following business transactions of MMrs.Amal, a sol trader. April 2021 (1) Capital invested as cash RO 90,000 to start up the business 5) Paid RO 50000 in cash to Purchase Factory (7) Purchase of goods on credit for RO 30000 and 20500 on cash from Royal trading (8) Sale of RO 34000 on credit to Suhail trading and for cash RO 24000 9) Paid RO 28000 liability to the Royal trading (11) Paid advertisement of RO 12000 17) Paid salaries of RO 3500 16) Withdraw of RO 300 for personal use (28) Collection of accounts receivable RO 23000 from Suhail crading You required to: . Prepare Journal entries b. Post ledger accounts а. Trail balances

following business transactions of MMrs.Amal, a sol trader. April 2021 (1) Capital invested as cash RO 90,000 to start up the business 5) Paid RO 50000 in cash to Purchase Factory (7) Purchase of goods on credit for RO 30000 and 20500 on cash from Royal trading (8) Sale of RO 34000 on credit to Suhail trading and for cash RO 24000 9) Paid RO 28000 liability to the Royal trading (11) Paid advertisement of RO 12000 17) Paid salaries of RO 3500 16) Withdraw of RO 300 for personal use (28) Collection of accounts receivable RO 23000 from Suhail crading You required to: . Prepare Journal entries b. Post ledger accounts а. Trail balances

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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Use the following accounts;CashBankShort-term investmentsLoss on sale of short-term investmentForeign exchange gainForeign exchange lossCapitalGain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company’s first month: Date12/1 The owner invested $ 200,000 cash for capital.12/5 r@ktas Co., opened deposit account on Don’t Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10 The Company purchased short-term investment with cash for $2,500.12/18 The Company sold short-term investment with cash for $2.000Note:• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements:1- Give the journal entry for each transaction.2- Post each transaction to T accounts.
Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture…
Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow: Notes: Capital Cash at Bank Account Machinery Provision for depreciation - Warehouse Plant and buildings Provision for depreciation - Machinery Stock at 1st Jan 202X Purchases Sales Trade debtors Trade creditors Selling and distribution expenses Provision for doubtful debts at 1st Jan 202X Administrative expenses Bank loan to be repaid in 2025 Operating expenses Interest Returns inward Returns outward Total Debit 3,000 120,000 100,000 14,500 22,000 20,000 18,450 5,300 12,750 10,000 2,000 Credit 100,000 1. Stock at 31st December 202X £16,700. 2. Operating expenses £2,000 accrued. 3. Selling and administrative expenses £4,500 prepaid. 4. Provision for doubtful debts adjusted to 7% of debtors. 5. Warehouse and machinery to be depreciated at 10% straight-line method. 20,000 15,000 105,000 16,750 3,200 65,300 2750 328,000 328,000 a) Prepare an Income Statement for Barnes Ltd for the year…
Question (I got $44,000... correct?): Riley Company began operations on August 1, 2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10-month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted.
Required Information As of December 31, 2019. Armani Company's financlal records show the following Items and amounts. Cash $11,400 10,400 7,400 6,400 13,8e0 17,400 21,8ee 14,400 35,8ee 24,8ee 21,400 13,400 9,400 Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital, Dec. 31, 2019 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2019 Assets Liabilities Cash Accounts receivable Supplies Equipment 11,400 Accounts payable 10,400 7,400 Total liabilities 13,800 13,800 6,400 A. Armani, Capital Equity 21,800 Total assets 35,600 Total liabilities and equity 35,600
there Stal Exercise 12.1I A firm commenced business on 1 January 201o selling for cash and on credit. In the course of operations in 2012 and 2013 it was found necessary to write off debts as shown below: Date customer Amount written off 31 March 2012 Sena Abossey GH¢3,500 30 June 2012 Agnes Ayum GH¢4,600 30 September 2012 30 April 2013 Kofi Anaba GH¢3,800 Jojo Amadi GHE1,500 31 July 2013 Serwaa Akoto GHe 500 31 October 2013 Yaa Agoe GH¢ 300 On 31 December, 2012 and 2013 the balances on the Accounts receivable were GHe 255,000 and GHe320,00o respectively. The firm's policy was to make a provision for doubtful debts of 15% on the accounts receivable balance as at 31 December each year. You are required to prepare: i. The bad debts account for the two years ii. The provision for doubtful debts accounts for the two years and show thefinancial position extracts for the two years. Exercise 12.2 a. Differentiate between Bad debt and provision for bad dets b. Explain why provision for…
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8 %, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. _?Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 9%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?_ Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. View transaction list < Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased $37,500 of…
The following information for the financial year ended 31 December, 2021 has been extracted from the accounting system of Shalom Enterprise, wholesale dealers in sugar and rice: GHe '000 Trade debtors as at 1 Jamuary, 2021: Debit balance 27,490.00 2,545.00 Credit balance Trade creditors as at 1 Jamuary, 2021: Debit Balance 1,005.00 21,810.00 144,700.00 4,170.00 156,770.00 3,910.00 1,730.00 45,500.00 3,600.00 167,800.00 175,510.00 1,005.00 3,440.00 4,220.00 950.00 88,455.00 6,330.00 575.00 955.00 Credit Balance Cash and cheques received from customers Discounts allowed to customers Cash and cheques paid to suppliers Discounts received from suppliers Bad debts written off Cash purchases Set-offs Credit sales Credit purchases Refunds from Suppliers Dishonoured cheques Retums inward Interests on debts Cash Sales Retums outward Bills Receivable dishonoured Provision for doubtful debts Bills payable 3,554.00 Refunds to Customers 870.00 Trade debtors as at 31" December, 2021: Debit balance…
Deb secured a line of credit for her business and received the following statement of account for the month of February 2021. Date Transaction Deposit Withdrawal Balance Feb 1 Balance -450 Cheque 262 Deposit Feb 4 570 -1020 Feb 10 2250 1230 Cheque 263 Cheque 264 Feb 16 280 950 Feb 20 1090 -140 Feb 22 Cheque 265 100 -240 Feb 27 Cheque 266 160 -400 Feb 28 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 7% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 18% p.a. is charged on daily amounts exceeding $1,000. Service charge of $5.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account…
2021-08-23 09:04 6. Name two types of consumer market 7. Explain the meaning of factor market. 8. Prepare Cash Receipts joureal of JJ Supermarket for the m Iransaction 4. Service fees received R300 as per cash register roll 5. The owner invested R20000 in the business 10. The bank statement received showed interest of R400 20. Discount received from Eiten farmers R20 30. Rent received from A.Mulaudzi R500
23 Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: a. Short-term notes receivables b. Invoice c. Receipt d. Short term notes payables
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