Jack made the following transactions in 2010: Jan 1- Started business $100000 in cash and $200000 in the bank Jan 2-Purchased goods on credit from John $30000 Jan 5- Paid carriage inwards in cash $500 Jan 7- Sold goods on credit to Peter $50000 Jan 10- Received $20000 from Peter by cheque Jan 11- Paid John $10000 by cheque Jan 24- Purchased motor vehicle by cheque $ 5000 Prepare the ledger accounts and balance off all accounts Please avoid solutions in image format thank you

Jack made the following transactions in 2010: Jan 1- Started business $100000 in cash and $200000 in the bank Jan 2-Purchased goods on credit from John $30000 Jan 5- Paid carriage inwards in cash $500 Jan 7- Sold goods on credit to Peter $50000 Jan 10- Received $20000 from Peter by cheque Jan 11- Paid John $10000 by cheque Jan 24- Purchased motor vehicle by cheque $ 5000 Prepare the ledger accounts and balance off all accounts Please avoid solutions in image format thank you

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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R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Ivanhoe invested $53,600 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,290 cash. The cost of the merchandise sold was $4,130. 3 Purchased merchandise for $7,600 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $775 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $950, terms n/30. The cost of the merchandise sold was $600. 22 A check of $8,840 is received from M. Mangini in full for invoice 101; no discount given. (a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)
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:
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 remaining in…
Enter the following transaction in the records and extract a trial balance for the month ended 31 January 2013. January 1: Started business with Kshs.6,000in the bank and 5,000 in cash January 2 Bought goods on credit from Ndung'u Kshs.2,700 January 3: Bought goods on credit form S. Muigai Kshs.750 January 5: Bought goods for cash Kshs.540 January 6: We returned goods to Ndung'u Kshs.120 January 8: Bought goods on credit from S. Muigai Kshs.570 January 10: Sold goods on credit to K. Mwaniki Kshs.1,170 January 12: Sold goods for cash Kshs.630 January 18: Took Kshs.900 of the cash and paid it to the bank January 21: Bought machinery by cheque Kshs.1,650 January 22: Sold goods on credit to M. Otieno Kshs.660 January 23: K. Mwaniki returned goods to us Kshs.420 January 25:…
Write up the accounts in the books of D. Gough to record the following transactions:2021June 1 Started business with Kshs1,600,000 in the bank.2 Bought van paying by cheque Kshs640,000.5 Bought office fixtures Kshs90,000 on time from Old Ltd.8 Bought van on time from Carton Cars Ltd Kshs710,000.12 Took Kshs18,000 out of the bank and put it into the cash till.15 Bought office fixtures paying by cash Kshs12,000.19 Paid Carton Cars Ltd by Internet transfer from the bank account.21 A loan of Kshs50,000 cash is received from B. Berry.25 Paid Kshs40,000 of the cash in hand into the bank account.30 Bought more office fixtures paying with the business debit card Kshs48,000
Accounting Loki has just gone into business. The following is a list of his transaction for the month of September 2020: Loki buys some office machinery for cash. Some goods sold on cash terms. One quarter’s rent for premises paid in cash. Van bought for cash. Goods for resale purchased on cash terms. Cash paid into the business by Loki. A motor car for use in the business paid for by cheque. Cheques received from customers from sale of goods on cash terms. Office expenses paid in cash. Purchase of goods paid in cash. Cash received from sale of goods. Transfer of cash to a bank account. Goods purchased from Smith Loki introduces further capital in cash into the business. Goods sold for cash. Required: State which account in Loki’s books of account should be debited and which account should be credited for each transaction.
Bill started business with cash 370,000 on 01-03-2021. ii. Purchased goods on account from Alex worth 30000 on 02- 01-2021. iii. Sold goods to Stewart for 44000 on 03-01-2021. iv. Purchased computer for office use for 100000 on 04- 01-2021. v. Stewart returned the goods worth 4000 on 05-01-2021. vi. Opened a bank account by depositing the cash 110000 on 14-01-2021. vii. 35000 received from Stewart after full settlement. viii. 28000 was paid to Mr. Alex for purchased goods on 18-01-2021. Prepare journal.
The below information is related to the business of Abbas Traders during the month of March 2021. Dates 1 Started business with Rs. 30,000 through cash 2 Borrowed Rs.40,000 from bank to purchase a van . 5 Buys office equipment for Rs. 5,000 in cash. 6 Purchases inventory for Rs.18,000 on credit. 7 Pays Rs.10,000 to Supplier for inventory purchases 9 Sells inventory for cash of Rs.12,000 10 Sells inventory on credit for Rs. 9,000 12 Repays loan of Rs. 10,000 13 Pays Rs.6,000 to supplier 15 Receives Rs.8,000 from customer against credit sales made on 10th March. a) Prepare Journal entries for the above transactions b) Prepare ( T-accounts)
Tasks 8-9. Application. Prepare the journal entries of the transaction below and post them to the necessary ledger books. Write your answer on a separate sheet of paper. Olson Sala Company completed the following sales transactions during the month of June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at the transaction date. June 1 Olson Sala invested Php 52,000 of his funds in the business. 1 Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377 Sold merchandise on account to A. Perdales, Php 54,000. Invoice no. 378 3 4 Sold merchandise for cash, Php 46,000. 7. Received payment from R. Bltuin less discounts. Received payment from A. Perdales less discounts. 9. Required: 1. Record the transactions in the general journal. 2. Post to the accounts receivable ledger. 3. Prepare a schedule of accounts receivable.
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 $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by…
The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash Debit Cheque # Cash Credit 4-Dec $ 4,170 1416 $ 860 9-Dec 510 1417 130 14-Dec 530 1418 650 17-Dec 2,180 1419 1,490 31-Dec 1,850 1420 1,440 1421 900 1422 630 Kirk’s Cash account shows a balance of $16,740 at December 31. On December 31, Kirk Hardware received the following bank statement: Bank Statement for December 2020 Beginning balance Deposits and other credits: $ 13,600 1-Dec EFT $ 300 5-Dec 4,170 10-Dec 510 15-Dec 530 18-Dec 2,180 22-Dec BC…