Question (1¹) On 31 December Year 4, T Lemon had the following account balance: Motor vehicle Purchases Sales Stock of goods Cash at bank Fixtures & fitting Wages -Receivables Payables Rents Drawings General expenses "Loan from D Waller ✔ Capital Prepare the Trial balance of T Lennon at 31 December Year 4. - $ 4,500 2,960 4,230 1,800 6,740 7,900 2,310 1,960 2,600 1,250 180 930 2,000 21,700
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- Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalPrepare a cash receipts journal and then record the following cash receipts transactions. July 1 The company borrowed $5,000 cash by signing a note payable to the bank. 2 C. Ming, the owner, contributed $1,000 cash to the company. 11 The company sold merchandise costing $100 to Mulan for $400 cash. 29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount if paid by end of month).Select a description for each transaction recorded in the following T accounts: Cash (c) 1,176 Accounts Payable (b) 150 (a) 1,350 (c) 1,200 Purchases (a) 1,350 Purchases Returns andAllowances (b) 150 Purchases Discounts (c) 24 descriptions available: Paid the bill after the discount period. Paid the bill within the discount period. Purchased merchandise for cash. Purchased merchandise on account. Received a credit memo from the supplier, either for merchandise returned or as an allowance for damaged merchandise.
- Prepare the following journal entries. a. customer is given an allowance of $ 425. b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.6. Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal< B. purchases journal« C. cash receipts journal< D. cash disbursements journal E. general journale26-Mr. Salman bought Merchandise Inventory worth OMR 25,000 on credit. Which books of prime entry will record the above transaction? a. Purchase journal b. Cash disbursement journal c. Sales journal d. General journal
- what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP Bankournalizing Cash Receipts Enter the following transactions in a cash receipts journal: July 6 Daren Chesbrough made payment on account, $527. 10 Made cash sales for the week, $2,470. 14 Adam Casady made payment on account, $394. 15 Yue Zou made payment on account, $203. 17 Made cash sales for the week, $2,360. If no entry is required, select "No entry". If an amount box does not require an entry, leave it blank or enter “0” for ‘General Credit’ column also. Page: 1 DATE ACCOUNT CREDITED POST.REF. GENERAL ACCOUNTSRECEIVABLECREDIT SALESCREDIT CASHDEBIT DEBIT CREDIT 1 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 1 2 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 2 3 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 3 4 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in…Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
- What type of balance is D. Martin's a/c carrying? Dr. Feb 10 Feb. 28. Return Outwards Bank a. Debit balance of $1,020 O b. Credit Balance of $1,020 Oc. Credit balance of $200 Od. Debit balance of $200 195 $ 215 D. Martin Feb. 2 A/c Purchases $ Cr. 61015. A company purchases a delivery van by paying $5,000 cash and by signing a $25,000 note payable. Which of the following correctly describes the recording of the delivery van purchase? A. The delivery van account is debited for $25,000. B. Notes payable is debited for $25,000. C. The delivery van account is debited for $30,000. C. Cash is debited for $5,000.Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of RO72. The Utility Expense account number is No.450. Record receipt of the refund.