Global company, owned by Miss Aida, provides advertising poster. During January 2019, the following events occurred: 1st Jan: Owner invested in Cash OMR. 20000 into the business. 2nd Jan: Office supplies were purchased on credit for OMR. 4000. 3rd Jan: Miss Aida withdrew OMR. 6000 of cash for personal use. Q1. What is the Debit account for 15t Jan transaction? Capital OMR 20000 Bank OMR 20000 Cash OMR 20000 Q2. What is the Credit Account for 1st Jan transaction? Drawings OMR 20000 Q3. What is the Credit Account for 2nd Jan transaction?
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- 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.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.Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- 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.During February 2019, the following occurred in the business of Kutako Trading, a general dealer: 1 Mr Kutako deposited an amount of N$200 000 into the bank account of the business. 2 Paid for an advertisement on Facebook using the debit card of the business, N$2 500. 6 Sold goods on credit to Mr Hosea, N$100 000. 8 Paid for repairs to Mr Kutako's personal vehicle N$3 250 by electronic funds transfer (EFT) 10 Purchased goods on account from H. Hauifiku, N$150 000. 12 Mr Hosea returned damaged goods worth N$5 000. 15 Mr Hosea deposited N$92 000 directly into the account of the business in full settlement of his account. Required: For each of the transactions listed above, indicate which account must be debited and which account must be credited in the ledger, as well as the overall effect of each transaction on the elements of the accounting equation. Present your answer in the following format: Date ASSETS = N$ 1.2.19 +20 000 EQUITY N$ +20 000 LIABILITIES N$ ACCONT DEBITED ACCOUNT…You are the Accountant of Mr. Bean Trading, and you are given the following information relating to 31 August 2021 Financial year.. Cash Book closing balance as of 31 August 2021 Dr N$ 1 560 the following information was discovered after you closed off the cash book for 31 August 201. Client Jone deposited N$ 2 000 directly in the bank account Stop order was paid directly from the bank account N$ 4 500 to Ms. Van Wyk . Service fee was charged against the bank account N$ 100 THe bank credited the bank account with interest on the credit balance with N$ 500. Payment to Mr. Brix of N$ 750 was not on the bank statement. Payment to Ms. Goal of N$ 250 was not on the bank statement A deposit of 31 August 2021 was not on the bank statement: N$ 400 Prepare the following as of 31 August 2021 Cash book Bank Reconciliation
- 3C. Compile three column cashbook of Mr. Uzair from the following transactions: 2020 Oct 1 Mr. Uzair started business with cash OMR 4000 4 Deposited into Bank OMR 2000 8 Purchased goods on credit from Haya for OMR 1000 10 Sold goods to Kawthar on credit for OMR 600 12 Goods purchased by paying cheque OMR 400 15 Paid wages OMR 40 20 Withdrew from bank for personal use OMR 200 25 Received cash from Kawthar OMR 540, in full settlement of his account 26 Paid electricity OMR 20 28 Withdrew from Bank for business use OMR 2000 30 Paid to Haya by cheque OMR 900, in full settlement of her accountBill started business with cash 370,000 on 01-03-2021. ii. Purchased goods on account from Alex worth 30000 on 02- 01-2021. iii. Sold goods to Stewart for 44000 on 03-01-2021. iv. Purchased computer for office use for 100000 on 04- 01-2021. v. Stewart returned the goods worth 4000 on 05-01-2021. vi. Opened a bank account by depositing the cash 110000 on 14-01-2021. vii. 35000 received from Stewart after full settlement. viii. 28000 was paid to Mr. Alex for purchased goods on 18-01-2021. Prepare journal.Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…
- Journalize the following transactions in the books of a trader for the month of Feb. 2020. 2020 Feb. 1 Started business with OMR 100,000 and from which paid into bank OMR 30,000. 5 Bought on credit furniture for OMR 5,000 and Machine for OMR 4,000. 8 Purchased goods for OMR 20,000 on credit. 10 Sold goods to Ahmed on cash for OMR 15,000. 15 Amount withdrawn from bank for personal use OMR 3,000. 18 Deposited into bank OMR 5,000. 20 Sold goods to Ali for OMR 10,000 and received OMR 7,000 in cash but remaining on account. 22 Paid OMR 1,000 for stationary. 25 Paid rent OMR 500. 28 Sold furniture on account for OMR 1,500.Write up the accounts in the books of D. Gough to record the following transactions:2021June 1 Started business with Kshs1,600,000 in the bank.2 Bought van paying by cheque Kshs640,000.5 Bought office fixtures Kshs90,000 on time from Old Ltd.8 Bought van on time from Carton Cars Ltd Kshs710,000.12 Took Kshs18,000 out of the bank and put it into the cash till.15 Bought office fixtures paying by cash Kshs12,000.19 Paid Carton Cars Ltd by Internet transfer from the bank account.21 A loan of Kshs50,000 cash is received from B. Berry.25 Paid Kshs40,000 of the cash in hand into the bank account.30 Bought more office fixtures paying with the business debit card Kshs48,000S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…