Question No.1The following transactions were completed byRonaldo during the month of June 2016.01 Commenced business with an investment ofcash Rs. 30,000 and furniture worth Rs. 20,000.02 Purchased merchandise on account fromNeymar for Rs. 25,000 and paid carriagethereon Rs. 500.04 Purchased equipment for cash Rs. 2,000.06 Withdrew merchandise worth Rs. 600 and cashRs. 1,300 for personal use.08 Cash sales for the day Rs. 3,000.12 Purchased supplies for cash Rs. 1,500.15 Paid salaries in cash Rs. 2,600.19 Sold merchandise on account to Messi Rs.6,000.22 Defective goods returned by Messi of Rs. 300.25 Paid rent in cash Rs. 1,000.27 Paid to Neymar Rs. 16,000.29 Received cash from Tariq Rs. 4,000.30 Paid for insurance Rs. 900.Required:• Prepare journal entries.• Prepare general ledger accounts.• Prepare Trial Balance having complete title andcolumn headings.

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

Answered: Question No.1 The following…

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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Question#01: 06 The following information pertains to TNT Company for July 2017: 1. Cash balance per bank, July 31, Tk.7,586 2. July bank service charge not recorded by the depositor Tk.30 3. Bank Debited TK. 30 for printing cheque book. 4. Cash balance per books, July 31, Tk. 7,374 5. Deposits in transit, July 31, Tk.1,000 6. The note collected by the bank was Tk.700, 3-month, 12% note in July, less fee Tk. 14. The collection has not been recorded by Crane, and no interest has been accrued. 7. Outstanding checks, July 31, Tk.591 8. A TNT Company check for TK.362, dated July 10, cleared by the bank on July 25. The company recorded this check, which was a payment on account, for TK. 326. Instructions: a) Prepare bank reconciliation as at July 31. b) Journalize the entries required by the reconciliation.
A Exercises- cash and Cash Equivale X ( Julia Mae Duran - cash & Cash Ec X A classroom.google.com/u/0/c/MTI2MTU4NDEOMTI×/a/MTC5OTKXODA3NTMO/details 중 Incognito Determine Cash Balance) The controller for Wallaby Co. is attempting to determine the amount of cash and cash equivalents to be reported on its December 31, 2015, statement of financial position. The following information is provided. ACCTG. ED. 06 A- MT 10:30 am-12:00 Noon 1. Commercial savings account of £600,000 and a commercial checking account balance of £800,000 are held at First National Bank of Olathe. Exercise 2. Money market fund account held at Volonte Co. (a mutual fund organization) permits Wallaby to write checks on this balance, £5,000,000, Assigned Ma. Daria Labalan 3. Travel advances of £180,000 for executive travel for the first quarter of next year (employee to reim- burse through salary reduction). 30 points Mae Duran - Attached is your a 1. Concealment of 2. Accounting for dd or create 4. A separate cash…
PM1
16-A Merchandise business paid cash for Travelling expenses of OMR 30. But it was recorded as Debit Cash OMR 30 and Credit Travelling expenses OMR 30. Which of the following rectification entry will be correct? a. Debit Travelling expenses OMR 60 Credit Cash OMR 60 b. Debit Cash OMR 60 Credit Travelling expenses OMR 60 c. Debit Travelling expense OMR 15 Credit Cash OMR 15 d. Debit Travelling expense OMR 30 Credit Cash OMR 30
Question 4 The following is a summary from the cash book of Lim Enterprise for October 2017. RM RM Opening balance b/f 1,407 Payments 15,520 Receipts 15,073 Closing balance c./f 960 16,480 16,480 On investigation, you discover that: Bank charges of RM35 shown on the bank statement have not been entered in the cash book. A cheque drawn for RM47 has been entered in error as a receipt. A cheque for RM18 has been returned by the bank marked ‘refer to drawer’, but it has not been written back in the cash book. An error of transposition has occurred in that the opening balance in the cash book should have been carried down as RM1,470. Three cheques paid to suppliers for RM214, RM370 and RM30 have not yet been presented to the bank. The last page of the paying-in-book shows a deposit of RM1,542 which has not yet been credited to the account by the bank. The bank…
Question 2 Kay Karimah's Cash Book at 30th November 2015 showed an overdrawn position of RM3,630 although her bank statement showed only RM2,118 overdrawn. Detailed examination of the two records revealed the following: A. 1. 2. 3. 4. 5. 6. 7. 9. The debit side of the cash book had been undercasted by RM300. A cheque for RM1,560 in favour of Zaini Suppliers Bhd. had been omitted by the bank from its statement, the cheque having been debited to another customer's account. 8. A lodgement of RM1,080 on 30th November had not been credited by the bank. Bank charges amounting to RM228 had been debited by the bank but not entered in the cash book. A cheque for RM182 drawn in payment of the telephone account had been entered in the cash book as RM128 but was shown correctly on the bank statement. A cheque for RM210 from Ahmad Hakimi having been paid into the bank was dishonoured and shown as such on the bank statement although no entry relating to the dishonour had been made in the cash book.…
Section V: SCF Question 3 Identify the following sections of the McDonald's SCF and record the amounts. Check the math by summing to the cash balance at end of year. Verify that the ending cash balance reported on the SCF is the same as reported on the balance sheet for the current year, Section Current Prior Year Second Prior Year Year Cash provided by operations? Click here to Click here to Click here to enter text. enter text. enter text. Cash used for investing activities? Click here to Click here to Click here to enter text. enter text. enter text. Cash used for financing activities? Click here to Click here to Click here to enter text. enter text. enter text. Cash and equivalents balance at end of year? Click here to Click here to Click here to enter text. enter text. enter text. D Focus lish (United States)
Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…
25-Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30 c. Received cash from Sohar Supplies LLC for RO 12,500 d. Cash paid to Muscat Mobiles LLC RO 12,500
Subject: Fundamentals of Accounting 2 Topic: Statement of Financial Position(SFP) Lakwandasan General Merchandising Store Lakwandasan General Merchandising Store is managed by Mr. Lakwandasan asked you to determined the balance of his cash account as of December 31, 2018. You determined the following: He kept some cash in the store a change fund. The cash count revealed 8 pcs of 100 peso bill, 20 pieces of 50 bills, 10 pieces of 20 peso bills 40 pieces of 10 peso coins,, 20 pieces of 5 peso coins, 132 pieces of 1 peso coins and 100 pieces of 25 centavo coins. Three of his regular customer gave Mr. Lakwandasan the following check in payments of debt. Php 9,800 dated November 15,2018. Php 12,500 check dated December 23 2018. Php 7,500- Checked dated Febuary 2019 There are two bank account in the name of the store with the following balances. Balance of the saving account on Dec. 31, 2019 according to the passbook is Php 50,150,. A time deposit certificate for Php 200,000 for 90…
The below information is related to the business of Abbas Traders during the month of March 2021. Dates 1 Started business with Rs. 30,000 through cash 2 Borrowed Rs.40,000 from bank to purchase a van . 5 Buys office equipment for Rs. 5,000 in cash. 6 Purchases inventory for Rs.18,000 on credit. 7 Pays Rs.10,000 to Supplier for inventory purchases 9 Sells inventory for cash of Rs.12,000 10 Sells inventory on credit for Rs. 9,000 12 Repays loan of Rs. 10,000 13 Pays Rs.6,000 to supplier 15 Receives Rs.8,000 from customer against credit sales made on 10th March. a) Prepare Journal entries for the above transactions b) Prepare ( T-accounts)
Activity 4: journalize the following transactions

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