INSTRUCTIONS For each of the following transactions: 1. Indicate the two accounts affected. 2. Indicate whether each account is debited or credited. Date Transactions May 11 1. Sold on account to Helen Katz an unneeded fax machine. 19 2. Purchased camping equipment on credit from Adventure Equipment Inc. Payment is due within 30 days. 22 3. Ronald Hicks brought a filing cabinet from home and transferred it to the business (Office Equipment). 23 4. Purchased tents and sleeping bags for cash.

INSTRUCTIONS For each of the following transactions: 1. Indicate the two accounts affected. 2. Indicate whether each account is debited or credited. Date Transactions May 11 1. Sold on account to Helen Katz an unneeded fax machine. 19 2. Purchased camping equipment on credit from Adventure Equipment Inc. Payment is due within 30 days. 22 3. Ronald Hicks brought a filing cabinet from home and transferred it to the business (Office Equipment). 23 4. Purchased tents and sleeping bags for cash.

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

The purchases journal for). K. Insurance for the month of October Is represented below. Accounts Payable Is account number 202 and Purchases Is account number 501. PURCHASES JOURNAL Page s Purchases Debit/ Accounts Payable Date Invoice No. From Whom Purchased Post Ref. Credit Oct. 2 3118 Express Florist 3,550.00 3119 T. C. S. Supplies 2,790.00 3120 Auto Body Repalr 3,850.00 Signs Unlimited 4,150.00 3121 Dynasty Limo 2,380.00 10 3122 15 3123 T. C. S. Supplles 2,150.00 18,870.00 Required: 1. Post the Information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT NO. 202 ACCOUNT Accounts Payable BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNT NO. 501 ACCOUNT Purchases BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair
The phone data where accumulated for use and reconciling the bank account of Mathers Co. For July: 1. Cash balance according to the company's records at July 31st $18,310. 2. Cash balance according to the bank statement at July 31st, $19,360. 3. Checks outstanding, $3,720. 4 . Deposit in transit, not recorded by Bank $2,980. 5. A check for $480 in payment of an account was erroneously record it in the check register as $840. 6. Bank debit memo for service charges, $50. A. Prepare a bank reconciliation, using the format showing in exhibit 14 Mather Co. Bank Reconciliation July 31 ___________________________________________ Cash balance according to bank statement $ _______ _______ ______ Adjusted balance. $_____ Cash balance according to companies records $ ___ ________ ________ Adjusted balance.…
A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense 34000 Cr. Accounts receivable 34000 How much are total assets over or under stated? show workings
Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
post to general ledger
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were RO 125 petrol, RO 55 office stationery, RO135 staff welfare and RO 65 travelling and there was RO 15 left in the petty cash box. If the petty cash fund is raised to RO 500 per month then how much is the amount required to be refill? a. RO 485 b. RO 385 c. RO 380 d. RO 480
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
Ainsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card)
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
Would you provide me with an answer to this question please?