If James hired Ram as the company's new operations manager on a salaryof G$250,000 per month, How should this be treated in the Books ofAccounts?A. Debit Salary Expense and Credit CashB. Debit Cash and Credit Salary ExpenseO C. Debit Ram and Credit CashOD. None of the above

Journal entries are the records of the transactions entered into by the organization during the…

Answered: If James hired Ram as the company's new…

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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am. 125.
Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. No. A E + L %3D EG. -75 996 Bank -75 996 Rent Expense (6 333 x 12) Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used…
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1 Larissa runs a consultancy agency. The following trial balance was extracted from the books of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income Commission income Rental income Printing and stationery Insurance Wages and salaries Repairs expense Utilities Discount Drawings Capital, 1 April 2021 $ 127 200 5 950 5 800 2 500 500 19 1 200 25 000 53 900 3 900 3 780 1 800 200 250 730 100 000 8400 96 800 3 200 2 400 39 930 250 730 Additional information at 31 March 2022 1 Wages and salaries paid was for 14 months up to 31 May 2022. 2 Repairs expense of $200 was still owing. 3 Rental income of $600 was received on 1 January 2022. The sum was for the period 1 January to 31 March 2022. 4 Monthly commission income was $350. 5 An invoice of $500 for consultancy service was issued. This was not recorded in the books. 6 Larissa withdrew $6 000 from the business bank account for personal use. This was not…
pls answer the following question, thanks
Subject :"-Accounting
Question 13 of 20 Select the best answer for the question. 13. Which of the following transactions would not affect a company's net income? O A. The payment of employees's salaries OB. Services provided for clients on account OC. Interest earned on invested money OD. A cash withdrawal by the owner O Mark for review (Will be highlighted on the review page) Previous Question D Type here to search W 3 F2 E F3 $ Next Question: R F4 O 21 76) G F5 7 40 14 TEAT F6 F7 8 Fr 9
Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. A -75 996 Bank (6 333 x 12) No. EG. -75 996 Rent Expense Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used during the…
Which of the following is not recorded as a business transaction of a sole trader who uese an accrual accounting system? A.Onwer wins the lottery and deposits winnings in the business bank account B.Onwer agrees to hire a job applicant to start next month on a salary of $50,000 p.a. C.Onwer performs work for a customer but will not receive cash until next month D.Owner uses cash from the business to pay for a holiday E.Onwer contributes cash to start the business
Q: The management determined that the amount due from a customer, MYTOM Limited, $50,000 is uncollectible as the company has closed down. Is it allowance for doubtful debts or bad debts?
A-7

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If James hired Ram as the company's new operations manager on a salary of G$250,000 per month, How should this be treated in the Books of Accounts? A. Debit Salary Expense and Credit Cash B. Debit Cash and Credit Salary Expense C. Debit Ram and Credit Cash D. None of the above