donato, capital
Cash at bank
$ 63 000
$ 75000
Wages expense
Advertising expense
Land
Hire equipment
Loan payable
Electricity expense
Telephone expense
170 000
30 000
40 000
75 000
180 000
45 000
50 000
Mortgage payable
Building
130 000
18 000
85 000
7 500
Required:
Prepare an income statement for the month of June and a balance sheet in account format for Safety
Hire as at 30 June 2019.
Week 3
On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during
the first month of operations (ignore GST).
Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101;
Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou,
Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502;
Telephone Expense, 503.
July 2
Andreou invested $120000 in the business by depositing cash into a business cheque account
with the Eastpac Bank.
2
Paid $1800 for the first month's rent.
Purchased equipment by an online bank transfer for $32 000 and signed a commercial loan
agreement for $38 000.
3
4
Purchased supplies for $8400.
6
Paid advertising expense of $890.
16
Recorded beauty services revenue for the first half of the month of $3250 in cash and $620 on credit.
Paid insurance expense for July of $480 using an online bank transfer.
Received a $140 payment from customers who paid on credit in the first half of the month.
Andreou withdrew $560 cash for personal living expenses.
Recorded revenue for the second half of the month of $3680 in cash and $580 on credit.
20
23
28
31
31
Paid telephone account of $330 by electronic transfer.
Required:
al Prenare the general journal entries to record the above transactions
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