June 1 Oleg Thorn invests $ 5,500 cash in a small welding business of which he is the sole proprietor. 2 Purchases equipment on account for $ 3,700. 3 $ 730 cash is paid to landlord for June rent. 12 Sends a bill to K. Johnsen for $ 420 after completing welding work done on account. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit > > >
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- Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannah's receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off all of Hannah’s debt. Hannah later receives a windfall and pays the amount of her balance to Perry Corp. Make the appropriate journal entries (if any) to record the receipt of $450 by Perry Corp. If an amount box does not require an entry, leave it blank. Reverse portion write offProvide the general journal entries of the following transactions of The Pet Whiskers Company. Received a $10,000, 8%, 3-month note, dated July 1, from Peter in payment of his open account. July 1 Oct. 1 Received notification from Peter that he was unable to honor his note at this time. It is expected that Frank will pay at a later date. Received full payment from Peter for his noTe receivable previously dishonored. Nov. 15Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.Jul 13 The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 78. Memorize the transaction for payments every two weeks. Next payment is July 27, 2022. Just tell me in quickbooks where do i record this transaction? bill (enter bills window) credit (enter bills window) bill pmt - check (pay bills window) check (write checks window) invoice (create invoices window) payment (receive payments window) sales receipt (enter sales receipts window) deposit (make deposit window) general journal (make general journal entries window) inventory adjust (adjust quantity/value on hand window) sales tax payment (pay sales tax window) paycheck (pay employees window) liability check (pay payroll liabilities window) transfer (transfer funds between accounts window) credit card charge (enter credit card charges window) credit memo (create credit memos/refunds window) discounts (receive payments window)BK owns a small business in a small-town call Twapiasea in the Dormaa District call the PiGMenEnterprise. BK does not keep full set of accounts. The following records has been obtained in respected of the year ended 31st December 2019Summary of Bank AccountsGHS GHS Bal b/d 4,820.00 Sundry Expenses 1,560.00 Receipt from Trade Receivables 94,608.00 Payment to Trade Payables 76,040.00 Insurance 2,640.00 Rent 5,200.00 Equipment 4,000.00 Drawings 7,200.00 Bal c/d 2,788.00 99,428.00 99,428.00 BK made cash sales of GHS 13,336.00 and use this to pay the following;GHSWages and Salary 12,427.00Sundry Expenses 106.00Cash Purchase 803.00He took for his use GHS 260.00 worth of good. A discount of GHS 87.00 had been allowed to BK for prompt payment of trade payable.The following information was also available:1st January 2019 31st December 2019GHS GHSEquipment 8, 400.00 9,920.00Rent Accrued 400.00 ----------Trade Receivable 7,360.00 9,900.00Trade Payable 5,928.00 6,836.00Insurance Prepaid 420.00…
- 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 cashedS. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…Record the following transactions in general journal form for Koonce Company. Jul 1 Received a $5,000 3-month, 5%, note, dated July 1, from Ruth Jordan in payment of her open account. Sep 30 Received notification from Ruth Jordan that she was unable to honour her note at this time. It is expected that Jordan will pay at a later date. Nov 15 Received full payment from Ruth Jordan for note receivable previously dishonoured. No additional financing charges were charged.
- On April 5, Jessica had a balance due on her credit card of $927.85. From April 5 through May 4, Jessica charged an additional $335.66 and made a payment of $700. Find her new balance due on May 5 assuming the previous balance method is used and the interest rate is 1.8% per month. O A. $580.21 B. $1305.79 C. $227.85 D. $16.70S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8…