4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem? with puting into general journal as debit and credit side
Q: 1. She purchased the merchandise for P 40,000 2. Sold merchandise for cash P 50,000 for the month 3.…
A: operating activities relat to operation of business
Q: Assume that a relatively new company you and you group members are involved with has presented you…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: You have been asked by your boss to look at the estimated financial information for your Client ABC…
A: Cash budget of the business shows all expected cash receipts and expected cash payments of the…
Q: To practice how the use of debits, credits, and double entry accounting affect individual T accounts…
A: The accounting equation is written as: Assets = Liabilities + equity Equity can be calculated as :…
Q: Assume that a relatively new company you and you group members are involved with has presented you…
A: Disclaimer:-Hence it is multipart question, we are able to solve only first 3 parts of question, If…
Q: The following transactions took place in the books of Shirley enterprise: Jan 1 Started business…
A: Double Entry System:-It is the system in which transactions recorded to affect the double side debit…
Q: Required: Record the transactions in the relevant journals Post to respective ledger and sub-ledger…
A: Journal entries helps to keep the record of financial transactions Trail balance is a list of all…
Q: Rustic Furniture Co. is owned and operated by Cam Pfeifer. The following is an excerpt from a…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: During February 2022, the following occurred in the business of Nam-Tura Trading, a general dealer:…
A: The discount allowed to debtors is recorded as debit balance into the books.
Q: Assume that a relatively new company you and you group members are involved with has presented you…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into…
A: Journal entries ae entries to pass the identified events in accounting books for the time. Rules are…
Q: A. Record the transactions stated above in the general journal. B. Post the transactions to the…
A: Journal is a book that contains all business transactions. In journal business transactions are…
Q: Complete the following transaction and balance of each account 2008 June 01 started business with…
A: Journal entry: It is also called as book of original entry. It is used to record a financial…
Q: Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $25,000 required…
A: Double entry system concept: As per this concept for every debit there should be a alternative…
Q: Prepare a SFP (Statement of Financial Position) for the company using report form. Your neighbor who…
A: 1. Property Plant & Equipment includes : Furniture = P100,000 2. Accrued Expenses includes :…
Q: Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be…
A: A cash disbursement journal is the type of journal which is used for recording all the cash payments…
Q: Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be…
A: Cash receipt journal: Cash payments journal is used to record all the transaction which involves the…
Q: Anthony Clement is applying for a car loan. The lending institution requires a personal net worth…
A: Net worth: It is a difference between total assets and total liabilities. The high net worth of the…
Q: a. His sari-sari store has cash deposited in a bank account amounting to P50,000 b. His sari-sari…
A: Statement of Financial position includes: Assets accounts Liabilities accounts Shareholders equity…
Q: You are provided with the following information of John Mlachake for the month of March 2014 March:…
A: The general ledger accounts are graphically presented in the form of T Accounts. All the debit…
Q: Do the Math: Determine the Cash balance for Wiemack Landscape Designs after the third transaction…
A: Cash: It can be defined as the physical currency including paper notes and coins that are used to…
Q: Matthew Martin, the owner of Innovation Consulting, started the business by investing $58,000 cash.…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Lanni Products is a start-up computer software development firm. It currently owns computer…
A: The asset is an item that possesses some value that can be used to pay off any debts or commitments.…
Q: The company bought Machinery worth RO. 5000 and made 40% cash as part payment. The balance was on…
A: The accounting equation states Assets =Liabilities + Shareholders equity
Q: 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: Simone Smith, Trading as Scents of Jamaica, is applying for a small business loan. She provides the…
A: Introduction: The statement of affairs method, like your company's balance sheet, shows your net…
Q: Create a name for the owner of the company and give the business a name that reflects the operations…
A: We are given transaction related to a company Create a name for the owner of the company and give…
Q: 1. Jan Swift, owner, deposited $30,000 in the business checking account. 2. The owner transferred to…
A: Accounting equation is the foundation of the accounting double entry system. On the firm balance…
Q: Complete the columns to show the effect of the following transactions: Transaction Asset…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset).…
A: Supplies are considered as the current asset until they are used and supplies converted to supplier…
Q: This is a sample application form for business loan in a bank. Directions: Fill out the form with…
A: In the context of the given question, we will try to cover filling out all sections of the bank loan…
Q: 7: Purchased a building with a market value of $ 120 comma 000$120,000, and land with a market…
A: Balance sheet is a statement which shows the balance of liabilities & assets in a business at a…
Q: Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle…
A: We have the following information of Mark Waugh's Business Fixtures: $12,000 Motor Vehicle: $30,000…
Q: Give Accounting Equation for following transactions of Jitesh: a. Started business with cash – Rs.…
A: Assets=Liability + Equity represents the accounting equation.
Q: The company bought goods worth RO. 15000. For cash RO. 8000 and the balance on credit. Which of the…
A: Liabilities refer to the amount which is owed to outsiders. When a sum of money is borrowed, then it…
Q: e owner of Total Care Trading received the amount loaned personally from a bank amounting to…
A: Solution: Increase in the total assets of the business = cash invested in business = P400,000 Loan…
Q: On January 1, 2022, the ledger of Splish Brothers Inc. contained these liability accounts.…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Rustic Furniture Co. is owned and operated by Cam Pfeifer. The following is an excerpt from a…
A: Purchase discount is the amount received as concession by the seller to the buyer for making early…
Q: As. Ann Chavez, the owner of the business, transferred cash rom personal bank account to the account…
A: The closing entries are prepared to close the temporary accounts of the business. The temporary…
Q: Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to…
A: Journal entry for purchase of Truck: DATA ACCOUNTS DEBIT CREDIT Truck $35000…
Q: Faith D. Nakpil Accounting Services (FDNACCT) paid for the following: Purchase of equipment: P50,000…
A: 1. Purchase of Equipment : it is not an expense. It is the purchase of Fixed assets. The…
Q: He bought a service vehicle worth P47,000; paid P10,000 and He billed P22,500 from customers for…
A: T accounts are the general ledger accounts that are being prepared by the business. These are based…
Q: Assume that a relatively new company you and you group members are involved with has presented you…
A: Introduction:- A trial balance is a list of all of a company's general ledger accounts (including…
Q: Able Company purchased a truck worth $20,000. The company paid $5,000 in cash and incurred a bank…
A: General ledger: It is the record of all the transactions of the business in the form of accounts.…
Q: Complete the columns to show the effects (increase or decrease) of the following transactions on the…
A: Payment to creditors in cash will decreases the balance of cash as well as creditors . Purchase of…
Q: Knowing that you have some accounting experience, your friend David has sought your advice regarding…
A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
i am doing chart of accounting general journal,
4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this).
how to solve this problem? with puting into general journal as debit and credit side
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- i am doing chart of accounting and for general journal, Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). what type of category and debit & credit section?I am not exactly sure what this question is asking me to do. The attached image is the information that is given to me. Below are the questions that I need to solve. The answer to question A is 3,650. That was given to me in the problem.Unknown Amounts Requireda. Total cash received $3,650b. Total cash collected from credit customersc. Notes payable repaid during the periodd. Good and services received from suppliers on accounte. Net income, assuming that no dividends were paidWindsor, Inc. had the following transactions. 1. Borrowed $ 6,184 from the bank by signing a note. 2. Paid $ 3,092 cash for a computer. 3. Purchased $ 557 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Account Names Credit Analysis Account Names 1. select an effect on a basic account type enter a debit account title to record the first transaction select an effect on a basic account type enter a credit account title to record the first transaction 2. select an effect on a basic account type enter a debit account title to record the second transaction select an effect on a basic account type enter a credit account title to record the second transaction 3. select an effect on a basic account type enter a debit account title to record the third transaction select an effect on a basic…
- You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store‘s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz: A. His sari-sari store has cash deposited in a bank account amounting to P50,000B. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000C. The total amount of merchandise left inside the store is P30,000D. He already paid one year‘s rent in advance amounting to P12,000E. The value of all the company‘s furniture amounted to P100,000F. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-endG. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000H. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000I. He had a loan from the bank amounting to P50,000 to be paid in 3 years Prepare a Statement of Financial Position for the…This is a bank account used to deposit and withdraw money using the bank branch, using an ATM or Internet banking or by writing a cheque. a. Savings Account b. Time Deposit c. Credit Account d. Current / Checking Account It refers to the amount of money paid out an account. a. Opening and closing balance b. Account holder c. Credit transaction d. Debit transaction This is aimed at those who have a lump sum which they want to invest over a set period of time The money is deposited into the account and left there until the agreed upon date. a. Credit Account b. Savings Account c. Debit Account d. Time Deposit It is the amount of money in the account at the beginning and at the end of the period. a. Credit transaction b. Opening and closing balance C. Account holder d. Debit transactionPina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a note. 2. Paid $2,533 cash for a computer. 3. Purchased $456 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis Account Names Credit Analysis Account Names 1. select an effect on a basic account type enter a debit account title to record the first transaction select an effect on a basic account type enter a credit account title to record the first transaction 2. select an effect on a basic account type enter a debit account title to record the second transaction select an effect on a basic account type…
- Journalize the entries for the following transactions. Refer to the Chart of Accounts for the exact wording of account titles. (Note: The company uses a clearinghouse to take care of all banks as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140…In the case of Allan Thorpe founder of Alcazar's company. He has used up $2100 of supplies(asset). To record this transaction, do your credit Supplies a/c and debit the Cash a/c, or would you debit accounts receivable since he did state how he used up the supplies?3 Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared by Broadmor to record this transaction? Multiple Choice Debit Cash and credit Accounts Receivable. Debit Cash and credit Service Revenue. Debit Accounts Receivable and credit Service Revenue. Debit Accounts Receivable and credit Cash.
- Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $27,700. The cost of the goods sold was $14,681. B. Sold merchandise on account, $250,000. The cost of the merchandise sold was $132,500. C. Sold merchandise to customers who used MasterCard and VISA, $161,700. The cost of the merchandise sold was $85,701. D. Sold merchandise to customers who used American Express, $72,000. The cost of the merchandise sold was $38,160. E. Received an invoice from National Clearing House Credit Co. for $8,610, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns…Problem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?Calculate the profit of a bank by preparing income and expenditure statement. -Assume that you are an accountant in a PNZ Bank. From the following particulars, prepare the profit and loss account of bank PNZ for the year ended 31-03-2020. Particulars OMR Particulars OMR Locker rent Discount on bills discounted Director and auditor fee Establishment Expenses Interest on loan Interest on fixed deposit Interest on cash credit Sundry expenses Impairment for credit loss Transfer fee Fee and commission expenses Provision for doubtful debts Decrease in net changes in face value of sale of investment 70,000 2,100,000 50,000 600,000 2,800,000 2,980,000 2,400,000 20,000 2,000 5,000 25,000 300,000 900 Interest on current account Interest on over draft Interest on savings bank account Postage and telegram Printing and stationary Discount on bills discounted Rent and taxes Income tax expenses Depreciation Fee and commission income Profit on exchange difference arising on foreign…