General accounting Mr. Smith opened a art gallery and as a dealer completedthese transactions:1. Started the Gallery, by investing $40,000 cash andequipment valued at $18,000.2. Purchased $70 of office supplies on credit.3. Paid $1,200 cash for receptionist salary.4. Sold a painting for an artist and collected a $4,500 cashcommission on the sale.5. Completed an art appraisal and billed the client $200.What was the balance of the cash account after thesetransactions were posted?

Explanation of Commission IncomeA commission is a fee earned by a business or individual for…

Answered: Mr. Smith opened a art gallery and as a…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AP

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In order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 and the supplier agreed that payment can be made 2 months after year end.G. SSS, PHILHEALTH and PAG-IBIG payables for his one employee totaled 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.
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Hi, I need help assembling the following journal entries. Thank you.
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Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.
How to enter that transaction into a cash receipts journal and also into a cash payments journal
Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
. Mr. Arman deposited into bank Rs.50,000 to start a business 2. Purchased office supplies worth Rs.20,000 on account 3. Bought office equipment from B&Co. for Rs. 10000, paid to them Rs.3000 and promised to pay the balance after two months. 4. Collected $10,000 from customer 5. Purchase supplies for cash Rs. 4000 6. Purchased 2 units of computer with printer for Rs. 50,000, payable in 30 days. 7. Bought furniture for Rs. 3200,paid to K&Co. Rs.1200 and promised to pay balance after one month 8. Withdrew cash for personal use Rs. 3000 9. Sold some office supplies to client amount $5,000 who issued promissory note 10. Received from Nasir Rs.5000 Required: Prepare journal entries Post to ledger accounts Prepare a trial balance at July 31,2020 Show the effect of above transactions on accounting equation.
Prepare general journal entries for the following transactions of Valdez Services.
i. Shaw started business with cash 370,000 on 01-03-2021. ii. Purchased goods on account from Stefy worth. 30000 on 02-01-2021. iii. Sold goods to Stephen for. 44000 on 03-01-2021. iv. Purchased laptop for office use for 100000 on 04-01-2021. v. Stephen returned the goods worth 4000 on 05-01-2021. vi. Opened a bank account by depositing the cash 110000 on 14-01-2021. vii. 35000 received from Stephen after full settlement. viii. 28000 was paid to Stefy for purchased goods on 18-01-2021 ix. Withdrew cash from Bank & goods for 6000 & 9000 respectively for personal use on 26-01-2021. X. Commission received for 12500 on 30-01-2021. xi. Misc. Expenses paid for 70000 by cheque on 31-01-2021. Record the transactions in Journal and prepare trial balance from the books of Shaw.
Do the Math:Determine the Cash balance for Wiemack Landscape Designs after the third transaction that follows. All three transactions occurred on the same day. The Cash balance before the first transaction was $10,000.1. The owner withdrew $1,000 from personal savings and deposited it in the business account.2. Bought computer equipment for $5,000, issued a check for 20 percent of the price and agreed to pay the balance at a later date.3. Issued a check for $100 to buy tools and equipment.

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