On April 1, 202X 202X, Jay Sappas opened a real estate office called Sappas Realty. The following transactions were completed for the month of April: Jounalize transactions and post to ledger accounts April 1: Jay Sappas invested 9,000 cash in the real estate agency along with 8,000 of office equipment.

On April 1, 202X 202X, Jay Sappas opened a real estate office called Sappas Realty. The following transactions were completed for the month of April: Jounalize transactions and post to ledger accounts April 1: Jay Sappas invested 9,000 cash in the real estate agency along with 8,000 of office equipment.

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

T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company's first month: June 1 Near created the new company by investing $40,000 cash, $5,000 of furniture, and computer equipment worth $60,000. 2 The company rented furnished office space by paying $3,200 rent for the first month. 3 The company purchased $2,400 of office supplies for cash. 10 The company paid $7,200 for the premium on a one-year insurance policy. 14 The owner's assistant was paid $3,600 for two weeks' salary. 24 The company collected $13,600 of commissions from airlines on tickets obtained for customers. The assistant was paid another $3,600 for two weeks' salary. 28 The company paid the month's $3,500 phone bill. The company repaired its computer for $700 on account. 29 30 30 The owner withdrew $2,850 cash from the business for personal use. The company's chart of accounts included these accounts: 101 Cash 302 Sam Near, Withdrawals 106 Accounts Receivable…
rr
Winnie Villanueva is a painting contractor. During the month of April, she completed the following transactions: April 2 Invested in the business painting equipment valued at P12, 300 and placed P71, 000 in abusiness checking account.3 Acquired a service vehicle costing P80, 000. Paid P50, 000 cash and signed a note for thebalance.4 Purchased painting supplies on account for P3, 200.5 Completed a painting job and billed the customer P4, 800.7 Received P1, 500 cash for painting an apartment room.10 Purchased painting supplies for P1, 600 cash.11 Received a P4, 800 check from the customer billed on April 5.12 Paid P4, 000 for an insurance policy for a one-year coverage.13 Billed customer P6, 200 for a painting job.14 Paid the assistant P1, 500 for twenty-five hours’ work.15 Paid P400 for a tune-up of the service vehicle.18 Paid for the painting supplies purchased on April 4.20 Purchased a new ladder for P6, 000 and painting supplies for P2, 900, on account.22 Received a telephone bill…
Aggie Pool Guys, Inc. began operations on September 1, 2019 with an investment of $30,000 cash into the business. During the month of September, Aggie completed the following additional transactions: Sept 2 Sold a customer pool equipment on account, $2,500. Sept 4 Purchased supplies on credit for $1,000. Sept 8 Repaired a customer’s pool and collected the fee of $1,800. Sept 13 Received $500 from customers for payment on their account. Sept 15 Paid employee wages of $800. Sept 18 Repaired a customer’s pool and billed, but did not collect $2,200. Sept 21 Collected $1,000 from a customer for a job to be performed in October. What is the balance in the Accounts Receivable account on September 30, 2019? (hint: Use T account) A. $8,000 B. $4,200 C. $3,200 D. $7,000 E. $5,200 Do not give answer in image formate
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $31,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $850. 5 Earned fees, receiving cash, $14,660. 6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670. 7 Paid office salaries, $2,600. 8 Determined that the cost of supplies used was $1,050. 9 Withdrew cash for personal use, $2,200. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. . Every line on a journal page is used for debit or credit entries. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left…
Prepare general journal entries for the following transactions of a business called Photo by Lily for the month of December 2021: Dec. 1: The owner, invested 80,980 cash and 30,500 of photography equipment in the business.Dec. 1: Paid 2,000 cash for an insurance policy covering the next 12 months.Dec 1: Services are performed and clients are billed for 12,000.Dec. 2: Purchased office supplies for 1,400.Dec. 3: Cash paid 500 and remaining outstanding.Dec. 3: Received 2,000 cash in photography fees earned previously.Dec. 3: The client immediately pays 8,000 for services to be performed at a later date.Dec. 5: The business acquires photography equipment. The purchase price is 85,000, pays 25,000 cash and signs a note for the balance.
Jay Crowley established Affordable Realty, which completed the following transactions during the month: Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. Paid rent on office and equipment for the month, $4,800. Purchased supplies on account, $2,150. Paid creditor on account, $1,100. Earned sales commissions, receiving cash, $18,750. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. Paid office salaries, $3,500. Determined that the cost of supplies used was $1,300. Paid dividends, $1,500. Instructions Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. Prepare T accounts,…
Walker Company has just started the operations in July. The company is owned by Franklin Walker.The following transactions have taken place in the first month of operation. Dates Transactions July 1 Received cash investment of $ 650,000 from Franklin Walker.July 1 Purchased two computers for $50,000 for cash. July 4 Received $10,000 service income in cash from services provided. July 5Purchased supplies of $1,000 on credit. The payment will be made on 20 July. July 6Paid advertising expense of $1,500. July 12 Provided $6,500 worth of services on account.July 15 Received cash of $6,000 in advance from ABC. The company will provide the service for the next three months.July 20Paid telephone bill of $220. July 20Paid supplies purchased on 5 July.July 31Paid monthly salary to employee of $ 8,000. Required:Journalize the transactions above in the format Below. Date Account titles and explanation Reference
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an account to be used for the business, $53,000. 2 Paid rent on office and equipment for the month, $7,950. 3 Purchased supplies on account, $4,240. 4 Paid creditor on account, $2,320. 5 Earned fees, receiving cash, $24,180. 6 Paid automobile expenses (including rental charge) for month, $2,490, and miscellaneous expenses, $560. 7 Paid office salaries, $6,630. 8 Determined that the cost of supplies used was $1,860. 9 Withdrew cash for personal use, $2,600. Required: Journalize entries for transactions Jan. 1 through 9. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will…
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:…
Give the Journal Entry