ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable:
1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account.
22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000.
25th Purchased tools and equipment on account, $13,800.
27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days.
2nd Received $600 in partial collection of the account receivable from the sale of tools.
7th Paid $6,800 in partial payment of an account payable.
11th Received $2,200 of sales revenue in cash.
2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days.
22nd Purchased office equipment for $15,000 cash.
26th Performed repair services and billed clients $2,000. The entire amount will…
Prepare general journal entries for the following transactions of Valdez Services.
The cash transactions for the first month of operation of a sole trader business are as follows; Date Transactions01/06/2021 The owner contributed $50,000 into business account07/06/2021 Received $30,000 for service rendered12/06/2021 Paid $3,000 for advertising15/06/2021 Paid rent for June, $5,000.20/06/2021 Withdrew $7,000 from the business bank account for personal use23/06/2021 Customer made a partial payment of $2,000 on an outstanding bill24/06/2021 Purchased equipment in cash for $8,00027/06/2021 Paid $2,500 on the open account relating to previous credit purchase28/06/2021 Paid wages of $4,50030/06/2021 Paid $500 for utilities usedBased on the cash transactions above, complete the cash ledger using a three column format.Note: You need to select [-] if no amount is required to enter.Cash at Bank Date Description Debit Credit Balance01/06/2021 brought down $001/06/2021 07/06/2021 12/06/2021 15/06/2021 20/06/2021 23/06/2021 24/06/2021 27/06/2021 28/06/2021 30/06/2021
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- Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600arrow_forward19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?arrow_forwardYi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…arrow_forward
- Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…arrow_forwardPost the following information to the Cash T-account: The beginning cash balance is $4,400. Transactions are: Issue common stock for $18,000. Purchase equipment for $11,800 cash. Pay employees’ salaries of $3,300. Provide services to customers for $6,300 cash.arrow_forwardA company received $5,000 for 100 one−year subscriptions on July 1. The journal entry to record this cash receipt would include a ________. The company uses a liability account for revenue received in advance. A. debit to Note Payable for $5,000 B. credit to Accounts Payable for $5,000 C. credit to Unearned Revenue for $5,000 D. debit to Prepaid Expenses for $5,000arrow_forward
- Domingo Company started its business on January 1, 2019. The following transactions occurredduring 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 30days.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.arrow_forwardInner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent$650 with check #101. C. Initiated a petty cash fund $650 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days. G. Received s1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: office supplies $250, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $137. Check #106. J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance Deposits Checks A. $9,000 101 $650 G. 1,200 102 650 103 180 106 513 Bank service charges 150 Total $10,200 $2,143 Ending balance $8,057…arrow_forwardPresented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.arrow_forward
- record the entry to show Dexter collecting $9,000 cash for a portion of the revenue previously earned on account.arrow_forwardGeneral entry please...arrow_forwardRecord the following entries in the appropriate journals for Marshall Trading Limited for the year 2021 and then post to the appropriate ledger accounts: Jan 1: Proprietor introduced the following from his own funds in his business: a) Motor Vehicle valued at $1,500,000 b) Paid the first month's rent of $50,000 on behalf of the business c) Lodged cash of $100,000 to the business bank account d) Purchased inventory valued at $480,000 for resale in the business Jan 2: Bought computers on credit from Computers Wholesale Ltd. For $200,000 Sold goods on credit to B. Lamb for $70,000 Jan 5: Jan 7: Cash Sale of $45,000 was made. Jan 9: Purchases made on credit for $375,000 from Credit All Enterprises Jan 11: Good valued at $5,000 was returned by B. Lamb Jan 15: We returned defective goods to Credit All Enterprises valued at $15,000 Jan 20: Paid electricity bill online for $15,000 Jan 25: Paid salaries by way of direct transfer into staff bank accounts $60,000 Jan 26: Bought stationery for…arrow_forward
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