DOGGO has a security service business and completed the following transactionsduring October 2021 :October1 DOGGO Inc. transferred cash from a personal account to an accountto be used for the business, P243,000.3 DOGGO Inc. invested in the business personal weaponshaving a fair market value of P34,000.4 Bought communication equipment on account fromPesa Electronics, P13,740.5 Paid rent for the month, P7,650.6 Bought a used service vehicle car for P93,000, paying P45,000 down,with the balance due in thirty days.9 Received invoice and paid insurance premium to Cacawa FidelityCompany for bonding employees, P7,710.12 Performed security services for Loreta Galleries. Billed Loreta forservices rendered, P8,250.16 Received bill from Marcos Printers for office stationery, P1,75717 Billed Pascua Construction for services rendered, P14,790.22 Paid Regal Shell Service for gasoline for service vehicle, P720.24 Performed security services at a fasion jewelry fair. Billedorganizers for service rendered, P17,500.27 Paid Pesa Electronics P4,500 to apply on an account.31 DOGGO withdrew cash for personal treats, P18,000.Requirements :Prepare the journal entries for the month of October transactions and use thefollowing accounts: Cash; Accounts Receivable; Prepaid Insurance; Armsand Communication Equipment; Service Vehicle; Accounts Payable;DOGGO, Capital; DOGGO, Withdrawals; Service Revenue; Rent Expense;1Supplies Expense; Prepaid Expense and Gasoline Expense.2Prepare a trial balance.

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: GO has a security service business and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Pearce & Sons started Business in Feb 2020. They have the following transactions at for themonth of Feb 2020.2020Feb 1 Started business with; £21,500 in the bank account, a van £25,000 and office fixtures£8002 A loan of £2,500 was received from Lloyds Bank.3 The amount of £1500 was transferred from Bank Account to Cash in hand account.4 Bought Van paying by cheque £4,8005 Bought office fixtures £1100 on credit from Quick Office Ltd8 Bought a new van on credit from Nissan Co. £5,20015 Bought office fixtures paying by cash £7019 Paid Nissan Co. a cheque for whole amount of debt25 Paid £350 of the cash in hand into the bank account28 Bought new office fixtures paying via bank account £620Required:a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts and extract a Trial Balance as at 30 Feb 2019 please send both the requirements..need both ledger and trail balance
Help Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
7 parts to question thanks in advance :) Brett Knight Company operates four bowling alleys. The business just received the October 31, 2024, bank statement from City National Bank, and the statement shows an Question Viewer D5. Listed on the statement are an EFT rent collection of $420, a service charge of $6, NSF checks totaling $45, and a $26 charge for printed checks. In cords, the business identified outstanding checks totaling $490 and a deposit in transit of $ 1,750. During October, the business recorded a $310 check by debiting Salaries Expense and crediting Cash for $31. The business's Cash account shows an October 31 balance of $2,101. Read the requirements. Requirement 1. Prepare the bank reconciliation at October 31. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Brett Knight Company Bank Reconciliation October 31, 2024 Bank: ADD: LESS:
II. Accounting Vouchers Entries Enter the following transactions in the same company created above. (Create ledger accounts wherever necessary) Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his business. 18 – 4- 2021 He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1) 22 - 4- 2021 The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1) 25 – 4- 2021 The business returned RO 2,000 worth of phones 27 - 4- 2021 Mr. Salman received an invoice for RO 500 from Akbar Travels. This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days 29 - 4- 2021 Grand Phones returned RO 800 worth of phones 30 – 4- 2021 The owner received cash from Grand phones RO 11,150 in full settlement of their account.
c. Pass the transactions to balance Accounting Equation for the month of January 2021: January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for S10000, January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.
2. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
During February 2022, the following occurred in the business of Nam-Tura Trading, a general dealer: Feb 2022 Nam-Tura deposited an amount of N$200 000 into the bank account of the business. 1 Paid for an advertisement on Facebook using the debit card of the business, N$2 500. 3 Sold goods on credit to Mr Hosea, N$100 000. Paid for repairs to Nam-Tura's personal vehicle N$3 250 by electronic funds transfer (EFT) 8 10 Purchased goods on account from H. Haufiku, N$150 000. 12 Mr Hosea returned damaged goods worth N$5 000. Mr Hosea deposited N$92 000 directly into the account of the business in full settlement of his account. 15 28 Received interest on the positive balance in the bank account N$2 500. Determine the balance of business bank account as at 28 February 2022. Answer:
On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. October 1 S. Rey invested $55,000 cash, a $27,000 computer system, and $10,000 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,330 of computer supplies on credit. October 6 The company billed Easy Leasing $5,600 for services performed in installing a new web server. October 8 The company paid $1,330 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. billed Easy Leasing another $2,100 for services performed. October 12 The company October 15 The company received $5,600 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $730 cash to repair its computer equipment. October 20 The company paid $1,673 cash for…
Zia RaminSdnBhd started a retailing business on 1 January 2020. The following are part of the transactions during the first month of operation. 2020 RM Jan 1 Started firm with cash 4,000.00 3 Deposited cash into bank account 2,000.00 6 Bought stock on credit from Paul Timothy Resources 560.00 11 Bought office equipment by cheque 1,500.00 13 Returned stock to Paul Timothy Resources 300.00 17 Sold goods on credit to Masturina Enterprise 400.00 22 Purchased office fixtures on credit from Chua Supplies 500.00 28 Masturina Enterprise returned goods 200.00 31 He settled his account with Paul Timothy Resources by sending cheque 260.00 You are required to prepare: Enter ALL transactions into general journals. Post the item in (a) to the relevant ledger accounts. Prepare…
The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $84,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $7.500 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $13,500 in advance rent from another company that is renting a portion of Microchip's factory. The $13,500 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $5,000 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,500. The company records vacation pay as salaries expense. 5. Microchip began the year with $2,500 in its asset account, supplies. During the year, $7,000 in supplies were purchased and debited to…
Record the following transactions for the month of December, 2021 for Dell’s Enterprise in their relevant Accounts, Balance off same and Extract a Trial Balance. Started business with $100,000 cash Put $90,000 of the cash into a bank account. Bought goods for $55,000 paying by cheque Bought Goods on credit from S. Henry $80,000; T. Brown $9,500; A. Marks 5,100 Bought stationery on credit from Bartley Ltd. $8,900 Sold goods on credit to S. Song $17,000; L. Fatt $24,000; M. Sing 32,600. Paid rent by cheque $22,000 10. Bought Fixtures on credit from Marks Furnishing $61,000 11. Paid salaries by cash $7,200 14. Returned goods to S. Henry $1,200 15. Bought van by cheque $106,500 16. Received loan into bank account from NST $75,000 18. Goods returned to us by S. Song $1,500; L. Fatt $2,500 21. Cash Sales $30,000 24. Owner took Cash of $5,500 for his personal use. 29. Received cheque from S, Song for full settlement of his accounting…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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