GST -5% QST- 9.975%Prepare Journal entries,Post to General Ledger,Trial Balance,, Income statement, Owner Equity and Balance Sheet. YearMonth Day *unless otherwise stated, all transactions are for cash2 You open a business called, <>, consulting, and invest$60,500.0012018Мay$16,552.003You pay cash for computer equipment+ GST +QST2018May$15,217.004You pay cash for office equipment+ GST +QST2018MayYou buy computer equipment for $10,251.00 and6.$23,870.0042018Mayoffice equipment for $13,619.00 from XYZ inc, on account (credit) + GST +QST7 You provide professional services to a client and are paid in cash + GST +QST$8,518.002018May$1,500.008You pay the rent in cash62018May10 You withdraw cash for personal use$2,155.0072018May$9,000.008.10 You pay cash for advertising+ GST +QST2018May12 You pay your secretary's salary$810.002018May1013 You provide professional services to ABZ Enterprise on account (credit)$18,783.002018May+ GST +QST$15,000.001114 You make a partial payment towards the purchase dated March 6th2018May18 You provide professional services on account for Herzing Company (credit)+ GST +QST12$12,367.002018May1320 You withdraw cash for personal use$10,150.002018May21 You receive partial payment for services rendered on May 13thMay$6,213.001420181526 You pay a salary to your secretary$900.002018May27 You receive partial payment for services rendered on May 13th.May$6,767.00162018$20,485.001727 You provide professional services to Herzing Company and are paid in cash+ GST +QST2018May$5,070.001828 You receive payment from Herzing Company for professional servicesrendered on May 18th29 You make a payment on your purchase made March 6th2018May$6,000.00192018May2.3.9.

Hi, since you have asked a question with multiple subparts, we are solving the 1st 3 subparts for…

Answered: GST -5% QST- 9.975% Prepare Journal…

GST -5% QST- 9.975% Prepare Journal entries,Post to General Ledger,Trial Balance,, Income statement, Owner Equity and Balance Sheet.

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

Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 Work in process Finished goods 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. O
(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350
An accounting entry that is characterized by having multiple debits and/or multiple credits is called a entry. A. chart of accounts O B. compound journal O C. posted O D. balanced Click to select vour answer.
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
d. assets and lHabilflie QUESTION 8 A ledger shows: a. A balance of all balance sheet accounts Ob. A balance of all income statement accounts OC. A balance of all accounts A chronological record of all accounting transactions QUESTION 9 021. Basic function of financial manager is to: Click Save and Submit to saue and submir. Click Save All Answers to sare al asU
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
ssignments x signment/assignmentOverview.do?filterMode=all&studentCourseSelector=199635 9 Cookie Graces Sady Teels Final Which of the following has the steps of the accounting cycle in the proper sequence? (Some Score steps may be missing.) Attempt a. analyze and record transactions, post transaction to the ledger prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting Score entries b. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries C. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger analyze and record transactions, post transactions to the ledger Commen d. analyze and record transactions, post transactions to the ledger, prepare a…
Top-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Question: Journalize the required returns! Include excel formula in your answer
Instructions: Give its Financial Statements, Preparation of Closing Entries & Posting to ledger, Post- Closing Trial Balance Accounting Worksheet Trial Balance Income Statement Balance Sheet Particulars Debit Credit Debit Credit Debit Credit Purchases 118160 - 118160 - - - Accounts payable - 10000 - - - 10000 Account receivables 16000 - - - 16000 - Sales - 55200 - 55200 - - Purchase Return - 4300 - 4300 - - Cash - 57660 -…
Compute for the adjusted balances of the following as of December 31, 2019:1. Ordinary shares2. Preference shares3. Share premium- Ordinary shares4. Share premium- Preference shares5. Share premium- Treasury shares6. Total additional paid-in capital7. Total contributed capital8. Total stockholders’ equityWith computations