resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real estate agent with a cash investment of£18,000 in exchange for shares. 2 Hires an administrative assistant. 3 Purchases office equipment for £1,700, on account. 6 Sells a house and lot for B. Clinton; bills B. Clinton £4,200 for realty services performed. 27 Pays £900 on the balance related to the transaction of October 3.30 Pays the administrative assistant £2,800 in salary for October. Instructions 1- Journalize the transactions. 2-The T- accounts below summarize the ledger

resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real estate agent with a cash investment of£18,000 in exchange for shares. 2 Hires an administrative assistant. 3 Purchases office equipment for £1,700, on account. 6 Sells a house and lot for B. Clinton; bills B. Clinton £4,200 for realty services performed. 27 Pays £900 on the balance related to the transaction of October 3.30 Pays the administrative assistant £2,800 in salary for October. Instructions 1- Journalize the transactions. 2-The T- accounts below summarize the ledger

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Description: I. Classroom >docs.google.comEEUntitled Sectionresented below is information relatedto Alrand firm.Oct. 1 Arnold Conanbegins business as a real estate agentwith a cash investment of£18,000 inexchange for shares. 2 Hires anadministrative assistant. 3

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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Current Attempt in Progress The following information relates to Bramble Real Estate Agency. Oct. 1 James Bramble begins business as a real estate agent with a cash investment of $21,900. Hires an administrative assistant. Purchases office furniture for $2,774, on account. Sells a house and lot for C. Rouse; bills C. Rouse $5,256 for realty services performed. Pays $1,606 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,650 in salary for October. 2 Oct. 1 3 27 Oct. 2 6 Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debits Credits Debits Credits Affect on Accounts Debit Credit Debit Debit-Credit Analysis Credit $ $ $ $ A
Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.
Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September:Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. 2. Paid three (3) months rent on a lease rental contract, $6,000. 3. Paid the premiums on the property and peril insurance policies, $3,000. 4. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900. 5. Purchased additional office equipment on…
2.
The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the business with a capital of 300,000. 12th Jan Purchase Goods costed 10,000. 13th Jan Sold goods for 7,000 on account. 17th Jan: Purchase printer costed 20,000 on account 18th Jan Bought Land for 50,000. 19th Jan: Received 3,000 from the client for goods sold on 13th Jan. 19th Jan Bought Land for 30,000 19th Jan: Withdraw a cash for personal use 2,000. 19th Jan: Paid 2,000 for printer purchased. 19th Jan Paid additional 10,000 for printer purchased. Write: a) Journal Entries. b) ledgers. c) Trial balance for the transactions.
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
16. Subject: - Accounting
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
Tanwir commenced his business on 1 October 20X9, with capital in the bank of $20,000. During his first month of trading, his transactions were as follows. 1 October Purchase inventories for $3,500 on credit from A Jones 3 October Paid $1,200 rental of premises, by cheque 5 October Paid $5,000 for office equipment, by cheque 10 October Sold goods costing $1,000 for $1,750, on credit to P Duncan 15 October Returned inventories costing $500 to A Jones 18 October Purchased inventories for $2,400 on credit from A Jones 25 October Paid A Jones for the net purchases of 1 October, by cheque 28 October P Duncan paid $500 on account, by cheque The balance on the account of A Jones at 31 October 20X9 was $ ........................................
A service provider had the following income during the month: Fees, paid in cash and checks Fees, paid in notes Advances by clients for future services Reimbursement for out-of-pocket expenses Reimbursement for client expenses 80,000 150,000 20,000 40,000 20.000 330.000 P the yer ba Total P. Combnre tpe 000 sad Compute the amount subject to business tax. P 350,000 b. P 250,000 с. Р 160,000 d. P 140,000 a. boheg
E3-7 This information relates to Crofoot Real Estate Agency. Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. 3 Buys office furniture for $3,800, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time). Oct. 1 6. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Instructions Prepare the debit-credit analysis for each transaction, as illustrated on pages 121-126.
Label each transaction as an Operating Activity, Investing activity, or Financing Activity and if it is an inflow or (outflow). 1. Drake issued 10,000 shares of common stock for $40,000 2. Drake collected $80,000 from customers on Accounts Receivables 3. Drake Paid $5,000 in interest payments on their bonds 4. Drake purchased a new copy machine and paid cash of $35,000 5. Drake sold their old copy machine for $2,000 cash 6. Drake paid a $4,500 dividend to shareholders 7. Drake borrowed $40,000 cash from the bank on December 28,2019 (payments begin 1/28/20) 8. Drake purchased a patent for $15,000 cash 9. Drake paid $65,000 cash in wages during 2019 10. Drake paid 2018 taxes due in the amount of $10,500 on April 15, 2019 Indicate the total net cashflow (Inflow-Outflow) from above for each classification: Operating Investing Financing