On June 1" 2020 Mr. Tocks started new repair service business. Listed below are the transactions for the month of June 2019. On June 1 Mr. Tocks invested Rs 300,000 cash in new business On June 5 purchased office supplies 1500 On June 12 Purchases building 50,000 paid cash 35,000 signed notes payables for remaining balance June 13 Received cash Rs. 25,000 for services rendered June 15 Rendered services to client ABS worth 22,000 but payment not yet received. June 17 Purchased equipment for Rs32, 000, paying Rs. 20,000 cash and signed a note for the balance June 18 Paid gas bill expenses Rs10,000 June 19 Received full payment from ABS June 18 Withdrew Rs 5,000 cash for personal use June 20 Purchased supplies for Rs 3,000 on account June 21 Paid for outstanding note June 24 Withdrew supplies 500 for personal use June 30 Paid salaries 30,000 to staff and wages 23,000 to workers

On June 1" 2020 Mr. Tocks started new repair service business. Listed below are the transactions for the month of June 2019. On June 1 Mr. Tocks invested Rs 300,000 cash in new business On June 5 purchased office supplies 1500 On June 12 Purchases building 50,000 paid cash 35,000 signed notes payables for remaining balance June 13 Received cash Rs. 25,000 for services rendered June 15 Rendered services to client ABS worth 22,000 but payment not yet received. June 17 Purchased equipment for Rs32, 000, paying Rs. 20,000 cash and signed a note for the balance June 18 Paid gas bill expenses Rs10,000 June 19 Received full payment from ABS June 18 Withdrew Rs 5,000 cash for personal use June 20 Purchased supplies for Rs 3,000 on account June 21 Paid for outstanding note June 24 Withdrew supplies 500 for personal use June 30 Paid salaries 30,000 to staff and wages 23,000 to workers

Name: QUESTION#2& 3On June 1" 2020 Mr. Tocks started new repair service bus
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: QUESTION#2& 3On June 1" 2020 Mr. Tocks started new repair service business. Listed below are thetransactions for the month of June 2019.On June 1 Mr. Tocks invested Rs 300,000 cash in new businessOn June 5 purchased office supplies 1500On June 12 Pu

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

5. On September 1ª 2020 Mr. SAM started new repair service business. Listed below are the transactions for the month of September 2019. On September 1 Mr. SAM invested Rs 250,000 cash in new business On September 5 Purchased office supplies 1,500 On September 11 Purchases building 50,000 paid cash 33,000 signed notes payables for remaining balance September 13 Received cash Rs. 27,000 for services rendered September 16 Rendered services to client SH worth 23,000 but payment not yet received. September 17 Purchased equipment for Rs 33, 000, paying Rs. 20,000 cash and signed a note for the balance September 18 Paid gas bill expenses Rs12,000 September 19 Received full payment from SH September 18 Withdrew Rs 6,000 cash for personal use September 18 Purchased supplies for Rs 3,000 on account September 23 Paid for outstanding note September 24 Withdrew supplies 400 for personal use September 28 Paid salaries 11,000 to staff and wages 4,000 to workers Required: a. Prepare General Journal.
Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
Dave Shurek started Hindsight Electric in February 2020. Hindsight completed the following transactions during February of the current year: Feb. 1 Began a Hindsight Electric company by investing $7,000 in cash and computer equipment having a $5,000 fair value. Feb. 2 Purchased electrical tools for $1,100 on account. Feb. 4 Completed hot tub electrical work for $1,900 on account. Feb. 8 Completed electrical panel upgrade for $500 cash. Feb. 10 Paid for the items purchased on credit on February 2. Feb. 14 Paid $1,600 for the annual rent. Feb. 18 Received $900 for the work completed on February 4. Feb. 27 D. Shurek withdrew $200 cash from the practice to pay personal expenses. Feb. 28 Paid the February utility bills, $100. Prepare general journal entries to record the transactions. Include a brief description for each entry.
S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
Required Journal Entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2.Bought grocery supplies on account ₱10,700. 4.Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6.Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7.Paid ₱1,600 delivery charge for January 6 transactions. 8.Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11.Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12.Paid ₱1,200 freight for January 11 transactions. 14.Returned defective merchandise to Puregold amounting to ₱4,500.…
November 2019 Details Purchased goods worth RM 2,000 from Mini Market on credit. Some of the damaged goods worth RM200 were returned to Mini Market. Made cash sales worth RM500. The café provided catering service to Kamil Enterprise worth RM 4,000 on credit. Paid utility bills amounted to RM 1,500 by cash. Paid full amount to Mini Market on the purchased goods by cheque. Kamil Enterprise settled its account by cheque. Purchased a brand new microwave worth RM6,000 on credit from Bobo Equipment. Miss Jupiter took goods worth RM250 for her personal use. Delivered food to customer at several office premises and colleges. Total sales worth RM 2,000 for cash. Sent the business's delivery van to workshop for repairs. The cost was RM 600 and paid by cash. 11 15 19 22 25 29 Required: Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. a. b. Show the accounts to be debited and credited for all of the above…
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
5. On September 1* 2020 Mr. SAM started new repair service business. Listed below are the transactions for the month of September 2019. On September 1 Mr. SAM invested Rs 250,000 cash in new business On September 5 Purchased office supplies 1,500 On September 11 Purchases building 50,000 paid cash 33,000 signed notes payables for remaining balance September 13 Received cash Rs. 27,000 for services rendered September 16 Rendered services to client SH worth 23,000 but payment not yet received. September 17 Purchased equipment for Rs 33, 000, paying Rs. 20,000 cash and signed a note for the balance September 18 Paid gas bill expenses Rs12,000 September 19 Received full payment from SH September 18 Withdrew Rs 6,000 cash for personal use September 18 Purchased supplies for Rs 3,000 on account September 23 Paid for outstanding note September 24 Withdrew supplies 400 for personal use September 28 Paid salaries 11,000 to staff and wages 4,000 to workers Required: a. Prepare General Journal.…
Post the following transactions into General Journal and report them in Table 3 given below. On November 01,2019 Ali Raza started Motor business with RS.500,000. On November 03, 2019 Purchase Furniture for Cash Rs. 10,000. On November 08, 2019 Purchase Land on account worth of Rs. 200,000. On November 13, 2019 sold motors on account for Rs. 100,000. On November 23, 2019 Owner withdrew Rs. 20,000 for personal use. Table 3 for General Journal S.No Date Account Title & Explanations Amount in Rupees Debit Credit 1 2 3 4 5
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:…
The following are the business transactions of Reyes Broiler farm for the month of March 2019. March 2 The owner borrowed P150,000 from Landbank to be used in the business. 4 Bought farm equipment P30,000. Terms: 50% down payment, balance on account. 5 Cash sales of broilers P15,000. 7 Purchased farm supplies P7,000 on credit. 10 Sales of broilers on account P10,000. 15 Paid the salaries of the farm workers P12,000. 18 Sales of broilers P12,000. 50% collected in cash , balance on account. 22 Bought additional farm supplies P5,000 and paid cash. 24 Paid the rent for the land P15,000. 25 Cash sales of broilers P30,000. 26 Paid Landbank P50,000. 27 Sales of broilers on account P14,000. 28…