Transactions Len Motala deposited R90 000 as capital contribution directly into the business current bank account (Receipt 001). 8 Cash received for services rendered according to cash register roll, R12 600 (CRR1). 10 Kolby Mthethwa brought his clothes for dry cleaning (Receipt 002 for R2 000). 15 Cash received for services rendered according to cash register roll, R18 200. 23 Cash received for services rendered according to cash register roll, R14 600. 10.1 Record the transactions for June 2014 in the Cash Receipts Journal (CRJ). Use analysis columns for analysis of receipts, bank, current income and sundry accounts. Close off the journal at the end of the month. 10.2 Show the effect of the transactions on the accounting equation (A = OE + L). Assets Owner's Equity Liabilities Day Effect Reason Effect Reason Effect Reason

Transactions Len Motala deposited R90 000 as capital contribution directly into the business current bank account (Receipt 001). 8 Cash received for services rendered according to cash register roll, R12 600 (CRR1). 10 Kolby Mthethwa brought his clothes for dry cleaning (Receipt 002 for R2 000). 15 Cash received for services rendered according to cash register roll, R18 200. 23 Cash received for services rendered according to cash register roll, R14 600. 10.1 Record the transactions for June 2014 in the Cash Receipts Journal (CRJ). Use analysis columns for analysis of receipts, bank, current income and sundry accounts. Close off the journal at the end of the month. 10.2 Show the effect of the transactions on the accounting equation (A = OE + L). Assets Owner's Equity Liabilities Day Effect Reason Effect Reason Effect Reason

Name: Where do I fill the information in? Where does what go? I'm not sure w
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Where do I fill the information in? Where does what go? I'm not sure when to fill in information in the Assets, Owner's Equity or Liabilities column. I would like you to show me how to fill in the table correctly. Transactions for June 20141.Len Mota

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Where and how are financial records kept? Who is responsible for their storage ? Is there a length…

A: Financial records are essential for any firm to understand the company's financial history,…

Q: What entry would you use to account for the initial transaction?

A: The accounting process consists of various steps to record, analyze and report the data.

Q: How does a balance sheet get completed? What accounts show on the balance sheet? Is there a…

A: Balance Sheet: A balance sheet is a statement of financial position of the business at a particular…

Q: erform the Reperformance or Recalculation procedures to check the mathematical accuracy of the…

Q: Accounting systems are designed to show the increases and decreases in each accounting equation…

A: Solution: A account contains a record of business transactions. It is a separate record within the…

Q: What is reconciling an account? Why it is needed? Give three examples?

A: Reconciliation:It is a process of accounting process that compares two sets of record to check…

Q: pare the general format of the balance sheet (without nu under each category. Please make sure you…

A: ANSWER:- BALANCE SHEET…

Q: Which of the following is the order of steps to journalize an entry? O A. Record the transaction…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Hello. I need assistance comprehending when to debit an account and when to credit. How do you know…

A: The rule of debit and credit are as follows

Q: What are some tips for knowing when accounts are debited and when they are credited? I know that…

A: Normal balance: Normal balance refers to the excess of the amount on one side, over the amount on…

Q: I am currently confused on how you got the numbers for the journal entry or what equations were used…

A: ### Common Stock CalculationThe common stock calculation is based on two pieces of information: the…

Q: Once you post the transaction to the general ledger, you must go back to the general journal and…

A: General journal is defined as an accounting book in which each business transactions are recorded…

Q: The five basic account types are: Asset Liability Owners Equity Revenue Expense What is the…

A: 1. Asset = Debit Balance 2. Liability = Credit Balance 3. Owners Equity = Credit Balance 4. Revenue…

Q: Based on the provided information, how would I be able to create the journal entries to record the…

A: Introduction: Pension expense is the amount charged to expense by a company in relation to its…

Q: 9-10. Wellco received $25,000 in accounts receivable for merchandise sales.

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Where and how are financial records and reports kept? Who is responsible for their storage? Is there…

A: Financial reporting alludes to established processes for providing shareholders with an authentic…

Q: What is the difference between formulas and Accounting charts?

A: Solution:- Explanation of difference between formulas and Accounting charts as follows under:-…

Q: What is the chart of the account? Explain?

A: A chart of accounts is a listing of the names of the accounts that a company has identified and made…

Q: Explain the concept of double-entry bookkeeping and how it ensures accuracy in financial records.

A: By recording every financial transaction in at least two different accounts, the double-entry…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Where do I fill the information in? Where does what go? I'm not sure when to fill in information in the Assets, Owner's Equity or Liabilities column. I would like you to show me how to fill in the table correctly.

Transactions for June 2014
1.
Len Motala deposited R90 000 as capital contribution directly into the business current
bank account (Receipt 001).
8.
Cash received for services rendered according to cash register roll, R12 600 (CRR1).
Kolby Mthethwa brought his clothes for dry cleaning (Receipt 002 for R2 000).
15
Cash received for services rendered according to cash register roll, R18 200.
23
Cash received for services rendered according to cash register roll, R14 600.
10.1 Record the transactions for June 2014 in the Cash Receipts Journal (CRJ). Use
analysis columns for analysis of receipts, bank, current income and sundry
accounts. Close off the journal at the end of the month.
10.2 Show the effect of the transactions on the accounting equation (A = OE + L).
Assets
Owner's Equity
Liabilities
Day Effect
Reason
Effect
Reason
Effect
Reason

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How could a worksheet help in preparing financial statements?
Test of details of transactions involves testing the transactions which give rise to the ending balance of an account. TRUE OR FALSE? WHY?
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Select the item that best completes each of the descriptions below. a. A collection of accounts and account balances is referred to as a(n) b. A(n). such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) _ асcount has a complete record of every transactions recorded. journal e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). of accounts.
What does a T-account represent? What is the left side of the T-account called? What is the right side called?
What do the terms 'debit' and 'credit' mean from an accounting perspective? What are the two primary rules of debits and credits? How do these impact the various types of accounts (assets, liabilities, expenses, revenues, distributions to owners, and equity)? How do they help ensure that an illogical journal entry cannot be made? Provide at least one example of an illogical entry. Why would this be illogical?
The General Ledger Question: What is the Account Number found in the General Ledger, (Ex. No.101, 301)? Why does each account such as Cash or Owner's capital have their own account number? This account number is then added to the general journal, in the Ref column. Please Explain.
How does the data flow from the transaction (e.g. MRI scan) to financial statements? Use the following key terms in your response: transaction, journal entry, general ledger, financial statement.
Define the followings? a. Real Account. b. Temporary Account.
Which type of debit account is balanced in the income statement columns of a worksheet?
Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized this way. How would we categorize the balance in a Notes Payable account: under Current Liabilities or Noncurrent Liabilities? Why?
Identify the item that best completes each of the descriptions below. a. A(n) contains a record of decreases and increases in a specific revenue, expense, asset, liability, or equity. describes transactions entering an accounting system, such as a purchase order. b. A(n). c. The d. A(n) e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). is a record containing all accounts used by a company, including account balances. has a complete record of every transaction recorded. of accounts. general ledger Check