Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions were completed. Mar. 1: Invested Tk 15,000 cash in the business. Mar. 1: Purchased used Lorry for Tk 6,000, paying Tk 3,000 cash and the balance on account. Mar. 3: Purchased cleaning supplies for Tk 1,500 on account. Mar. 5: Paid Tk 1,200 cash on one-year insurance policy effective March 1. Mar. 14: Billed customers Tk 4,800 for cleaning services. Mar. 18: Paid Tk 1,500 cash on amount owed on Lorry and Tk 500 on amount owed on
Q: Use the sample sizes and the number of deviations determined below. Control Procedure 5% 5% 2%…
A: Sample deviation rate typically refers to the standard deviation of a sample. Standard deviation…
Q: The Blending Department of Ivanhoe Company has the following cost and production data for the month…
A: Process costing is used to record cost of various stages of production. In process costing finished…
Q: Given the following table, a price of the output of $10 and pure competition in the product market,…
A: The Marginal Product is the additional cost of labor the firm is ready to pay by employing a unit of…
Q: Exercise 7-8A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method…
A: Allowance Method -Under the allowance, the method company makes provision for uncollectible accounts…
Q: Concord Industries operates two support departments, Personnel and Accounting, and two producing…
A: Company use reciprocal method of allocating support cost : Total cost of Personnel department (P) =…
Q: C company is preparing a common-size balance sheet and wishes the base amount to be e total amount…
A: For common size balance sheet, the elements of the balance sheet are generally compared with Total…
Q: Maple Forest Corporation designs and produces a line of golf equipment and golf apparel. Maple…
A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…
Q: Information related to Cheyenne Co. is presented below. On April 5, purchased merchandise on account…
A: Discount on payment = net purchases x discount rate = (41800-4800)*2% = $740
Q: WHAT IS A DISTRUBUTED LEDGER?
A: A distributed ledger is a digital record of transactions that is shared across a network of…
Q: A sole proprietorship was started on January 1, Year 1, when it received $61,000 cash from Marlin…
A: Income Statement , capital Statement and balance sheet and cash flow statement are part of book…
Q: The final amounts were in for Skysong Corp.'s fixed-MOH costs. The total fixed-MOH costs consisted…
A: The predetermined overhead rate is calculated as Estimated overhead cost divided by Estimated base…
Q: At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared…
A: Net sales revenue = Sales revenue - Sales returns and allowances Cost of goods sold = Beginning…
Q: Tamarisk Ltd issued a $1,094,000, 10-year bond dated January 1, 2023. The bond was sold to yield 12%…
A: A firm or group may issue bonds payable as a form of long-term debt to raise capital from investors.…
Q: An individual has year-to-date earnings prior to the current period of $168,500, earns $3,600 this…
A: The self-employment taxes refers to only social security and the medicare taxes that need to be…
Q: Compute the 2022 standard deduction for the following taxpayers. If an amount is zero, enter "0".…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Date 2021 April 6 Cash Account Titles and Description Dr. 52.000.00 PR Cr. A. Kingston, Capital Cash…
A: The ledger is prepared as posting journal entries to the specific accounts. Further final balance of…
Q: Consider a savings account with end-of-year transactions indicated by the following cash flow…
A: Given: Interest rate = 8% Years = 12
Q: Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income…
A: Sales Territory Segment Margin refers to the profit or margin generated by a specific sales…
Q: Cullumber Inc. began operations on January 1, 2023, and uses the FIFO method of pricing inventory.…
A: Recording of journal entry is required to make to record the change are as follows. FIFO - First…
Q: Gadsen Company's quality cost report is to be based on the following data: Maintenance of test…
A: A quality cost report details the costs related to internal and external failures, prevention, and…
Q: PREPARE THE GENERAL LEDGER
A: General ledger accounts are used to post recorded transactions into appropriate accounts. These are…
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4.…
A: Introduction: Balance sheet: All Assets and liabilities are posted in Balance sheet. It tells the…
Q: between a balance on a receivable ledger contro account and the total list of accounts receivable…
A: Accounts Receivables: as each customer's a/c balance cannot be shown in financials, the Accounts…
Q: What is the purpose of the general ledger history file?
