DateAccountsDebitCreditThe following transactions octurted for London EngineeringJulyan/2 ccou ReceivableOwner contributed 55,000 in businessPala utiities expense of $400Purchased equipment on account, 52.100Pertormed service for a client on account, $2,000Borrowed $7,000 cash, signing a note pavatbleSold for $29.000 land that had cosr this same amountPurchased supplies for 5800 and paid in cashPaid the linbility from Jul SOwner withdrew $2.000 form businessSupplies1019Koviemert2127LandUse the following accoui CesnAccounts ReceivableSuppiesEquipmentLandAccounts poyableNotes PavableAcents PableNots PaybleOwners CapitalOwners CapitalOwrier WithdtewalSevice RevenueUtilities nupenteService RevenueJournalice the above transactideSheet1 nsactions occurred for London Engineering:DateAccountsDebitCredit7/1/21 Accounts ReceivableOwner contributed $5,000 in businessPaid utilities expense of $400Purchased equipment on account, $2,100Performed service for a client on account, $2,000Borrowed $7,000 cash, signing a note payableSold for $29,000 land that had cost this same amount.Purchased supplies for $800 and paid in cash7/2/21Supplies1012197/5/21Equipment2127Paid the liability from Jul 531Owner withdrew $2,000 form business.7/10/21Landng accoui CashAccounts Receivable7/12/21Accounts PayableSuppliesEquipmentLand7/19/21Notes PayableAccounts payableNotes PayableOwners Capital7/21/21Owners CapitalOwner WithdrawalService Revenue7/27/21Service RevenueUtilities expenseabove transaction.7/31/21Utilities Expense

Date Accounts And Explanations Debit ($) Credit ($) July 1 Cash 5,000 Owner's…

The following transactions octurted for London Engineering July Owner contributed 55.000 in business Paid utiities expense of 5400 Purchased equlpment on account, 52.100 Performed service for a cient on account, $2,000 Borrowed $7,000 cash, signing a note pavable Sold for $29,000 land that had cost this same amount Purchased supplies for S800 and paid in cash Paid the liability from JulS Owner withdrew $2.000 form business 10 12 19 21 27 Use me folowing nccour Cesn Accounts Receivable Supplies Equipment Land Accounts payable Notes Pavable Owners Capital Owner Withdrewal Sevice Revenue utilities espense Journalice the above transactidn

The following transactions octurted for London Engineering July Owner contributed 55.000 in business Paid utiities expense of 5400 Purchased equlpment on account, 52.100 Performed service for a cient on account, $2,000 Borrowed $7,000 cash, signing a note pavable Sold for $29,000 land that had cost this same amount Purchased supplies for S800 and paid in cash Paid the liability from JulS Owner withdrew $2.000 form business 10 12 19 21 27 Use me folowing nccour Cesn Accounts Receivable Supplies Equipment Land Accounts payable Notes Pavable Owners Capital Owner Withdrewal Sevice Revenue utilities espense Journalice the above transactidn

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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Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment 30,000 Accounts Payable 5,000 Notes Payable E. Dedumo, Capital E. Dedumo, Withdrawals 8,000 48,000 2,000 Repairs Income 40,000 Utilities Expense 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 Total 101,000 101,000
Please answer i, ii, iii. Thanks
38
Account Name Debit Amount Credit Amount Create a Journal Entry Gaston owns equipment that cost $90,000 with accumulated depreciation of $68,000. Gaston sells the equipment for $25,000. Prepare the journal entry to record the disposal of the equipment and enter it below.
Income statement , SFP
Al-Hofuf 100000 carry-over balance 100000 100000 100000 Transferred balance i Example: The following balances are extracted from the records of Al-Yaqeen commercial stores and homework (on 31/12/2009: 1500000 Fund, 2000000 Bank, 1100000 Debtors, 700000 Receipt Papers, 4000000 Goods, 7500000 Purchases, 3500000 Returns of Purchases) 1,200,000 inbound transportation expenses 400,000 customs taxes, 10,000,000 sales, 420,000 sales returns, 60,000 discounts allowed, 500,000 furniture, 450,000 tax, 300,000 general expenses, 650,000 selling expenses, 8,500,000 creditors, 65,000 payment papers, 100,000 deduction earned, 50,000 profits from selling assets Fixed, 6 million buildings, 2,000,000 cars, 300,000 personal withdrawals, 3,000,000 long-term loans, 13,000,000 capital. If you know that the goods at the end of the period are estimated after the inventory at 4,500,000 dinars. Required: Prepare trial balance with balances. : .6
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Total 213 500 Monaro Motors Cash and credit sales in the General Ledger Capital contribution of $10 000 stock (agreed value) and $30 000 cash Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank Cash sale of parts for $400 (cost price $200) Paid $2 500 cash to Wilson Fittings for shelv ing Purchased stock on credit from HolFord Parts for $2 600 Sold parts on credit to Lemon Rentals for $900 (cost price $450) 7. Aug. 1 Paid wages of apprentice $600 8. Kim Swood took home stock worth $1 500 6. Received $500 cash from Lemon Rentals Analysing Chart an A Date Accounts affected Classification Increase/ Debit Credit (A/L/Oe/R/E) Decrease Bank capital 24 2$ Aug 1. Asset awner'sequity Decreave Increase
answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
Accounts Payable S600 Accounts Receivable $5,200 Cash $27,000 Loan Payable in 6 months S4,400 Revenue received in advance $12,000 Bank Loan - Mortgage S30,000 Accumulated depreciation S7,800 Inventory S10,200 Buildings $17,600 Supplies $1,600 What is the most likely amount for the company's net assets? Select one: a. $41,600. Б. $6,800. C. $14,600. d. $26,600. e. $18,800.
Company X balance sheet at 31..03.200x Assets Intangible fixed assets Fixed assets Cash Total assets 6 000 45 000 6 500 57 500 Equity Trade liabilities Required: a) Open the accounts b) Records all accounting operation c) Prepare closing balance sheet Total equity & liabilities 54 000 3 500 57 500 Company e has the following business events in April 1. The company purchased 100 units of production commodity 0,50 per unit Company paid in cash and commodities were taken to the warehouse 2. The company paid trade liabilities using bank money transfer 500 3. Cash delivered from bank account to cash desk 800 4. Purchased with deferred payment a tangible fixed asset and took in into active use 1000 5. The company signed a bank loan agreement for settling a trade liability for the purchase of tangible fixed asset Money received on bank account 1000 6. A liability relating to the purchase of tangible fixed asset was paid 1000