Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secureincurred the following transactions during July 2023, its first month of operations:July 1 The owner, Manny Gill, invested $5,700 cash.10 Purchased $3,200 worth of security equipment on credit.12 Performed security services for a sold-out concert and received $11,000 cash from theclient.14 Paid for expenses; $4,200.15 Completed security services for a graduation event and sent the client a bill for$1,850.31 The owner withdrew $320 cash for personal use.Required:2. Record the journal entries for the month of July.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: Manny Gill is an entrepreneur who…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During January 2020 Orgonite Wellness Clinic completed the following transactions : Jan 1 Orgonite received $ 50,000 cash and issued common shares to shareholders 4 Purchased supplies , $ 5,000 , and equipment , $ 2,500 on account 5 Performed checkup services , and received cash , $ 2,500 7 Paid cash to acquire land for an office site , $ 25,000 11 Performed a therapy session , and billed the customer $ 2500 16 Paid for the equipment , purchased Oct 4 on account 17 Paid the telephone bill , $ 150 18 Received partial payment from client on account , $ 2000 22 Paid the water and electricity bills , $ 500 29 Received $ 5,000 cash for conducting a workshop on " Healthy Living " 31 Paid employee salary , $ 4,000 31 Declared and paid dividends of $ 4,500 Requirements : Record each transaction in the journal . Key each transaction by date . Prepare the trial balance of Orgonite , at Jan 31 , 2020 .
SpaceY, owned by Mlon Eusk, provides space travel consulting services. During January 2017, the following events occurred: Jan. 2 Owner contributed $50,000 and purchased a new computer costing $20,500 to start her business. Jan. 4 Office supplies were purchased on account for $4,000. Jan. 10 SpaceY obtained 12% 5-year loan of $20,000 from the bank. Jan. 12 SpaceY paid the utility bills for $2,750. Jan. 15 Paid $3,000 in Accounts Payable from the purchase of office supplies on Jan. 4. Jan. 24 Space consultant services completed in January were billed to client at $18,300. Jan. 27 SpaceY received $5,500 from Chamath, a client, as payment on account. Jan. 30 Mlon Eusk withdrew Rs. 6,000 of cash for personal use. Requirement: Please create a journal entry, a general ledger account, and a trial balance using this information.
Hye Jin started his accounting consultancy business on January 1, 2021. During the first month of the business, the following transactions occurred: Hye Jin purchased a laptop on January 1, 2021 for P50,000. 30% of the purchase price was paid in cash, the balance was subject to a 2-year note at 3% interest. Vera expects that the laptop will be used in the business for 3 years. On January 5, Vera received P12,000 for services to be rendered on the succeeding 4 months. On January 3, Vera purchased a 1-year insurance policy for P24,000. Office supplies purchased cost P15,000. A count of supplies at month-end indicates P12,000 supplies are on hand. On January 31, Hye Jin received a bill from the lessor for January rent amounting to P16,000, and utilities amounting to P4,000. Services performed to clients but were not yet billed amounted to P7,850. REQUIRED (show supporting calculations):1. Prepare the adjusting entries on January 31 if the company makes use of the…
Haresh
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on account. 6/4 Paid 400 premium for a two-year insurance policy. 6/6 Purchased office supplies for cash, 220. 6/9 Purchased a new computer for 6,000. Paid 30% cash agreed to pay the remainder in 30 days. 6/10 Billed student Rashid Ali 30 for tutorial services that were performed. 6/14 Paid for the equipment purchased on June 3rd. 6/15 the owner suggested to purchased new building for his company by 10,000 6/25 Received $35 cash from student Mohammed Nasir for tutorial services performed. 6/30 Student billed on June 10 pays the amount due to Quark. 6/30 Quark withdraws 200 for personal use. Required: Prepare the _journal entries to transactions. record these
Harvey Spectre started Pearson & Co. , a company law firm on April 1, 2021. The following information regarding the company is available: On 1 April, Harvey Spectre invested $80,000 cash to start the company. ii. On April 2, Harvey Spectre hired a new secretary, who will be paid a salary of $500 per week, payable monthly. iii. On April 3, Pearson & Co. purchased insurance policy worth $450 in advance for the coming six months, paying the amount in cash. On April 6, Pearson & Co. purchased office supplies worth $5,000, on account. On the same day the company also purchased new equipment worth $7,500, paying $5,000 cash immediately and agreed to pay the remaining within 25 days. On April 10, Pearson & Co. received $4,000 from one of it’s clients for legal services that are expected to be completed in June 10. On April 12, Pearson & Co. paid the amount due for supplies that was purchased on account on April 6. vii. On April 15, Pearson & Co.…
Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1. The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. Received four shareholders' contributions totaling $28,400 cash to form the corporation; issued 500 shares of $0.10 par value common stock. Paid three months' rent for the store at $1,830 per month (recorded as prepaid expenses). Purchased and received candy inventory for $6,400 on account, due in 60 days. Purchased supplies for $1,330 cash. Negotiated and signed a two-year $13,000 loan at the bank, receiving cash at the time. Used the money from (e) to purchase a computer for $2,700 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. Placed a grand opening…
Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. a. b. C. d. е. f. g. h. Paid utilities for the month worth P5000. Paid her parents for the space being used as baking area at their home, P5000. Determined that…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS