The Haper Center company presents a statement of initial situation with cash of $ 26,000, accounts receivable $ 4,500, acco
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The Haper Center company presents a statement of initial situation with cash of $ 26,000, accounts receivable $ 4,500, accounts payable $ 2,000, capital stock $ 28,500.
P. 18
During the month of March, the company carried out the following transactions:
He borrowed $ 45,000 from the bank and signed a promissory note in the name of the business.
He paid $ 40,000 in cash to purchase a piece of land.
He performed a service for a customer and received $ 5,000 in cash.
Bought supplies on credit, $ 300.
Performed a service for a client and obtained a credit income, $ 2,600
He paid $ 1,200 on a credit operation.
He paid the following out-of-pocket expenses: salary $ 3.00, rent $ 1,500, and interest $ 400.
He received $ 3,100 from a credit operation.
He received a $ 200 utility bill, to be paid the following week.
The owner withdrew $ 1,800
Is required:
Make the journal
Register the accounts in T accounts
Perform
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- The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
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