TRIAL BALANCE Comprehensive Problem – Journalizing, Posting. Trial BalanceUlysses Dela Cruz established an enterprise he registered with the DTI under the name: The Storm Decorators,on May 1, 2020. During the month he completed the following transactions:01 - Mr. Ulysses Dela Cruz transferred cash from a personal bank account to an account to be used for the business,P31,000.02 - Purchased supplies for cash, P750.02 - Paid P1,230 worth of local government taxes and business permits.02 - Purchased tools on account from Tonyo General Merchandise, P4,600.03 - Purchased a second-hand van from Bagyo Used Cars Inc. for P48,000, paying P8,00 cash and giving a note payable in3 months for the remainder.05 - Paid rent of the office space for the month, P2,250.06 – Received cash for a job completed, P8,600.08 – Purchased supplies on account from Tonyo General Merchandise, P2,450.10 - Paid premiums on property insurance, P2,440.12 - Paid in full creditor for the tools purchased on May 2.14 - Paid salaries of employees, P7,000.17 - Completed another job on account (Mr. Rolly Gomez - customer) and sent the corresponding invoice to thecustomer, P12,500.17 - Received cash for another job competed, P7,120. The service revenue had not been recorded previously.19 - Paid utilities expense P3,300.21- Received invoice for minor repairs on the van to be paid on June 15, P1,670.24 - Paid miscellaneous expenses, P440.24 - Received cash from Mr. Rolly Gomez as partial payment of the amount due from him, P7,450.24 - Withdrew cash for personal use, P8,000.26 - Transferred to the business a personal furniture worth P12,000.27 - Completed another job contracted by Ms. Sioni Daza. Total contract price is P12,500. The company received cashamounting to P4,300, with the remaining balance payable with 30 days.29 - Paid salaries of employees, P7,000.30 - Received the telephone bill for the month, P2,100, to be paid on June 10.31- Received P3,200 from Ms. Sioni Daza as partial payment of the amount of the receivable from her.REQUIRED:a) Prepare the journal entries to record the above transactions. Use the account titles found in the general ledger.b) Post the journal entries with the use of the given ledger accounts. Indicate the sources of posting.c) Prepare a trial balance as of May 31.

A trial balance is a statement that shows either the balance or total amount of debit and credit…

Answered: TRIAL BALANCE

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1AP

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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. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, 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 $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 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 $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
Post each journal entry to the corresponding ledger
Deb secured a line of credit for her business and received the following statement of account for the month of February 2021. Date Transaction Deposit Withdrawal Balance Feb 1 Balance -450 Cheque 262 Deposit Feb 4 570 -1020 Feb 10 2250 1230 Cheque 263 Cheque 264 Feb 16 280 950 Feb 20 1090 -140 Feb 22 Cheque 265 100 -240 Feb 27 Cheque 266 160 -400 Feb 28 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 7% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 18% p.a. is charged on daily amounts exceeding $1,000. Service charge of $5.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account…
Please Prepare Journal Entries
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Record the following transactions for Redeker Co. in the general journal.
Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Nester Company whose fiscal year end is December 31, You MUST show the details of any calculations either in parenthesis or as a footnote. Date Transaction Description 7/1/20Y5 Accepted a 5-month, 6% note in settlement of a past due customer account, Barns Company, with a $9,000 balance. 11/1/20Y5 Accepted a promissory note from a Nester Company executive in exchange for providing the executive with S20,000 to be used for relocation costs. The note carries interest of 9% and is due in 8 months. 12/1/20Y5 Received the amount due on the note from Barns Company. 12/31/20Y5 Accrued interest on the 8-month note received from the Nester Company executive. 7/1/20Y6 Received full payment from the Nester Company executive.
Please Introduction and show work and please I humble request to no plagiarism please

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