A: General Ledger: The financial information required for the preparation of financial report; of…
Q: Ethics are critical in the preparation of accounting information. Select one: O True O False
A: Ethics are considered to be very critical in the preparation of accounting information. Accounting…
Q: Wilson Corp. is considering the purchase of a new piece of equipment. The cost savings from the…
A: Internal Rate of ReturnIn the field of financial analysis, a statistic known as the internal rate of…
Q: Activity 2 Use the information in the sum following General Ledger acco systems
A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are…
Q: Sale of Receivables Hunt Incorporated sold $300,000 of accounts receivable to Gannon Factors Inc. on…
A: Businesses may turn their receivables into quick cash using factoring. This can be especially…
Q: what does a general ledger do?
A: The ledger seems to be a book of accounts that contains the categorized and summarised information…
Q: a. Edward Wilson invested $8,000 cash in his new landscaping business. b. The business paid the…
A: Introduction: Ledger: Second step in the process of financial accounting is Ledger. After recording…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: To compute revenue and spending variance actual revenue and costs are compared with flexible budget…
Q: Hunt Incorporated sold $300,000 of accounts receivable to Gannon Factors Inc. on a with recourse…
A: Factoring with recourse is a financing arrangement where a business sells its accounts receivable…
Q: Required information [The following information applies to the questions displayed below] Leach Inc.…
A: Accounting equation is horizontal representation of the transactions. It show changes in the item of…
Q: Prepared ledger account for following transaction 1- Jan Started business with $ 2,000 in the bank…
A: Ledger- A subsidiary ledger is a group of related accounts with consolidated balances equal to the…
Ledger accounts
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
- On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested $15,000 cash in the business.Mar. 1: Purchased used Lorry for $6,000, paying $3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for $1,500 on account.Mar. 5: Paid $1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers $4,800 for cleaning services.Mar. 18: Paid $1,500 cash on amount owed on Lorry and $500 on amount owed oncleaning supplies.Mar. 20: Paid $2,000 cash for employee salaries.Mar. 21: Collected $2,800 cash from customers billed on March 14.Mar. 28: Billed customers $2,500 for cleaning services.Mar. 31: Paid advertising expenses of $500.Mar. 31: Withdrew $1000 cash for personal use.Requirements:a) Journalize the March transactions.b) Prepare necessary Ledger Accounts.c) Prepare a Trial Balance at March 31.d) Journalize the following adjustments and prepare an adjusted Trial Balance: (i) Earned…john began an Upholstery cleaning business on October 1,2020 and engaged in the following transactions during the month: Began business by depositing 12,000 in a Clean & Premium ltd bank oct 1 : account oct 2 :Ordered Cleaning supplies 3,000 oct 3: Purchased cleaning equipment for 2,800. oct 4 : Made two months' van lease payment in advance, 1,200 Received the cleaning supplies ordered on (Oct 2) oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days oct 9: Paid for repairs on the van with cash, 1,080 oct 12 : Received cash for cleaning upholstery, 960. oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500. oct 21 : Billed customers for cleaning upholstery, 1,340 oct 24 :Paid cash for additional repairs on the van, RM80 oct 27 : Received 600 from the customers billed on October 21. oct 31 Made a cash withdrawal of 700. you are Required to A : Prepare the general journal based on the above transactions. B:…
- Mr. Manalo opened a mini grocery store with Business name Manalo Trading. Operations began on April 1, 2021, and the following transactions were completed during the month: 1 Mr. Manalo withdrew P100,000 from a personal savings account and used it to open a new account in the name of Manalo Trading. 2 Acquired an office equipment costing P76,000. A payment of P25,000 cash was made and a note payable given for the P51,000 remainder payable for 6 equal monthly installment. 4 Purchased merchandise from Spendmore Hypermart P49,500, terms 5/10, 3/20, n/30. 5 Paid P1,600 delivery charge for April transactions. 7 Bought office supplies on account P10,700. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. 10 Returned defective merchandise to Spendmore Hypermart amounting to P4,500. 12 Sold merchandise on account P42,000 with 40% mark-up from the inventory cost of P30,000, term 2/10, n/30. 13 Paid P1,200 freight for April 12 transactions. 15 Paid…Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00…Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00…
- Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00 freight for January 11…Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00…Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. 04 Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00…