Use the following account heading:100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Officeequipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina,Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expense; 610Utilities expènse; 620 Repairs expense; 630 Janitorial expensesRequirements:1. Record the above transactions using the chart of account of the Company2. Post the transactions to its individual ledger3. Prepare Trial Balance Problem 6: The following are the transactions of NS Company, owned by NorinaSalvador, for the month of September 2017.Sept. 1kuporКибката4сл7911152/NNorina invested P550,000 cash and building and land worth1,000,000 and 750,000 respectively.Hired an accountant with a monthly salary of P20,000 memo entryPurchased computer equipment worth 30,000 paying half and thebalance on account. Jacets. PayoublePurchased supplies on credit, P450.Paid xent for the whole year P24,000. Whih year (prepaid) ((advenveBilled client for services on credit, P50,000.Paid half month salary of the accountant18 Norina provided services and received cash amounting to P5,750.21 Paid janitorial expense for the month amounting to P11,43523 Norina withdrew P10,000 for personal use.2527Received payment from customer previously billed P20,000Received billing from Meralco amounting to P7,200.Paid half month salary of the accountant30

Name: Use the following account heading:100 Cash; 110 Supplies; 120 Account
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Description: Use the following account heading:100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Officeequipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina,Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expe

Journal entries recording is the first step in accounting cycle process, under which atleast one…

Business

Accounting

Use the following account heading: 100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Office equipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina, Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expense; 610 Utilities expense; 620 Repairs expense; 630 Janitorial expenses Requirements: 1. Record the above transactions using the chart of account of the Company 2. Post the transactions to its individual ledger 3. Prepare Trial Balance

Use the following account heading: 100 Cash; 110 Supplies; 120 Accounts Receivable; 130 Prepaid Rent; 140 Office equipment; 150 Building; 1600 Land; 200 Accounts Payable: 300 Norina, Capital; 310 Norina, Drawings; 500 Service Revenue; 600 Salaries Expense; 610 Utilities expense; 620 Repairs expense; 630 Janitorial expenses Requirements: 1. Record the above transactions using the chart of account of the Company 2. Post the transactions to its individual ledger 3. Prepare Trial Balance

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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A number of transactions of Rufi Construction are described below in terms of accounts debited and credited: 1. Debit Wages Expense; credit Wages Payable. 2. Debit Accounts Receivable; credit Construction Revenue. 3. Debit Dividends; credit Cash. 4. Debit Office Supplies; credit Accounts Payable. 5. Debit Repairs Expense; credit Cash. 6. Debit Cash; credit Accounts Receivable. 7. Debit Tools and Equipment; credit Cash and Notes Payable. 8. Debit Accounts Payable; credit Cash. Required a) Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transaction 1 is provided as an example. Income Statement Balance Sheet Transaction Revenue Expenses Net Assets Liabilities Owners' Income Equity + NE D NE D 4 6 b) Write a one-sentence description of each transaction.
Using the following revenue journal for Bowman Cleaners Inc., identify each of the postingreferences, indicated by a letter, as representing (1) posting to general ledger accounts or(2) posting to subsidiary ledger accounts:
Post the transactions from each journal provided, cash payments and general, into the appropriate accounts in the general ledger.
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Payment of six months’ rent in advance.b. Purchase of an office computer on account.c. Purchase of office supplies on account.d. Adjustment to record depreciation at the end of the month.e. Adjustment to record accrued salaries at the end of the period.f. Purchase of services on account.g. Adjustment to prepaid rent at the end of the month.h. Purchase of office equipment for cash.i. Adjustment to prepaid insurance at the end of the month.j. Purchase of office supplies for cash.k. Advance payment of a one-year fire insurance policy on the office.
43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilities
Identify the normal balance (debit or credit) for each of the following accounts. Office Supplies
The debits and credits from two transactions are presented in the following customer account: NAME ADDRESS Horizon Entertainment 125 Wycoff Ave. Post. Date Item Ref. Debit Credit Balance Balance Feb. 1 280 Invoice No. 422 CR106 22 120 160 27 Invoice No. 445 R92 170 330 Describe each transaction and the source of each posting.
A. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)