Journal entry worksheet<1DateSeptember012Note: Enter debits before credits.Cash3Record entrySeptember 1) Wright invested $114,000 cash along with office equipmentvalued at $26,800 in a new sole proprietorship named KW Consulting.4Office equipmentAccount Title5Clear entry6 7 8< RequirementDebitE114,000Credit14114,000View general journalGeneral Ledger >>

The journal entries are prepared to record the transactions on a regular basis. The assets and…

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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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hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
Principles of Accounting 1 Chapter 10 Homework Problem 1– Entries for notes payable On January 26, Nyree Co. purchased inventory from Conrad Co. by signing a 45- day note with a face amount of $150,000. A. Determine the proceeds of the note, assuming the note carries an interest rate of 10% B. What journal entries will Nyree Co. 1. At the signing of the note (when the note is issued) 2. After 45 days when the note is paid
10 Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500.…
QUESTION 18. A,B,C were three partners sharing profit and losses in the ratio of 3:2:1 Statement of financial position as at 31st December 2011 TZS “000" TZS "000" Bank balance 2,700 | Creditors 17,300 Stock 8,400 Bills payable 3,400 Debtors 7,000 Reserve fund 6,300 Provision for bad debt (350) 6,650 | Capitals Bills receivable 2,400 | A 8,000 Motor vehicle 6250 B 5,000 Land and buildings 17,300 | C 3.000 16,000 Patents 4,300 A'S Loan 5,000 Total 48,000 Total 48,000 It was decided to admit “ D" as partner for one sixth share in the future profit on the condition that he brings TZS 6,000,000 by way of capital and TZS 10,000,000 by the way of loan at 5 percent interest for a period of 5 years. Before admission the following adjustments are to be made;- 1. Goodwill to be credited to the old partners on the basic of their share of profits by raising goodwill account equal to twice the average of the profits of the three years which were TZS 10,200,000 TZS 12,300,0000 TZS 14,400,000…
Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 40,000 shares of Grecco Company common stock for $431,000 cash. Grecco has 120,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $489,900. Year 2 June 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $705,400. December 31 Kodax sold 9,000 shares of Grecco for $160,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) View transaction list
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5-6 Determine the new balance 5 6 Your balance was $89.75 on May 23. Your May 30 deposit was $156.90. On June 1, you wrote a $34.79 check and withdrew $50.00 from an ATM. On April 4, your balance was $131.02. You wrote a check for $31.28 on April 9 and one for $45.92 on April 14. You deposited your $215.48 pay- check on April 15. 5 5
QUESTION 11 Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21 Accounts Payable 23 Notes Payable 31 O. Myer, Capital 32 O. Myer, Drawing 41 Fees Earned 51 Wages Expense 52 Rent Expense Journalize the following transaction: July 31 Recorded owner's withdrawal of $1,000 hint: you may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit Credit
Hospitality Industry Financial Accounting by Raymond S. Schmidgall and James W. Damitio Problem 17.1
SP 11 Review the February 26 and March 25 transactions for Business Solutions (SP 5) from Chapter 5. Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round…

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Journal entry worksheet 1 2 3 Date September Note: Enter debits before credits. 4 5 Account Title 6 7 September 1) Wright invested $114,000 cash along with office equipment valued at $26,800 in a new sole proprietorship named KW Consulting. 8 ... Debit 14 Credit