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Scenario: You are presented with the following transactions for 2021 from the books of a 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 đocuments and books as outlined in the requirements below. 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines $350.00 per engine 8 large motor bike engines (partial service) $650.00 per engine 12 medium size motorbike engine (partial service)_ $550.00 per engine 1 Aug Started business with $150, 000 in the bank 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 3 Aug Bought supplies on credit from Right Way Manufacturers 13 Aug Received a loan from NBC cash $25,000.00 24 Boxes Air Filter $720.00 per box 14 Aug Provided services on credit to P&S Auto 96 Bottles fuel injector cleaner $200.00 per bottle 18 Large motorbike engines (full service) $950.00 per engine 48 Boxes Spark Plug $300.00 per box 12 medium size motor bike engines $650.00 per engine 36 Boxes Brake Shoe $580.00 per box 24 medium size motorbike engines $550.00 per engine 24 Boxes Disc Pads $400.00 per box 20 small motorbike engines $350.00 per engine 5 Aug Provided services for cash less 10% discount 21 Aug Paid CT Ltd by cheque $8,000.00 12 small motorbike engines $350.00 per engine 22 Aug Paid wages cash $8,000.00 6 large motorbike engines (full service) $950.00 per engine 23 Aug Paid Right Way Manufacturer the amount owing to them 8 medium size motorbike engines (full service) $800.00 per engine by cheque, they allowed us a 15% discount 7 Aug Paid Rent by cheque $5,000.00 27 Aug P&S Auto paid the amount owing by them in 10 Aug Paid Wages by cheque $8,000.00 Cash less 10 % discount 10 Aug Bought Fixtures from CT Limited $3,500.00 27 Aug Electricity paid by cash $1,500.00 paying by cash 28 Aug The owner took $5000 out of the bank for his personal use

Scenario: You are presented with the following transactions for 2021 from the books of a 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 đocuments and books as outlined in the requirements below. 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines $350.00 per engine 8 large motor bike engines (partial service) $650.00 per engine 12 medium size motorbike engine (partial service)_ $550.00 per engine 1 Aug Started business with $150, 000 in the bank 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 3 Aug Bought supplies on credit from Right Way Manufacturers 13 Aug Received a loan from NBC cash $25,000.00 24 Boxes Air Filter $720.00 per box 14 Aug Provided services on credit to P&S Auto 96 Bottles fuel injector cleaner $200.00 per bottle 18 Large motorbike engines (full service) $950.00 per engine 48 Boxes Spark Plug $300.00 per box 12 medium size motor bike engines $650.00 per engine 36 Boxes Brake Shoe $580.00 per box 24 medium size motorbike engines $550.00 per engine 24 Boxes Disc Pads $400.00 per box 20 small motorbike engines $350.00 per engine 5 Aug Provided services for cash less 10% discount 21 Aug Paid CT Ltd by cheque $8,000.00 12 small motorbike engines $350.00 per engine 22 Aug Paid wages cash $8,000.00 6 large motorbike engines (full service) $950.00 per engine 23 Aug Paid Right Way Manufacturer the amount owing to them 8 medium size motorbike engines (full service) $800.00 per engine by cheque, they allowed us a 15% discount 7 Aug Paid Rent by cheque $5,000.00 27 Aug P&S Auto paid the amount owing by them in 10 Aug Paid Wages by cheque $8,000.00 Cash less 10 % discount 10 Aug Bought Fixtures from CT Limited $3,500.00 27 Aug Electricity paid by cash $1,500.00 paying by cash 28 Aug The owner took $5000 out of the bank for his personal use

FINANCIAL ACCOUNTING
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

How would the attached transactions (see pictures) be recorded in the general journal using only the following account names:

Capital

Cash

Supplies

Right Way Manufacturers

J Manufacturers

P&S Auto

CT Ltd

Service Revenue

Discount Allowed

Rent Expense

Wages Expense

Supplies Expense

Fixtures

Auto Care

Loan NBC

Discount Received

Electricity Expense

Drawings

Scenario: You are presented with the following transactions for 2021 from the books of a 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. 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines $350.00 per engine 8 large motor bike engines (partial service) $650.00 per engine 12 medium size motorbike engine (partial service) $550.00 per engine 1 Aug Started business with $150, 000 in the bank | 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 3 Aug Bought supplies on credit from Right Way Manufacturers 13 Aug Received a loan from NBC cash $25,000.00 24 Boxes Air Filter $720.00 per box 14 Aug Provided services on credit to P&S Auto 96 Bottles fuel injector cleaner $200.00 per bottle 18 Large motorbike engines (full service) $950.00 per engine 48 Boxes Spark Plug $300.00 per box 12 medium size motor bike engines $650.00 per engine 36 Boxes Brake Shoe $580.00 per box 24 medium size motorbike engines $550.00 per engine 24 Boxes Disc Pads $400.00 per box 20 small motorbike engines $350.00 per engine 5 Aug Provided services for cash less 10% discount 21 Aug Paid CT Ltd by cheque $8,000.00 12 small motorbike engines $350.00 per engine 22 Aug Paid wages cash $8,000.00 6 large motorbike engines (full service)_ $950.00 per engine 23 Aug Paid Right Way Manufacturer the amount owing to them 8 medium size motorbike engines (full service) $800.00 per engine by cheque, they allowed us a 15% discount 7 Aug Paid Rent by cheque $5,000.00 27 Aug P&S Auto paid the amount owing by them in 10 Aug Paid Wages by cheque $8,000.00 Cash less 10 % discount 10 Aug Bought Fixtures from CT Limited $3,500.00 27 Aug Electricity paid by cash $1,500.00 paying by cash 28 Aug The owner took $5000 out of the bank for his personal use.
Transcribed Image Text:Scenario: You are presented with the following transactions for 2021 from the books of a 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. 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines $350.00 per engine 8 large motor bike engines (partial service) $650.00 per engine 12 medium size motorbike engine (partial service) $550.00 per engine 1 Aug Started business with $150, 000 in the bank | 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 3 Aug Bought supplies on credit from Right Way Manufacturers 13 Aug Received a loan from NBC cash $25,000.00 24 Boxes Air Filter $720.00 per box 14 Aug Provided services on credit to P&S Auto 96 Bottles fuel injector cleaner $200.00 per bottle 18 Large motorbike engines (full service) $950.00 per engine 48 Boxes Spark Plug $300.00 per box 12 medium size motor bike engines $650.00 per engine 36 Boxes Brake Shoe $580.00 per box 24 medium size motorbike engines $550.00 per engine 24 Boxes Disc Pads $400.00 per box 20 small motorbike engines $350.00 per engine 5 Aug Provided services for cash less 10% discount 21 Aug Paid CT Ltd by cheque $8,000.00 12 small motorbike engines $350.00 per engine 22 Aug Paid wages cash $8,000.00 6 large motorbike engines (full service)_ $950.00 per engine 23 Aug Paid Right Way Manufacturer the amount owing to them 8 medium size motorbike engines (full service) $800.00 per engine by cheque, they allowed us a 15% discount 7 Aug Paid Rent by cheque $5,000.00 27 Aug P&S Auto paid the amount owing by them in 10 Aug Paid Wages by cheque $8,000.00 Cash less 10 % discount 10 Aug Bought Fixtures from CT Limited $3,500.00 27 Aug Electricity paid by cash $1,500.00 paying by cash 28 Aug The owner took $5000 out of the bank for his personal use.
28 Aug Provided services for cash 12 small motorbike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine 4 medium size motor bike engines $800.00 per engine 29 Aug Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner $200.00 per bottle 9 Boxes Air Filters $720.00 per box 8 Boxes Sparks Plugs $300.00 per box 30 Aug Provided service for cash 8 small motorbike engines $350.00 per engine 7 Large motorbike engines $950.00 per engine 8 Medium motorbike engines $550.00 per engine 31 Aug Supplies on hand 5 Boxes Air Filter $720.00 per box 6 Bottles fuel injector cleaner $200.00 per bottle 12 Boxes Spark Plug $300.00 per box 13 Boxes Brake Shoe $580.00 per box 9 Boxes Disc Pads $400.00 per box
Transcribed Image Text:28 Aug Provided services for cash 12 small motorbike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine 4 medium size motor bike engines $800.00 per engine 29 Aug Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner $200.00 per bottle 9 Boxes Air Filters $720.00 per box 8 Boxes Sparks Plugs $300.00 per box 30 Aug Provided service for cash 8 small motorbike engines $350.00 per engine 7 Large motorbike engines $950.00 per engine 8 Medium motorbike engines $550.00 per engine 31 Aug Supplies on hand 5 Boxes Air Filter $720.00 per box 6 Bottles fuel injector cleaner $200.00 per bottle 12 Boxes Spark Plug $300.00 per box 13 Boxes Brake Shoe $580.00 per box 9 Boxes Disc Pads $400.00 per box
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