On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for ctive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and ther tricks. The following transaction occurred during the first month of operations, please indicate how it should be recorded as a journal entry: September 30 Description Richard promised to pay on October 6th to his parents the extra charge for the month of September that comes in the insurance premium of their cars for having him as an additional driver (male under 25). Multiple Choice O The economic event does not need a journal entry Dr. Prepaid Transportation 800 and Cr. Cash 800. Dr. Transportation Expense 800 and Cr. Cash 800 Dr. Transportation Expense 800 and Cr. Transportation Payable 800 None of the other journal entries are correct, it is another journal entry Amount $800

On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for ctive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and ther tricks. The following transaction occurred during the first month of operations, please indicate how it should be recorded as a journal entry: September 30 Description Richard promised to pay on October 6th to his parents the extra charge for the month of September that comes in the insurance premium of their cars for having him as an additional driver (male under 25). Multiple Choice O The economic event does not need a journal entry Dr. Prepaid Transportation 800 and Cr. Cash 800. Dr. Transportation Expense 800 and Cr. Cash 800 Dr. Transportation Expense 800 and Cr. Transportation Payable 800 None of the other journal entries are correct, it is another journal entry Amount $800

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Description: On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed foractive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how t

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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Jocelyn runs her own photography business and has done for the past 10 years. Her business income has remained relatively stable over the last 5 years, at around $1m. On 20 May 2021 Jocelyn purchased a new digital camera for $4,400. Assume that the camera as having an effective life of 5 years according to the Commissioner's ruling. On 1 September 2021, Jocelyn decided to upgrade her camera in order to produce the highest quality brochures, photos and documents for her clients. She paid $12,000 for the latest high-end digital camera. She traded in her old camera for $2,400 when she purchased her new camera. Assume the effective life of the new camera is 5 years. While the cameras are for Jocelyn's use in her business, she has sometimes used them to take family photos and photos of her hiking trips due to the superior quality of the cameras. Jocelyn’s personal use of the cameras amounts to 10%. Jocelyn is registered for GST (so you must account for this). Step through the criteria,…
Subject: acounting
4
Received a $760 deposit from a customer who wanted her piano rebuilt in February. how would you Record the transaction.
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