-June 30 Paid Utilities$3,000.00June 27 - Purchased Inventoryune 25 - Received from Customers$7,500,00$8,000.00June 20 - Paid Salaries$4,000.00June 15 - Borrowed from BankJune 12 - Paid Dividend$1,500.00June 10 Paid Insurance$2,000.00June 5 - Sold MerchandiseJune 3 - Purchased EquipmentJune 1 Issued StockABC Corporation Detailed Transactions for June 2024$15,000.00$25,000.00$50,000.00$100,000.00020000400006000080000100000Amount ($)

The chart titled "ABC Corporation Detailed Transactions for June 2024" illustrates a series of…

Answered: - June 30 Paid Utilities $3,000.00 June…

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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TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis Purchased Inventory 500,000 on account 4. 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. 8. purchased equipment 480,000 cash 9. distributed cash to Mr. U 10,000 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 104 EQUIPMENT 4. Leger 5. Financial Statements 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE
TRANSACTION IMr. U contributed 600,000 Obtain loan 400,000 3Purchased Inventory 200,000 cash basis Purchased Inventory 500,000 on account 4. 5Sold 900,000 on account. Cost of items is 400,000 Paid accounts payable 400,000 7Collected 500,000 accounts receivable 6. 8. purchased equipment 480,000 cash 9. distributed cash to Mr. U 10,000 10 paid loan interest 5,000 Chart of Accounts CHART OF ACCOUNTS Prepare the following: 1. Transaction Matrix 2. Trial Balance CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 3. Journal entries 4. Leger 104 EQUIPMENT 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE
Balance on April 1, 2020Debtors control Dr. $65, 145Debtors control Cr. 600Creditors control Dr. 950Creditors control Cr. 75, 500Totals for the month of April 2020Cash purchases 35, 600Credit purchases 62, 600Cash Sales 47, 000Credit Sales 75, 000Contra entry: Set off 1, 800Refund to cash customers 2, 800Bad debt written off 3, 300Discount Allowed 3, 750Total payments to suppliers 87, 000Total receipt from customers 98, 800Discount received 5, 500Dishonoured cheques: customers 2, 900Increase in the allowance for bad debts 2, 100Return Inwards 2, 400Return Outwards 15, 200Balances at 30 April 2020Debtors control: Dr. ? Cr: $8 300Creditors control: Dr. $7 500 Cr: ?Required: Prepare the Sales ledger control account Prepare the Purchases control account
Do its General Ledgers DATE PARTICULARS DEBIT CREDIT 04/01/14 Cash in Bank 99,000 Pretty Cash Fund 1,000 Satake Rice Mill 950,000 Furniture & Fixtures 80,000 E. Esparaguera, Capital 1,130,000 (To record investments) 04/03/14 Diesoline Inventory 15,000 Accounts Payable 15,000 (To record purchased diesoline) 04/05/14 Taxes and Liscenses 2,800 Cash in Bank 2,800 (To record paid licenses and permits) 04/07/14 Advances to Employees 3,000 Cash in Bank 3,000 (To record advance employee salary) 04/08/14 Repairs and Maintenance 500 Petty Cash Fund 500 (To record minor repairs) 04/14/14 Cash in Bank 9,000…
Year Ended December 31, Debit Credit Cash $ 624,500 Accounts Receivable 100,233 465,099 277,340 Equipment Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue $ 287,693 564,500 885,244 216,745 Rent Revenue 101,600 Sales Salaries Expense Office Supplies Expense Sales Discounts 29,878 5,942 112,431 Interest Expense Sales Returns and Allowances Cost of Goods Sold 9,560 162,312 Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 208,016 19,191 8,657 10,234 22,389 $2,055,782 $2,055,782 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.
Account Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Accounts Payable Note Payable Interest Payable Unearned Revenue Dividends Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Depreciation Expense Wages Expense Supplies Expense Interest Expense Income statement Debit 10,000 25,000 40,000 5,000 100,000 78,000 18,000 42,000 3,000 1,000 Total 322,000 Credit 30,000 12.000 13,000 3,000 8,000 7,000 10,000 46,000 193,000 322,000
Jab Less Services Chart of Accounts Jab, Capital Service Income Salary Expense Utilities Expense Give the adjusting entries Prepare a 10-column worksheet Cash Accounts Receivable Equipment Accounts Payable Presented below are the transactions of Jab Less Services. 2017 Sept. 1 Jab invested P125,000 in the business 7 Purchased equipment from X. Co., P35,000 on account 9 Rendered services on account to various customers P75,000 Paid salary for the month P15,000 30 30 Paid utilities for the month P2,300 Additional information: E. Depreciation of equipment is P1,000 b. Doubtful accounts at year end are estimated to be P800 Requirements: Journalize the transactions 34-35 21-25 26-33 Post them to the T-accounts 36-40
Monaro Motors Cash and credit sales in the General Ledger Aug. Capital contribution of $10 000 stock (agreed value) and $30 000 cash 1 2. Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank 3. Cash sale of parts for $400 (cost price $200) Paid $2 500 cash to Wilson Fittings for shelving Purchased stock on credit from HolFord Parts for $2 600 Sold parts on credit to Lemon Rentals for $900 (cost price $450) Paid wages of apprentice $600 4. 8. Kim Swood took home stock worth $1 500 Received $500 cash from Lemon Rentals e Sales (R) Cross-reference Amount Date Cross-reference Amount Date Cost of Sales (E) sti Amount Date Cross-reference Amount Date Cross-reference Shelving (A) Date Cross-reference Cross-reference Amount Date Amount Accounts Payable (L) Amount Date Date Cross-reference Cross-reference Amount Accounts Receivable (A) Amount Cross-reference Date Cross-reference Amount Date Wages (E) Date Date Cross-reference Amount…
K On February 1, Hu Company sold inventory on account to a customer for $13,400 with terms 2/10, n/30. The cost of the inventory was $6,900. On February 6, the customer received an allowance of $2,100 from Hu Company. If the customer made payment on February 9, how much Cash would the customer pay? A. $13,400 OB. $10,720 OC. $11,300 D. $11,074 CILE
qw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…
Purchases Transactions Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit. a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?$fill in the blank 1 b. What account is debited by Hoffman Company to record the return?Accounts Payable
14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL

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