what is the gournal jeneral entry for: 1. received $2000 from debtors 2. owner contributed $2000 into the business.
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- Below are accounts for Alex Bern Spa, a service business, for the year ended, December 31, 2019. Prepare a single-step Statement of Comprehensive Income with Notes. Depreciation Expense - Building. Depreciation Expense - Equipment Dividends Income .P15,000 ..5,000 15,000 10,000 Gain on Sale of Equipment. Insurance Expense. Interest Expense - Loan Interest Expense – Mortgage. Interest Income.. ...2,000 Loss on Sale of Furniture. Rent Expense. Rent Income. Salaries Expense Service Revenue.. .1,000 3,000 6,000 .5,000 85,000 30,000 155,000 454,000 Supplies Expense. .5,000REQUIRED: State the effects of the above transactions on the ASSETS, LIABILITIES, O.E., REVENUES AND EXPENSES.1.In the books of accounts of Mr. Majid, the following items are given: Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000 Wages Paid in advance OMR 6000 ; Accounts payable OMR 20,000; Long term loan OMR 16,000 ; Capital OMR 16,000 Rent paid OMR 2,000 ; Additional Capital OMR 2,000 A. Arrange the above items as Assets, Liabilities, Revenue and Expenses. B. Apply the items into an accounting equation and prove that accounting equation is always equal.
- Paid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?10. He paid the monthly rent of the office, Php9,500.a. Debit cash, Credit J. Ilagan, Capitalb. Debit rent expense, Credit Cashc. Debit J. Ilagan, drawings, Credit Cashd. none of the aboveMJ Consultants. incurred the following business expenses: Bank service charges $50 Supplies 1,000 Fees to attorneys 2,000 Credit card interest 200 Loan from bank 3,000 Entertainment 500 What amount can MJ Co. deduct this year ?
- Office supplies were purchased on account for $4,000. Which account is ?credited Office supplies Account payable Account receivable Capital ORobbie 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 3Select one: $153, 000 $168, 300 $152,000 $167, 200David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 25,600 $ 170,000 $ 95,000 $ 7,600 $ 18,000 $ 37,000 $ 20,000 $ 18,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $62,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
- Purchased equitment with $6,000 cash. What accounts does this go into in the journal?16. Subject: - AccountingA landlord received $5,000 cash for December 2019's rent, but the tenant's rent for December is $8,000. Which of the following is true for year ended 2019? group of answer choices a)$8,000 would appear on the income statement as rent revenue earned. b)$8,000 would be reported on the statement of cash flows. c)$8,000 would appear on the balance sheet as rent receivable. d)$5,000 would appear on the balance sheet as prepaid rent. e)$3,000 would appear as unearned rent revenue.
