The following transactions occurred during June 2020 for Rashid Est. June 1 Invested BD64,000 cash in the business. June 8 Purchased supplies for BD3,250 from Nader Est on credit.
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- Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $29,000 from personal funds. b. Purchased office supplies on account, $2,940. c. Paid creditor on account, $1,860. d. Earned sales commissions, receiving cash, $29,990. e. Paid rent on office and equipment for the month, $5,880. f. Withdrew cash for personal use, $9,000. g. Paid automobile expenses (indluding rental charge) for the month, $2,820, and miscellaneous expenses. S1,350. h. Paid office salaries, $3,540. i. Determined that the cost of supplies on hand was $990; therefore, the cost of supplies used was $1,950. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank, If required, enter negative values as neg Assets - Liabilities + Owner's Equity Accounts Pat Glenn,…The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2022. Required:1. Record each transaction in general journal form.2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $18,000. Paid rent on office and equipment for the month, $3,370. Purchased supplies on account, $990. Paid creditor on account, $370 Earned fees, receiving cash, $15,300. Paid automobile expenses (including rental charge) for month, $930, and miscellaneous expenses, $630. Paid office salaries, $1,960. Determined that the cost of supplies used was $550. Withdrew cash for personal use, $900\ 4. As a result of the January transactions (a-i), determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for January. 5. Determine the total increase or decrease in owner's equity for January.
- For the month of September 2021, BW Travel and Tours had the following transaction. sep1- Brayson invested $15,000 cash and equipment valued at $12,500 into the business. Whats the account title and ecpFinancial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31. 1. Issued common shares to investors in exchange for $ 90,000 in cash. 2. Borrowed $ 46,000 cash from the bank, due 2020. 3. Purchased delivery vehicles for $ 61,000 cash. 4. Received $ 24,000 from customers for services provided. 5. Purchased supplies for $ 3,700 on account. 6. Paid rent of $ 5,500. 7. Performed services on account for $ 9,000. 8. Paid salaries of $ 28,000. 9. Declared and paid a dividend of $ 12,000 to shareholders. 10. Paid income taxes of $ 200 for the month. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Sr No Account Titles and…
- The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to deferred rent revenue. Depreciation on office equipment is $4,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing…Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent $750 with check #101. C. Initiated a petty cash fund $550 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: Office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A. В. E. F. G. Н. II II II 1I I II II I II II 1I I1 III II II D.
- Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $84,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $7.500 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $13,500 in advance rent from another company that is renting a portion of Microchip's factory. The $13,500 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $5,000 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,500. The company records vacation pay as salaries expense. 5. Microchip began the year with $2,500 in its asset account, supplies. During the year, $7,000 in supplies were purchased and debited to…Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…