Prepare the journal entries using only General Journals to show the double entries of the following transactions of Gaya Trading in the month of March: 1Started business with RM59,000 in the bank and RM1,000 cash.2Bought stationery by cheque RM750.3Bought goods on credit from Smart Warehouse RM10,100.4Sold goods for cash RM3,400.5Paid insurance by cash RM290.7Bought a computer on credit from Tech Trader RM4,000.8Paid miscellaneous expenses by cash RM50.10Sold goods on credit RM6,300 to Bina Construction.14Paid wages by cash RM350.17Paid rent by cheque RM2,250.20Received cheque RM4,000 from Bina Construction.21Paid Tech Trader by cheque RM4,000.23Bought goods on credit from Savemart RM2,500.25Sold goods on credit to Flora Trader RM6,450.31Paid Savemart by cheque RM1,250.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: Prepare the journal entries using only…

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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Journalize the transactions shown below in the two-column general journal that follows. Calculate HST (13%) on all sales transactions. | Oct. 2 Cash Sales Slip No. 102 to S. Stewart, $102.50 plus taxes. 6 Sales Invoice No. 617 to Jack Morrison, $250.90 plus taxes. Cheque Copy 10 No. 910 to Industrial Suppliers, $500 on account. Cash Receipt From Jack Mahoney, $322.50 on account. 12 18 Purchase Invoice From Grand's Stationers, S60.50 for office supplies taxes. 20 Cheque Copy No. 911 to Jack Whitcombe, $525 for personal use. 24 Bank Debit Memo $31.90 for bank service charge. Cash Sales Slip No. 103 to J. Beck, $450 plus taxes. 31
Record the transactions. (Journal Entries) December 1 Issued check for $200 for December rent Took out a short term loan from the bank in the amount of $1,600. Note is due in 60 days at 6% interest. 3 Issue credit memo for $20 to Ritter for merchandise returned 4 Received check for $392 (after discount) from Dunn in payment on account Issued check for $891 (net of discount) to Service Toy 7 Received check for $343 (after discount) from Ritter in payment on account 8 Harris issues credit memo to us for $18 (inventory) Sold equipment for $60. Orginal cost was $500. Accumulated depreciation at the time of sale was $450 9 Purchase merchandise on account from Larkin $1,000 11 Sold merchandise on account to Thayer $200 Issue check to purchase new equipment for $400 12 Purchase merchandise on account from Clark $ 1,300 14 Issue check for $24 for phone bill Sold merchandise on account to Gage $350 15 Cash sales from December 1 to 15 were $ 2,030…
en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
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On April 3, Erin Gardner received her bank statement showing a balance of $2,086.93. Her checkbook showed a balance of $1,912.47. Outstanding checks were $234.15, $317.80, $78.10, $132.42, and $212.67. The account earned $20.43. Deposits in transit amount to $814.11, and there is a service charge of $7.00. Use the form below to calculate the reconciled balance. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Service Charges & Other Debits ADJUSTED CHECKBOOK BALANCE tA ta ta ta tA STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct: Outstanding Checks LA tA ·SA $ LA ADJUSTED STATEMENT BALANCE $ LA E
3.
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A customer purchased P5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and mailed a P5,000 check on September 30. Discount Paper Supply received the check on October 4. In recording this transaction, Discount Paper Supply should credit Sales Revenue for P5,000 on _____

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1	Started business with RM59,000 in the bank and RM1,000 cash.
2	Bought stationery by cheque RM750.
3	Bought goods on credit from Smart Warehouse RM10,100.
4	Sold goods for cash RM3,400.
5	Paid insurance by cash RM290.
7	Bought a computer on credit from Tech Trader RM4,000.
8	Paid miscellaneous expenses by cash RM50.
10	Sold goods on credit RM6,300 to Bina Construction.
14	Paid wages by cash RM350.
17	Paid rent by cheque RM2,250.
20	Received cheque RM4,000 from Bina Construction.
21	Paid Tech Trader by cheque RM4,000.
23	Bought goods on credit from Savemart RM2,500.
25	Sold goods on credit to Flora Trader RM6,450.
31	Paid Savemart by cheque RM1,250.