Joey Juno began a web-based computer sales and service company on June 1, 20X8,called Juno's Toys. Joey has made a few decisions regarding the accounting system;all prepayments and unearned revenues will be recorded as assets and liabilities andthe company will use a periodic inventory system. Juno's Toys completed thesetransactions during November of the current year:Joey invested $12,000 cash along with $9,000 of used computerequipment into his new business.Purchased 8 months of insurance for $1,200 cash; the insurance iseffective immediately.Hired a computer technician, named Barney to be paid every two weeks.$23,000 of merchandise was purchased from Eastman Store on accountterms 1/10, n30.Freight was paid in amount of $200 for above purchase.Bought $400 of office supplies on account.Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smithpaid $500 cash and put the rest on account, with term 1/15, n30.Bought office furniture for $9,000. Paid $1,000 cash and signed a oneyear note at 6% for the balance.Paid Barney, wages in amount of $600.Joey withdrew $1,000 cash.Joey wrote a cheque for $200 to purchase advertising in the local paper.Advertising to appear next month.The company received $1,500 for services to be completed over the nexttwo months.Nov1156101416192024Mr. Smith paid his account in full.Paid in full Eastman Store for purchases on the November 4th.Received a bill from the utilities company for November utilities in theamount of $330. The amount is due December 4.Paid November and December rent today monthly rent is $1,000.27303030Required: Prepare general journal entries to record the transactions.3 Focus24

Journal entries are formatted consistently. A properly written journal entry will have the correct…

Joey Juno began a web-based computer sales and service company on. called Juno's Toys. Joey has made a few decisions regarding the accour all prepayments and unearned revenues will be recorded as assets and I he company will use a periodic inventory system. Juno's Toys complete cransactions during November of the current year: Nov Joey invested $12,000 cash along with $9,000 of used com equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insun effective immediately. Hired a computer technician, named Barney to be paid ever $23,000 of merchandise was purchased from Eastman Stor terms 1/10, n30. Freight was paid in amount of $200 for above purchase. 1 1 2 4 5

Joey Juno began a web-based computer sales and service company on. called Juno's Toys. Joey has made a few decisions regarding the accour all prepayments and unearned revenues will be recorded as assets and I he company will use a periodic inventory system. Juno's Toys complete cransactions during November of the current year: Nov Joey invested $12,000 cash along with $9,000 of used com equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insun effective immediately. Hired a computer technician, named Barney to be paid ever $23,000 of merchandise was purchased from Eastman Stor terms 1/10, n30. Freight was paid in amount of $200 for above purchase. 1 1 2 4 5

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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In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
The following events apply to Sally's Gift Shop for Year 1, its first year of operation: 1. Acquired $60,000 cash from the issue of common stock. 2. Issued common stock to Sally Quin, one of the owners, in exchange for merchandise inventory worth $3,200 Sally had acquired prior to opening the shop. 3. Purchased $56,200 of inventory on account. 4. Paid $4,500 for advertising expense. 5. Sold inventory for $98,300 cash. 6. Paid $12,000 in salary to a part-time salesperson. 7. Paid $47,000 on accounts payable (see Event 3). 8. Physically counted inventory, which indicated that $16,000 of inventory was on hand at the end of the accounting period. Requirements: a. Record each of the transactions in the general journal, assuming Sally's uses the periodic inventory system. b. Post the transactions to T-Accounts. c. Prepare financial statements for Sally's. d. Record the necessary closing entries for year-end. e. Post the closing entries to T-Accounts. f. Prepare a post-closing trial balance.
Mr. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred: Feb 2020 Transaction details 1 Mr. Qais invested OMR 25,000 to start the business 3 Paid rent OMR 1,000 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000 Purchased electronic goods for cash worth OMR 10,000 7 Purchased office computer and software for business worth OMR 2,000 for cash 10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000 12 Sold goods for cash – OMR 3,000 15 Sold goods for credit to MM Mobile Shop worth OMR 20,000 17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb 18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb BUSS B 1004 QP Page 1 of 7
Jim operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed. TRANSACTIONS May 1 - Jim invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 May 3- Purchased merchandise on account from Subic, P13,200. Terms: 2/10, n/30. Purchase Invoice 422. May 4 - Paid rent expense for April, P900; Check No. 200. May 5 - Purchased store supplies on account from Alexis, P550. Terms: 1/10, n/30. Purchase Invoice 510. May 8 - Sold merchandise on account to Rustan, P11,000. Terms: 1/10, n/30; Sales Invoice No. 150.Cost of merchandise was P5,500. May 12 - Paid Subic the amount owed on the May 3 purchase, Check No. 201 May 14 - Purchased merchandise on account from Ong’s Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. May 15 - Paid Alexis the amount owed on the May 5 purchase. Check No. 202 May 16 - Recorded cash sales for the first half of May, P33,000. Cost of…
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how to get the journal entries for may 20 and may 22 please
Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following: Cost of merchandise on the showroom floor and in the warehouse $38,300 Goods held on consignment (consignor is National Manufacturer) 6,400 Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista 4,600 Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3 3,800 Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 5 3,100 Determine the total amount that should be included in Chen's Chattel's year-end inventory.
Read and provide the necessary journal entries for the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 – Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7 – Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 – Renwick & Co. returned the office desks to its inventory. Aug 9 – Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 – Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2.
Prepare the journal journies for a,b,c,d,e,& f please & thank you. Also prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e thank you!
Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.
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