Homework Help is Here – Start Your Trial Now!
Business
Accounting
For the past several years, John Addams has operated a part-time business from his home. As of April 1, 2016, John decided to move to rented quarters and to operate the business, which was to be known as Addams & Family Inc., on a full-time basis. Addams & Family entered into the following transactions during April: April4: The following assets were received from John Addams: cash, Rs.10,000 accounts receivable, Rs.1,500; supplies, Rs.1,250; and office equipment, Rs.7,500. • April4: Paid three months' rent on a lease rental contract, Rs.4,500 . • April4: Paid the premium on property and casualty insurance policies for the year, Rs.1,800 • April 6: Received cash from clients as an advance payment for services to be provided, Rs.3,000 • April 7: Purchased additional office furniture on account from Morrilton Company, Rs.1,800 . Aprils: Received cash from clients on account, Rs.800. . April 11: Paid cash for newspaper advertisement, Rs.120. • April 15: Recorded services provided on account for the period April 4-15, Rs.2,250 • April 15: Paid part-time receptionist for two weeks' salary, Rs.400. Page 2 of 4 Scanned with CamScanner April 18: Paid cash for supplies, Rs.750. April 22: Recorded services provided on account for April 18-22, Rs.1,100 April 25: Received cash from clients on account, Rs. 1,600 . . April27: Paid part-time receptionist for two week's salary, Rs.400. . April 29: Recorded cash from cash clients for fees earned April 25-29, Rs.2,050 . April 29: John received Rs.4,500 from the company as his salary. Required: Journalize each Transaction in a two-column journal and prepare the ledger of Cash A/C

For the past several years, John Addams has operated a part-time business from his home. As of April 1, 2016, John decided to move to rented quarters and to operate the business, which was to be known as Addams & Family Inc., on a full-time basis. Addams & Family entered into the following transactions during April: April4: The following assets were received from John Addams: cash, Rs.10,000 accounts receivable, Rs.1,500; supplies, Rs.1,250; and office equipment, Rs.7,500. • April4: Paid three months' rent on a lease rental contract, Rs.4,500 . • April4: Paid the premium on property and casualty insurance policies for the year, Rs.1,800 • April 6: Received cash from clients as an advance payment for services to be provided, Rs.3,000 • April 7: Purchased additional office furniture on account from Morrilton Company, Rs.1,800 . Aprils: Received cash from clients on account, Rs.800. . April 11: Paid cash for newspaper advertisement, Rs.120. • April 15: Recorded services provided on account for the period April 4-15, Rs.2,250 • April 15: Paid part-time receptionist for two weeks' salary, Rs.400. Page 2 of 4 Scanned with CamScanner April 18: Paid cash for supplies, Rs.750. April 22: Recorded services provided on account for April 18-22, Rs.1,100 April 25: Received cash from clients on account, Rs. 1,600 . . April27: Paid part-time receptionist for two week's salary, Rs.400. . April 29: Recorded cash from cash clients for fees earned April 25-29, Rs.2,050 . April 29: John received Rs.4,500 from the company as his salary. Required: Journalize each Transaction in a two-column journal and prepare the ledger of Cash A/C

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
For the past several years, John Addams has operated a part-time business from his home. As of April 1, 2016, John decided to move to rented quarters and to operate the business, which was to be known as Addams & Family Inc., on a full-time basis. Addams & Family entered into the following transactions during April: April4: The following assets were received from John Addams: cash, Rs.10,000 accounts receivable, Rs.1,500; supplies, Rs.1,250; and office equipment, Rs.7,500. • April4: Paid three months' rent on a lease rental contract, Rs.4,500 • April4: Paid the premium on property and casualty insurance policies for the year, Rs.1,800 • April 6: Received cash from clients as an advance payment for services to be provided, Rs.3,000 • April 7: Purchased additional office furniture on account from Morrilton Company, Rs.1,800 • Aprils: Received cash from clients on account, Rs.800. . April 11: Paid cash for newspaper advertisement, Rs.120. • April 15: Recorded services provided on account for the period April 4-15, Rs.2,250 • April 15: Paid part-time receptionist for two weeks' salary, Rs.400. Page 2 of 4 Scanned with CamScanne April 18: Paid cash for supplies, Rs.750. April 22: Recorded services provided on account for April 18-22, Rs.1,100 April 25: Received cash from clients on account, Rs.1,600 April27: Paid part-time receptionist for two week's salary, Rs.400. . . April 29: Recorded cash from cash clients for fees earned April 25-29, Rs.2,050 • April 29: John received Rs.4,500 from the company as his salary. Required: Journalize each Transaction in a two-column journal and prepare the ledger of Cash NC
Transcribed Image Text:For the past several years, John Addams has operated a part-time business from his home. As of April 1, 2016, John decided to move to rented quarters and to operate the business, which was to be known as Addams & Family Inc., on a full-time basis. Addams & Family entered into the following transactions during April: April4: The following assets were received from John Addams: cash, Rs.10,000 accounts receivable, Rs.1,500; supplies, Rs.1,250; and office equipment, Rs.7,500. • April4: Paid three months' rent on a lease rental contract, Rs.4,500 • April4: Paid the premium on property and casualty insurance policies for the year, Rs.1,800 • April 6: Received cash from clients as an advance payment for services to be provided, Rs.3,000 • April 7: Purchased additional office furniture on account from Morrilton Company, Rs.1,800 • Aprils: Received cash from clients on account, Rs.800. . April 11: Paid cash for newspaper advertisement, Rs.120. • April 15: Recorded services provided on account for the period April 4-15, Rs.2,250 • April 15: Paid part-time receptionist for two weeks' salary, Rs.400. Page 2 of 4 Scanned with CamScanne April 18: Paid cash for supplies, Rs.750. April 22: Recorded services provided on account for April 18-22, Rs.1,100 April 25: Received cash from clients on account, Rs.1,600 April27: Paid part-time receptionist for two week's salary, Rs.400. . . April 29: Recorded cash from cash clients for fees earned April 25-29, Rs.2,050 • April 29: John received Rs.4,500 from the company as his salary. Required: Journalize each Transaction in a two-column journal and prepare the ledger of Cash NC
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax consequences of home ownership
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
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS