Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1. Investment offunds by the proprietor into the business. 2. Rented a place for shop and paid refundable deposit. 3. Purchasedfurniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL 4. Purchased garments for sale on credit. 5. Bought a newcomputer for the use of business and paid through cheque. 6. Paid amount due to furniture vendor. 7. Availed bankloan for the business. 8. Received amount due from customer. 9. Cash withdrawn by the proprietor for personalpurposes. 10. Received advance cash towards order of garments, to be supplied next month. 11. Bills raised for whichamount was to be received. 12. Cash purchases of items of stationery. 13. Some chairs were found defective andreturned to the vendor. Vendor returned the cash immediately. 14. Payment for utilities. 15. Placed order for purchaseof new stock of garments. Using the format given below, state weather each transaction resulted in increase or decreaseor had no effect on the company's assets, liabilities and equity. Write in detail what increases, what decreases and thenthe net effect on assets, liabilities and equity...

Please See Step - 1 for detailed answer. Explanation:Step 1:Effect of above transactions on Asset,…

Answered: Some transactions of AB Corporation,…

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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1 How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor) after receiving a check that was immediately deposited in the amount: $40,000 to account: Owner’s Equity. Record the deposit of funds from a new note payable signed on 1/16/20 with Chase Bank (a new vendor) in the amount of $32,000. Record the payment to Rabobank (a new vendor) to retire an existing note payable on 1/17/20 of $23,000 with interest of $300 using check 325 for a total of $23,300. Record the purchase of a building from Leeds, Inc., (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.
Archer allows customers to use bank credit cards to charge purchases. The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts. The cost of sales is $2,800. Record this transaction in the general journal.
Show the following transactions for a household on a double-entry bookkeeping ledger (values are expressed in the same given unit of account): Household earns a salary paid in a checking account (value=100). Household makes consumption expenses (value=80). Household buys a property (value=15,000) with a down payment of 10,000 and a loan of 5,000. ENTRY DEBIT CREDIT Salary Deposits Consumption expenses Deposits Loan Deposits Property Deposits
for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answer
Based on the following data, determine the total liabilities Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase $2,713 $2,564 $2,300 $4,174 $2,891 $1,610 1,400 1,270 7,950 264 327 3,180 212 1,780 137 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $4,340 2,700 2,300 83 162 3,750 149 166 1,400 224
In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?
Prepare journal entries to record the following transactions. a. Purchased $380 of supplies on credit. b. Completed $580 of work for a client on credit. c. Paid $380 cash towards the amount owed from transaction a. d. Completed work for a client and immediately received $880 cash. e. Collected $580 cash for the work previously performed in transaction b. f. Received $1,080 cash in advance from a client for services to be performed next period View transaction list Journal entry worksheet < 1 2 3 4 5 6 Purchased $380 of supplies on credit. Note: Enter debits before credits. Date a. General Journal Debit Credit
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**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
Adriana Graphic Design receives $2,450 from a client billed in a previous month for services provided. Which of the following general journal entries will Adriana Graphic Design make to record this transaction? Multiple Choice Account Title Debit Credit Cash 2,450 Unearned Revenue 2,450 Account Title Debit Credit Cash 2,450 Accounts Receivable 2,450 Account Title Debit Credit Accounts Receivable 2,450 Unearned Revenue 2,450 Account Title Accounts Receivable Debit Credit 2,450 Cash 2,450 Account Title Accounts Payable Debit Credit 2,450 Design Revenue 2,450
Requirement 2:Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Requirement 1: a. Accounts Receivable had a balance of $1,320 at the beginning of the month and $990 at the end of the month. Credit sales totaled $13,200 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account. b. The Supplies account had a balance of $594 at the beginning of the month and $803 at the end of the month. The cost of supplies used during the month was $2,574. Calculate the cost of supplies purchased during the month. c. Wages Payable had a balance of $451 at the beginning of the month. During the month, $4,180 of wages were paid to employees. Wages Expense accrued during the month totaled $4,510. Calculate the balance of Wages Payable at the end of the month. General Journal entries

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