2010May 1 Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors:N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45.Liabilities: Creditors: B. Blake $60, V. Reagan $200.May 1 Paid rent by cheque $15.2 Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee$69.3 Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; L. Staines $98;N. Duffy $48; B. Green $118; M. Nelson $40.4 Paid for motor expenses by cash $137 Cash drawings by proprietor $209 Goods sold on credit to: M. Benjamin $22; L. Pearson $6711 Goods returned to Mullins by: K. O'Connor $16; L. Staines $1814 Bought another motor van on credit from Better Motors Ltd $30016 The following paid Mullings their accounts by cheque less 5% cash discount:N. Hardy; M. Nelson; K. O'Connor; L. Staines19 Goods returned by Mullings to N. Lee $922 Goods bought on credit from: J. Johnson $89; T. Best $7224 The following accounts were settled by Mullings by cheque less 5% cashdiscount: B. Blake; V. Reagan; N. Lee27 Salaries paid by cheque $5630Paid rates by cheque $6631 Paid Better Motors Ltd a cheque for $3001. The closing stock at 31 May 2010 $15602. You are to open the books of K. Mullings, a trader, via the journal to record the assetsand liabilities, and then record the daily transactions via the books of original entry andthe ledgers for the month of May 20103. Atrial balance is to be extracted as on 31 May, 2010.4. The trading and profit and loss account for the month ended 31 May 2010.5. The balance sheet as at 31 May 201o

Closing Stock = Opening Stock + Purchases - Sales. By using the above formula we are going to…

Answered: O, Motor Van $450, Fixture sh at Bank…

Business

Accounting

O, Motor Van $450, Fixture sh at Bank $1,254, Cash ir V. Reagan $200.

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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Short Answer. Colgate Co. establishes a $200 petty ceah fund on Jeruary 1. On Jaruary 8, the fund shows $38 in conh elong with receipts for the following expenditurea: Postage: $74 ansportation-in: $29 $16 cellaneous expenses: $43 $162 ate Co. uses the perpetual system in accounting for merchandise inventory. 7.Prepare the journal entry to establish the fund on January Prepare the journal entry to reimburse the fund on January 8. toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). IUS Paragraph Arial 14px A v it to save and submit. Click Save All Answers to save all answers. T.
Problem 4-35 (LO. 2) Determine the effects of the following on a cash basis taxpayer's gross income for 2021 and 2022. If an amount is zero, enter "0". Gross Income Gross Income 2021 2022 On the morning of December 31, 2021, the taxpayer received a $1,500 a. check from a customer. The taxpayer did not cash the check until January 3, 2022. b. On the morning of December 31, 2021, the taxpayer received a $1,500 $4 $4 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2022, after the customer's salary check could be deposited. C. On December 31, 2021, the taxpayer received a $1,500 check from a $4 customer. The check was not received until after the bank had closed on December 31, 2021. The taxpayer did not cash the check until January 3, 2022.
On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to establish the petty cash fund would include a: Select one: O a debit to Cash for RO 750. O b.credit to Cash Over and Short for RO 48. O c None of the answers are correct O d. credit to Cash for RO 700. O e. credit to Cash for RO 52.
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I need help with A, B and C please
PA1. LO 8.5 On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense S168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S18, Supplies $175, Postage Expense S50, Repairs and Maintenance Expense S269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S251, Supplies $88, Postage Expense S63, Repairs and Maintenance Expense S182, Miscellaneous Expense $203. The cash on hand at this time was S20. D. On September 29, the company determined that the petty cash fund…
What is the journal entry to replenish the petty cash fund if expenses were Auto Expenses $75, Office Expenses $25, Postage $11. and cash on hand is $389. The Petty Cash fund started with $500. Edit View Insert Format Tools Table |BIUAv eu Ti v|: 12pt v Paragraph v hp 16 fa 19 ho 144 IOI 4 00
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Exercise 11-39 (Algo) Net Realizable Value Method: Multiple Choice (LO 11-3) Sanford Agricultural Chemicals (SAC) produces two main products, M-4 and M-5, and one by-product, BYP, from a single input, Gen-10. Products M-4 and M-5 can either be sold at split-off or processed further and sold. A given batch begins with 2,880 pounds of Gen-10 with a cost of $259,200. Additional information regarding a batch follows: Product M-4 M-5 BYP Units Produced 63,360 40,320 14,400 Unit Sales Value at Split-off $ 5.00 10.00 0.50 If Processed Further Additional Costs (Per Sales Value Unit) (Per Unit) $ 2.00 $ 6.00 4.00 16.00 ΝΑ ΝΑ SAC uses the net realizable at split-off approach to allocate joint costs and treats the sales value of the by-product BYP as other income. Required: The joint cost allocated to product M-5 at Sanford Agricultural Chemicals for a given batch is:
7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus