Prepare all the journal entries . 1 Started business with ? 50,000, paid into Bank 20,000.2 Bought furniture for ? 5,000 and Machinery for? 10,000.3 Purchased goods for ? 14,000.6 Sold goods for 8,000.8 Purhased goods from Malhotra & Co. 7 11,000.10 Paid telephone rent for the year by cheque 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for ? 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for persona! use ? 1,500.20 Withdrew from bank for business use 3,500.21 Received cash from Keshav Ram 11,900, discount allowed 100.22 Paid into bank ? 5,800.23 Bought 50 shares in XY and Co. Ltd. at ? 60 per share, brokerage paid ? 20.25 Goods worth ? 1,000 found defective were returned to Malhotra & Co. and the balaof the amount due to them was settled by issuing a cheque in their favour.28 Sold 20 shares of XY and Co. Ltd, at ? 65 per share, brokerage paid ? 20.28 Bought goods worth ? 2,100 from Ramesh and supplied them to Suresh at ? 3,000.30 Suresh returned goods worth 100, which in turn were sent to Ramesh.30 Issued a cheque for ? 1,00O0 in favour of the landlord for rent for September.30 Paid salaries to staff ? 1,500 and received from travelling salesman ? 2.000 for gesold by him, after deducting his travelling expenses ? 100.30 Paid for : Charity ? 101; Stationery ? 450; Postage ? 249,

1)Cash account Dr ::$30,000... Bank account Dr :::$20,000 To Capital Account ::$50,000..…

Answered: Prepare all the journal entries .

Business

Accounting

Prepare all the journal entries .

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13RE: Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank...

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A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
Post all the journal entries.
Enter the following transactions in the accounts of L Linda: 20X7 a. July 1 Started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess £4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H Rise returned goods to us £65. 11 Sold goods on credit to G Pate £535 and R Sim £262. 12 We retumed goods to B Brown £94 13 Bought van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office furniture on credit from J Winter Ltd £1,800. 19 We returned goods to I Jess £130. 20 Bought goods for cash £390. 22 Goods sold for cash £110. 23 Paid money owing to B Brown by cheque £1,924. 24 Goods returned to us by G Pate £34. 26 Retumed some of office furniture costing £180 to J Winter Ltd. 27 L Linda put a further £2,500 into the business in the form of cash. 30 Paid…
1 ) Entries required.
July 1 Started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess £4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H Rise returned goods to us £65. 11 Sold goods on credit to G Pate £535 and R Sim £262. 12 We retumed goods to B Brown £94 13 Bought van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office funiture on credit from J Winter Ltd £1,800. 19 We returned goods to I Jess £130. 20 Bought goods for cash £390. 22 Goods sold for cash £110. 23 Paid money owing to B Brown by cheque £1,924. 24 Goods returned to us by G Pate £34. 26 Retumed some of office furniture costing £180 to J Winter Ltd. 27 L Linda put a further £2,500 into the business in the form of cash. 30 Paid Aberdeen Cars Ltd £4,370 by cheque. 31 Bought office furniture for…
8- A merchandise dealer bought an amount of (5,000) dinars in cash. 9- A merchandise dealer bought an amount of (5000) dinars on an account. 10- A merchandise dealer bought for (9000) dinars and paid half the price in cash and the rest at the expense of. 11- The dealer paid the transportation expenses of purchases an amount of 1500 dinars in cash. 12-A merchandise dealer sold for (1000) dinars in cash. 13- A merchant sold a merchandise to Walid for a sum of (1000) dinars, received 500 cash and the rest on the account. 14- A dealer paid an amount of 2,500 dinars in cash advertising. 15-A merchant bought a merchandise for 50,000 and paid for it with a check. 16- A furniture dealer bought an amount of (75,000) dinars by check. 17-A merchant paid an amount (100,000) of rent for a store by check. 18- A merchant drew $ 50,000 for personal use by check. 19- Merchant Nabil opened a current account in the bank and deposited 15,000 dinars into it cash Money. 20- Merchant Nabil sold goods for…
Journalize the following transactions and prepare cash account 1 Started business with 50,000, paid into Bank * 20,000.2 Bought furniture for 5,000 and machinery for * 10,000.3 Purchased goods for * 14,000.6 Sold goods for * 8,000.8 Purchased goods from Malhotra & Co. * 11,000.10 Paid telephone rent for the year by cheque * 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for personal use * 1,500.20 Withdrew from bank for business use 3,500.
1- Selling a commodity for the amount of 1,000 dinars to the merchant Muhammad and collecting half of it in cash and the rest on the account 2- Buying a commodity for an amount of 7,000 dinars from the merchant Samir and paying a quarter of its value by check from the company's account with the bank 3- The owner Bahaa bought machines for the amount of 5,000 dinars in cash, with half of them being recorded as an addition to the capital and the other half as a debt owed by the company. Required: Determine the debtor party and the credit party from each of the above operations
a. July 1 Started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess£4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H Rise returned goods to us £65. Enter the following transactions in the accounts of L Linda: 20X7 Discount received 14,080 Wages and salaries 622,000 Rates 49,000 Insurance 35,600 General expenses 81,200 Trade debtors 368,000 Trade creditors 322,400 Bank overdraft 80,400 Stock in trade, 1 January 2008 122,000 Land and buildings at cost 1,700,000 11 Sold goods on credit to G Pate £535 and R Sim £262. Plant and machinery at cost 1,230,000 12 We returned goods to B Brown £94 13 Bougbt van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office furniture on credit from J Winter Ltd £1,800. 19 We returned goods to I Jess £130. 20…
On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
ii. Purchased goods from Dina worth Rs.8.0 and installed paying Rs. 1000 as wages. and Bills payable accepted for the same. viii Paid cash Rs.900 after deducting 10% c Machine purchase for Rs. 12,000 from Ram at a trade discount of 10% and paid 60% iv. Paid to Ram Rs.7,600 in full settiement of Started business with cash of Rs.150,000 and Sold goods to Rita for cash Rs.10,000 and AE-13._ You are given the following transactions. iii. Rita settled her account and allowed 4 perc vi Good purchased worth Rs.900 from Shrista vii Sold goods to Shrijal costing Rs.1500 at a 15 ii. Purchased goods from Mohan for Rs.100,000 e. Goods withdraw by proprietor for personal use Rs.3,000 f Goods destroyed by fire of Rs.5,000 and claim admitted by insurance company for Rs.3,000 & Paid to Ram Rs.29,000 in full settlement of his account. लेखाविधिका सिद्धान्तहरू १ i. credit Rs.15,000. RO discount. account of Rs. 8,000. AE-9 The following transactions are given: Commencement of business with cash Rs.…
A business commenced with a bank balance of $3,250; it subsequently purchased goods on credit for $10,000; gross profit mark-up was 120%; half the goods were sold for cash, less cash discount of 5%; all takings were banked. The resulting net profit was A $700 B $3,700 C $5,450 D $5,700