On July 1, 2020. Mr Mendez established the Mendez Rehab Clinic. Transactions completed during the month of July follow: July 1- Mendez deposited 150,000.00 in a bank account in the name of the business. July 3- Paid Office rent for the month, 11,000.00 July 5- Bought supplies for cash, 2,700.00 July 10 - Bought Professional equipment on account for J Equipment, 140,000.00 July 11-Received cash as an advance payment for the service to be performed/rendered next month, 30,000 July 12-Bought Equipment from L Computers, 18,000 paying 6,700.00 in cash and the balance on account. July 15- Performed professional services on account, 32,000.00 July 17-Paid accounts to L Computers, 11,300.00 July 20 - Received and paid the bill for utilities, 2500.00 July 23 - Paid salaries of the part-time assistants, 10,000.00 July 24 - Received payment from customer for service rendered on account, 32,000.00 July 25 - Performed professional services for cash, 37,000.0 July 26- Mendez withdrew cash for personal use, 7,000.00

On July 1, 2020. Mr Mendez established the Mendez Rehab Clinic. Transactions completed during the month of July follow: July 1- Mendez deposited 150,000.00 in a bank account in the name of the business. July 3- Paid Office rent for the month, 11,000.00 July 5- Bought supplies for cash, 2,700.00 July 10 - Bought Professional equipment on account for J Equipment, 140,000.00 July 11-Received cash as an advance payment for the service to be performed/rendered next month, 30,000 July 12-Bought Equipment from L Computers, 18,000 paying 6,700.00 in cash and the balance on account. July 15- Performed professional services on account, 32,000.00 July 17-Paid accounts to L Computers, 11,300.00 July 20 - Received and paid the bill for utilities, 2500.00 July 23 - Paid salaries of the part-time assistants, 10,000.00 July 24 - Received payment from customer for service rendered on account, 32,000.00 July 25 - Performed professional services for cash, 37,000.0 July 26- Mendez withdrew cash for personal use, 7,000.00

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

form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
Morgan runs a calendar printing business. He rented a shop to expand his business. The rent costs $2 000 per month. His business has a financial year end of 31 March. The following information has been provided. Rent expense account Date 2020 Apr 1 2021 Jan 31 Mar 31 REQUIRED Particulars Cash at bank Prepaid rent expense 31 Income summary (i) (ii) State the name of the item. Account balances at 1 April 2020 Commission income received in advance (b) State the amount to be shown on 31 March 2021 (c) Explain both entries on 31 March 2021. The business also provided the following information. During the year ended 31 March 2021 Commission received by cheque Debit S 30 500 $ 800 4 200 Credit $ 600 (b)(0) (b)(ii) Balance $ Additional information Commission income, $1 200, had not been received on 31 March 2021. 600 Cr 29 900 Dr REQUIRED (d) Prepare the journal entries to account for commission income for the year ended 31 March 2021, including the closing entry. Narrations are not required.…
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
On 1st April 2021, Jazni established an interior decorating business, JazniDeco. During the month, the following transactions have occurred: 2021 5 Purchases equipment on account for RM3,500 June 7 Receives RM2,800 cash from a customer for services rendered Paid in full, with cash, for the equipment purchase on June 5 11 Cash sales worth RM1,000 10 14 Owner took RM150 cash from the business for his daughter's school fees 17 Receives RM4,000 cash in advance from a customer for services not yet rendered 18 Received cheque for sales worth RM7,600 22 Received a cheque of RM5,000 from Arrogant Furniture Enterprise. 25 Owner withdrew goods amounted RM150 for personal use 30 Paid salaries of employees for June, RM5,000. Required: Determine the effect of each transaction on accounting equation.
Prepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…
*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.
Bank 'n' Roll, Inc. pays its employees once a month and records the expense at the time of payment. On May 31, Bank 'n' Roll, Inc. paid its employees $10,000 for work performed in May. The entry to record the payment includes a (Check all that apply.) Check all that apply. debit to Cash for $10,000 credit to Wages Expense for $10,000 credit to Wages Payable for $10,000 debit to Wages Expense for $10,000 credit to Cash for $10,000
Prepare all the journal entries.
Travel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?
Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…