Transactions for Whispering SE for the month of May are presented below. Prepare journal entries for each of these transactions. (If noentry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented whenamount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)May 1 B.D. Whispering invests € 3,680 cash in exchange for ordinary shares to start his welding business.3Buys equipment on account for € 1,048.13Pays € 404 to landlord for May rent.Bills Noble Corp. € 490 for welding work done. (Use Service Revenue account.)21DateAccount Titles and ExplanationDebitCredit>>

Date Account titles and expalantion Debit Credit May 1 Cash 3,680 Common Stock 3,680…

Answered: Transactions for Whispering SE for the…

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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form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
Morgan runs a calendar printing business. He rented a shop to expand his business. The rent costs $2 000 per month. His business has a financial year end of 31 March. The following information has been provided. Rent expense account Date 2020 Apr 1 2021 Jan 31 Mar 31 REQUIRED Particulars Cash at bank Prepaid rent expense 31 Income summary (i) (ii) State the name of the item. Account balances at 1 April 2020 Commission income received in advance (b) State the amount to be shown on 31 March 2021 (c) Explain both entries on 31 March 2021. The business also provided the following information. During the year ended 31 March 2021 Commission received by cheque Debit S 30 500 $ 800 4 200 Credit $ 600 (b)(0) (b)(ii) Balance $ Additional information Commission income, $1 200, had not been received on 31 March 2021. 600 Cr 29 900 Dr REQUIRED (d) Prepare the journal entries to account for commission income for the year ended 31 March 2021, including the closing entry. Narrations are not required.…
Pina Colada Corp. has the following transactions during August of the current year. Aug. 1 4 16 27 Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Opens an office as a financial advisor, investing $4,000 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,650 cash. Receives $2,200 from clients for services performed. Pays secretary $1,010 salary. Aug. 1 Account Titles and Explanation | Debit Credit
please do this typewritten and with calculation. kindly skip if you have already done this. thank you
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Complete the General Ledger based on the recorded journal entries. Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…
Can you help me create a trial balance and balance sheet please for the following information

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