You are the Accountant for Ching Wei Tai, a sole trader business operating downtown, Kingston. The following transactions occurred during the year. 2021 December Started Business with capital of $16,000 in the bank and $13,600 in cash. 3. Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000 Sold goods on credit to: Marvin $10,000; Jamie $24,800; Ruth $1,800 4 5 Paid Rent by cash $2,080. Marvin paid us his account by cheque $2000 9. Jamie paid us $1,400 by cheque. 10 We paid the following by cheque: Grant S1,600; Brown $2,000. 12 Paid Electricity bill by cash $1000 31 The owner, Ching Wei Tai, took $2,400 from the bank for personal use. 31 Required:
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- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount…Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co.…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems.Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note.Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400.13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000.Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account.14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account.Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.)May 11. Received from Bradford & Co. the amount due on the note of March 12.13. Dry Creek Co. dishonored its note dated March 14.July 12. Received from Dry Creek Co. the amount owed on…
- The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. Feb. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Mar. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11Received from Bradford & Co. the amount due on the note of March 12. May 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the mer-chandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchan-dise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the…Sheikh Bazar is a retail business owned by Mr. Sheikh. The followings are the summarized business transactions in the month of November: Nov 3 Collected RM27,000 from the debtors of the accounts receivable. 5 Paid debts of RM16,400 to the payable accounts. 8 Purchased goods worth RM22,000 on credit. 12 Goods in hand at the end of the period cost RM15,000 is sold on credit for RM23,000. 17 Paid shop rental of RM1000 for the month of November by cash. 25 Paid workers' salaries of RM3,100 for the month of November by cash. 29 Mr. Sheikh took out cash of RM6,300 for his personal use. Required: Prepare journal entries for each business transaction in November.
- 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.Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020. Following transaction took place during the month: ` Omer further invested in business with cash $5,000, bank $10,000, and Motor Vehicle $8,000 Received a cheque from Mathew in respect of goods sold at invoice price $500 deducting discount of 5%. Omer brought his house furniture into the business which he purchased for $3,000 Commission received as referral fee $1,300 Sold goods to Danial worth $500 and the balance was written in his account.On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The following were the transactions during the month: Date Transactions 1 3 Invested P100,000 cash in the business Obtained a P30, 000 loan from a bank. Purchased equipment for P20,000 cash. 5 7 10 Purchased goods for P20,000 cash. (Use perpetual inventory system) Sold goods for P10,000 cash. The cost of the goods sold was of P7,000. Withdrew cash P5,000 15 25 Paid utilities expense amounting to P3,000 Paid P5,000 salaries. 31 Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger. c. Prepare the unadjusted trial balance on July 31, 2021