Q1 : On the end of the period, Sun Company buys a OMR 600 Office supplies on credit. This transaction will affect the: balance sheet only а. income statement and owner's equity O b. statement only. income statement only. С. income statement, owner's equity d. statement, and balance sheet.

Q1 : On the end of the period, Sun Company buys a OMR 600 Office supplies on credit. This transaction will affect the: balance sheet only а. income statement and owner's equity O b. statement only. income statement only. С. income statement, owner's equity d. statement, and balance sheet.

Name: Q1 : On the end of the period, SunCompany buys a OMR 600 Officesuppli
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Description: Q1 : On the end of the period, SunCompany buys a OMR 600 Officesupplies on credit. This transaction willaffect the:balance sheet onlyа.income statement and owner's equityO b. statement only.income statement only.income statement, owner's equityd. st

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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! Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for 2016: Established the business when it acquired $53,000 cash from the issue of common stock. Jan. 30 Feb. 1 Paid rent for office space for two years, $16,100 cash. Apr. 10 Purchased $830 of supplies on account. July Received $27,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $33,000 cash.. 15 Received $9,400 cash from accounts receivable. Nov. 16 Billed customers $34,500 for services rendered on account. Dec. 1 Paid a dividend of $700 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salaries as of…
Q4) Following is the Trial Balance of Ali Trading Company as on 31-12-2021. You are required to prepare Income Statement and Balance Sheet. Name of Account Machinery Account receivable Bank account Building Purchases Opening stock Drawings Carriage in Wages Salaries expenses Sale returns Postal expenses Trade expenses Total SR 12,000 10,690 . 3,150 7,928 3,700 384 250 600 1,910 1,300 119 133 700 42,864 Name of Account Sales Account payable Interest received Capital Total End period adjustments are as follow: The merchandise inventory as on 31-12-2021 was valued at SR 1,500. Trade expense paid in advance SR 200. • • • Depreciation on machinery SR 3000 and Building SR 928. Outstanding wages SR 120. Unearned interest SR 27. Salaries paid in advance SR 120. SR 10,000 12,408 627 19,829 42,864
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Q9 From the following trial balance of Lim Trading, draw up an Income Statement for the year ended 31 December 2018 and a balance sheet as at that date. Inventory (1.1.2018) Carriage outwards Carriage inwards Returns inwards Returns outwards Purchases Sales Salaries and wages Rent Insurance Motor expenses Office expenses Lighting and heating expenses General expenses Premises Motor vehicles Fixture and fittings Trade receivables Trade payables Cash at bank Drawings Capital Inventory Debit (RM) 2,368 200 310 205 11,874 3,862 304 78 664 216 166 314 5,000 1,800 350 3,896 Docombor 2018 was $2 916 482 1,200 33,289 Dredit (RM 322 18,600 1,731 12,636 33,289
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
FUNDAMENTALS OF ACCOUNTING 14. If the prepaid rent account had an unadjusted normal balance of P3.400 and an adjustment was made crediting the account for P800, then the account would appear on the worksheet as a(n): a. P2,600 debit balance in the balance sheet columns b. P800 credit balance in the income statement columns c. P2,600 credit balance in the adjusted trial balance columns d. P800 credit balance in the balance sheet columns 15. Unearned service revenue has a balance that is P800 less in the worksheet's balance sheet credit column than in the worksheet's trial balance credit column. From this data, it can be determined that: unearned service revenue was credited for P800 in the adjustments columns b. service revenue was debited for P800 in the adjustments columns service revenue was credited for P800 in the adjustments columns d. unearned service revenue was credited for P800 in the adjusted trial balance columns
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Subject - account Place help me. Thankyou.
Required: a. Prepare a Trial balance as at 30 June 2022.
Multiple choice
Use the following T-accounts: Accounts Receivable Bal. 46,500 Fees Earned Revenue Bal. 63,000 Commission Expense Bal. 7,500 Supplies Expense Bal. 5,900 Wages Expense Bal. 47,000 Dividends Bal. 3,800 Retained Earnings Bal. 54,000 Prepare the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.