O 4G I.V:oMA moodle.uob.edu.omOn August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol-lowing transactions during the month:a. Bill Hudson transferred cash from a personal bank account to an account to be usedfor the business in exchange for common stock, $30,000.b. Paid rent on office and equipment for the month, $3,250.c. Purchased supplies on account, $2,150.d. Paid creditor on account, $875.e. Earned sales commissions, receiving cash, $14,440.f. Paid automobile expenses (including rental charge) for month, $1,580, and miscel-laneous expenses, $650.g. Paid office salaries, $3,000.h. Determined that the cost of supplies used was $1,300.i. Paid dividends, $2,500.Instructions :Q. 1Journalize the transactions shown above.Q. 2Post to the ledger and display the balance in each account after all the transactions have beenposted.Q. 3 Prepare unadjusted trial balance, for the month of August 31, 2016.Q. 4 Determine the following:a. Amount of total revenue recorded in the ledger.b. Amount of total expenses recorded in the ledger.Q.5 Prepare Income Statement for the month of August 31, 2016.Q. 6 Prepare Statement of Owners Equity for the month of August 31, 2016.Q.7 Prepare Balance Sheet for the month of August 31, 2016.Note: Read the questions carefully and use the information provided in each question to answerthat question. Show all your calculation and workings.

Journal entries refers to the systematic documentation or recording of the financial transactions of…

On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing transactions during the month: a. Bill Hudson transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. b. Paid rent on office and equipment for the month, $3,250. c. Purchased supplies on account, $2,150. d. Paid creditor on account, $875. e. Earned sales commissions, receiving cash, $14,440. f. Paid automobile expenses (including rental charge) for month, $1,580, and miscel- laneous expenses, $650. g. Paid office salaries, $3,000.

On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing transactions during the month: a. Bill Hudson transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. b. Paid rent on office and equipment for the month, $3,250. c. Purchased supplies on account, $2,150. d. Paid creditor on account, $875. e. Earned sales commissions, receiving cash, $14,440. f. Paid automobile expenses (including rental charge) for month, $1,580, and miscel- laneous expenses, $650. g. Paid office salaries, $3,000.

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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