Question #2 - Post the transactions to the Ledger PLEASEE HELP ME HURRU.I AM IN DESK Wanda, the owner invests $40,000 into her business Acme Company Purchases equipment on credit for $10,000 Does work for a customer and immediately receives $3000 Does work for another customer for $4000 and sends them a bill Purchases office supplies for $1500 Receives payment of $2,500 from customer in # 4 above Pays assistant $1,000 Pays rent of $1,200 Pays $4,000 towards equipment purchased in #2 Takes out $200

Question #2 - Post the transactions to the Ledger PLEASEE HELP ME HURRU.I AM IN DESK Wanda, the owner invests $40,000 into her business Acme Company Purchases equipment on credit for $10,000 Does work for a customer and immediately receives $3000 Does work for another customer for $4000 and sends them a bill Purchases office supplies for $1500 Receives payment of $2,500 from customer in # 4 above Pays assistant $1,000 Pays rent of $1,200 Pays $4,000 towards equipment purchased in #2 Takes out $200

Name: Question #2 - Post the transactions to the LedgerPLEASEE HELP ME HURR
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Question #2 - Post the transactions to the LedgerPLEASEE HELP ME HURRU.I AM IN DESKWanda, the owner invests $40,000 into her business Acme CompanyPurchases equipment on credit for $10,000Does work for a customer and immediately receives $3000Does wo

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

Q. Prepare the journal entries:
PA6. LO 8.5 Prepare a trial balance using the journal entries in the Problem PA5.
Required Question A business purchases $600 worth of furniture. They debit their Furniture Account $600 correctly, but they also debit their Bank account $60O. They don't credit any accounts. If the Bank account had $2,000 in the account before the error, what can was say about the account balance after the error? HINT: Draw some T- accounts to help you. * O The Bank Account balance is correct. O The Bank Account balance is overstated by $600 from what it should be. The Bank Account balance is overstated by $1,200 from what it should be. Back Next Page 20 of 25 Clear form
Problem 3-8 Determining the Effects of Transactions on the Accounting Equation (textbook p. 73) Owner's Equity Assets Liabilities Abe Schultz, Capital + $10,000 Cash in Accounts Office Grooming Accounts Receivable Equipment Equipment = Payable Trans. Bank 1 | + $10,000 Balance 2 Balance 3 Balance Balance 5 Balance Balance 7 Balance Analyze:
EE Fit to page Page view A Read aloud PART A Question: Imagine you are the finance manager of Al Mohsin Company. The company management feels that the cash management of the company should be made more effective. The following information from the company's records is available to you: Miscellaneous Month Sales Purchase Wages 7,000 еxpenses 1,000 3,000 February 40,000 20,000 March 55,000 14,000 8,000 April Мay 60,000 28,000 30,000 32,000 9,000 2,000 74,000 90,000 9,000 2,000 June 8,800 3,500 Additional Information 1. Al Mohsin LLC expects to have RO 8,000 cash balance at the beginning of April. 2. Period of credit allowed by suppliers – 2 months 3. 40% of the total sale is for cash. Half of the credit sale is collected in the next month of sale and the remaining half in the following month after that. 4. Delay in payment of wages 1/4 month 5. Delay in payment of expenses 1/2 month 6. Income tax to be paid in the month of June RO 1,500. You are required to : a. Prepare an estimate of…
Help Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
QUESTION TWO Enter the following transactions in the accounts of R.Sampa,balance off the accounts and extract the Trial Balance: 2022 Nov 1 Started in business with K15,000 in the bank. 3 Bought goods on credit from: J Small K290; F Brown K1,200; T Rae K610; R Charles K530. 5 Cash sales K610. == 6 Paid rent by cheque K175. 7 Paid business rates by cheque K130. 11 Sold goods on credit to: T Potts K85; J Field K48; T Gray K1,640. == == 17 Paid wages by cash K290. 18 We returned goods to: J Small K18; R Charles K27 19 Bought goods on credit from: R Charles K110; T Rae K320; F Jack K165. == == 20 Goods were returned to us by: J Field K6; T Potts K14. 21 Bought van on credit from Turnkey Motors K4,950. 23 We paid the following by cheque: J Small K272; F Brown K1,200; T Rae K500. == == 25 Bought another van, paying by cheque immediately K6,200. 26 Received a loan of K750 cash from B. Bennet. 28 Received cheques from: T Potts K71; J Field K42. 30 Proprietor brings a further K900 into the…
Recording Journal Entries Prepare journal entries for each of the following transactions of Alma Inc. a. Issues stock to shareholders in exchange for $30,000 cash. b. Purchases $9,000 of equipment by signing a note payable. c. Performs $7,500 of services for customers on account. d. Pays $3,000 cash for legal services. Ref. a. b. C d. General Journal Account Name Save Answers + 00 수 0000 # + + ÷ 수 Dr. 0 OOOooooo 0 0 0 0 0 0 Cr. OOOOOOOO 0 0 0 10 0 0
LONG PROBLEM 3. You own a small shop that sells medical equipment. However, due to the economic downturn since 2020, you decided that you had to lay off one of its four employees in the accounting department. Thus, you have to assign some duties to the three remaining employees - Abigail, Bryan, and Chris maintaining the appropriate separation of duties. The duties that have to be assigned are: while а. Reconcile bank statement. b. Open mail and list checks. c. Prepare checks for Phillip's signature. d. Prepare payroll checks. e. Maintain personnel records. f. Prepare deposit and take to bank. g. Maintain petty cash. h. Maintain accounts receivable records. Maintain general ledger. j. Reconcile accounts receivable records to general ledger account. i. Requirements: 1. Assign the above tasks to the three remaining employees 2. Explain your answer to no. 1 in one paragraph, keeping in mind the idea of separation of duties. 3. How else should you improve the internal controls within the…
Subject: principle of accounting Question No 2 Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash  Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1: Accounting Equation 2. Trail Balance 3. Financial statement
TRANSACTION : He bought a 10k office equipment paying 3k cash only and the balance will be paid after 30days QUESTIONS 1. So if recording in LEDGER (account name : CASH) is the 3k will be recorded on credit or the 10k? 2. In the LEDGER (account name : OFFICE EQUIPMENT) is the 10k must be recorded on the debit or the 3k? Please be on point on the answer, I'm just a little bit confused to this situation, thankyou! Don't answer the pic attached just answer my 2 questions only
Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.