Transactions; Financial StatementsOn 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 negAssets- Liabilities +Owner's EquityAccountsPat Glenn, Pat Glenn,SalesOffice SalariesAutoSupplies MiscellaneousCash+ Supplies-Rent ExpernsePayableCapitalDrawingCommissionsExpenseExpenseExpenseExpensea.b.Bal.C.Bal.d.Bal.e.Bal.f.Bal.g.Bal.h.Bal.Emal

The Numerical has covered the concept of the Accounting Equation. The accounting equation, also…

Answered: Transactions; Financial Statements On…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Rashid started business on 1 January 2019 preparing accounts to 31 December 2019 The following is a list of his transactions for his first month of trading: Started business with savings of £20,000 paid into a business bank account. The correct entry will be: Debit: -------- Credit: -
Accounting On 1 April 2021, Michael commenced business as a plumber. His business is not registered for GST. He put into a business bank account his savings of $50,000. He also owns a van worth $11,000 which he uses solely for business purposes. Michael provided you with the following information. • Debtors (Accounts Receivable) at 31 March 2022 were $21,000 and materials on hand cost $2,000. • During the year Michael had withdrawn $1,000 per month for housekeeping and had transferred $24,000 from the business bank account to deposit for ownership of an apartment he intends to live in. • New plant and machinery had a book value of $7,500 and there was a new delivery van at $20,000 which had been purchased on 1 March 2022. When Michael bought the new delivery van, he traded in his old van for $7,000; paid $11,000 cash and got a finance company loan for the balance. • Michael owed creditors $4,000 and had an overdraft at the bank of $5,200. Required: Prepare a BALANCE SHEET as at 31…
Robbie Nicholls commenced business offering landscaping and tree pruning services to clients. During the 2023 income year, Robbie recorded the following transactions: Cash received from clients $165,000 (incl. GST) Coffee machine received from client valued at $ 1,100 (incl. GST) Fees outstanding from clients as at 30 June 2023 $2,200 (incl. GST) Calculate Robbie's assessable income for the 2023 income year. Question 19Select one: $153, 000 $168, 300 $152, 000 $167, 200
24 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. June 16: Performed services to customer Salem for BD9,200 on account. June 20: Paid balance due to creditor Nader Est. June 23: Received BD4,200 from customer Salem. June 27: Paid BD1,700 cash for electricity. June 30: Rashid withdrew BD2,400 cash for personal use. Required: Prepare the Journal entry for June 30 transactions, like this example: Dr: ….……………………‒‒‒‒ BD Cr: ‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ BD
Practice Help
Take me to the text The following information pertains to Christopher Lee's personal finances as at July 1, 2019. Opening Balances - July 1, 2019 Cash $13,500 Contents of Home $2,100 Automobile $20,100 House $151,600 Unpaid Accounts $5,100 Bank Loan $50,600 Transactions for the month of July 2019. 1. Deposited $5,500 salary earned during the month. 2. Paid miscellaneous expenses with $800 cash. 3. Purchased a new computer worth $2,700 with cash. 4. Paid credit card liability of $5,100 (Unpaid Accounts) in full. 5. Paid telephone, electricity and water bills for July with $800 cash. 6. Purchased $2,300 of groceries and goods for personal consumption with cash.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $8,500 from their personal account to the business account.B. Paid rent $850 with check #101.C. Initiated a petty cash fund $550 with check #102.D. Received $800 cash for services rendered.E. Purchased office supplies for $180 with check #103.F. Purchased computer equipment $9,500, 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 $160, Miscellaneous Expense $65. Cash on Hand $65. Check #106.J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $8,500 101 $850 G. 1,200 102 550 103 180 106 485 Bank service charges 100…
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $12,000 from their personal account to the business account.B. Paid rent $700 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,000 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,100, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $800, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $75, miscellaneous expense $55. Cash on hand $18. Check #106.J. Increased petty cash by $30, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 B. fill in the blank 8 fill in the blank 9…
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1.The owners invested $8,500 from their personal account to the business account.Paid rent $650 with check #101.Initiated a petty cash fund $550 check #102.Received $750 cash for services rendered.Purchased office supplies for $180 with check #103.Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days.Received $1,200 cash for services rendered.Paid wages $560, check #105.Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106.Increased Petty Cash by $100, check #107.
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
Request for help with calculation of Accounts Receivable Collection period and Accounts Payable Payment Period based on the details mentioned in the question attached
Please help me

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS