Analyze these transactions ( say which account to debit and which account to credit with the amount)
⃝ Cheque Copy #170 Dated January 18/xx
To Design n’ Wear, $1,600 in payment of account. Reference invoice #DW-6299.
⃝ Funds Received Form #FR-11-8 Dated January 20/xx
Record $60,400 in pledges to sponsor participants from sponsor forms submitted. Create a new group account 1180 Donations Receivable. (HINT: Cr. Revenue: Sponsors).
⃝ Cash Purchase Invoice #DP-34982 Dated January 20/xx
From Domino Pizza, $565 for pizza and soft drinks for volunteers. Invoice paid from Cash on Hand. (HINT: Charge Pizza expense to Miscellaneous Expense).
Session Date – Jan 28, 20xx
⃝ Funds Received Form #FR-11-9 Dated January 27/xx
Cash and cheques received from third and fourth weekends of event. Create a new Group account 4180 Revenue: Photos
Admissions for patrons $22,320
Sale of snack foods and drinks 13,360
Sale of T-shirts 5,000
Sale of surprise bags 3,500
Photo sales 7,800
Total of cash and cheques received were deposited in Bank: HOOPS
⃝ Funds Received Form #FR-11-10 Dated January 27/xx
Record $161,000 in pledged from sponsor forms submitted by participants to sponsor the participants.
⃝ Cash Purchase Invoice #DP-39168 Dated January 27/xx
From Domino Pizza, $723.20 for pizza and soft drinks for volunteers. Invoice paid from Cash on Hand.
⃝ Cheque Copy #171 Dated January 27/xx
To Leanna Alexander, $2,000 for winning a contest. Create a new Group account 5430 Tournament Prizes.
⃝ Memo #3 Dated January 27/xx
Adjustments to inventory required for sale events:
Cost of T-shirts sold $3,500
Cost of food items sold 8,460
Cost of surprise bag items sold 1,000
Donated items are not included in these costs.
⃝ Cheque Copy #172 Dated January 28/xx
To Althea Brooks, manager, $4,000 for wages for month.
Session Date – Jan 31, 20xx
⃝ Cheque Copy #173 Dated January 29/xx
To Design n’ Wear, $2,468 in payment of account. Reference invoice #DW-9493.
In case, more than 4 questions are asked. Answers for only first four is provided:
Please find below the journal entries:
Date | Ledger Name | Debit | Credit | |
18/xx | Design n' wear a/c | dr | $1,600 | |
To Bank a/c | ($1,600) | |||
(Paid to Design n' wear on account) | ||||
20/xx | Donations Receivable a/c | dr | $60,400 | |
To Revenue: Sponsors | ($60,400) | |||
(Donations receivable from sponsor participants) | ||||
20/xx | Miscellaneous expenses a/c | dr | $565 | |
To Cash a/c | ($565) | |||
(Dominos pizza purchased on cash) | ||||
27/xx | Bank a/c | dr | $51,980 | |
To Revenue: Admission of patrons | ($22,320) | |||
To Revenue: Snacks food and drinks | ($13,360) | |||
To Revenue: Sale of T shirts | ($5,000) | |||
To Revenue: Sale of Surprise bags | ($3,500) | |||
To Revenue: Photos | ($7,800) | |||
(money received in cash and cheques deposited) | ||||
Analyze these transactions ( say which account to debit and which account to credit with the...
Analyze these transaction ( Say which account to debit and which account to credit for how much) Session Date – Jan 7, 20xx ⃝ Purchase Invoice #KC-2252 Dated January 2/xx From Kopy Center, $452 for photocopying registration and donation forms. Terms net 25 days. ⃝ Purchase Invoice #LI-10116 Dated January 2/xx From LIME, $678 for cellular handset. Deposit required and balance due at end of month. Create a new Group account 2140 A/P – LIME. ⃝ Cheque Copy #167 ...
Transactions
June
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The owner opened a bank account for the business with a deposit
of $20,000. This is capital provided by him.
1
Purchased display stands, shelving etc. (shop equipment) from
Shop Displays Pty Ltd for $26,100 and computer equipment for the
shop from Computer Wizards for $4,800. These were paid for with a
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business bank account. The bank loan is repayable over 4
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Paid...
anyone can help ?
question 1
6.2 Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 2017 2017 1 Started in business with £8,000 in the bank. March 2 Bought goods on time from: L. Frank f550; G. Byers f540; P. Lee £610. 5 Cash sales (510. 6 Paid wages in cash £110. 7 Sold goods on time to: J. Snow £295; K. Park £360; B. Tyler £640. 9...
Need help journalising the
transactions.
Transactions
June
1
The owner opened a bank account for the business with a deposit
of $25,600. This is capital provided by him.
1
Purchased display stands, shelving etc. (shop equipment) from
Shop Displays Pty Ltd for $33,500 and computer equipment for the
shop from Computer Wizards for $4,200. These were paid for with a
loan of $30,800 from the bank and cheque for $6,900 from the
business bank account. The bank loan is repayable...
PLEASE I NEED HELP IMMEDIATELY
GSU Corporation completed these transactions during January of the
current year:
January 1, Began business by selling stock for
$725,000.00.
January 1, Rented office space for 1 month using check number 800
for $10,000.00 to Smithlord Properties. (Example posted to cash
disbursement journal).
January 2, Purchased office furniture and equipment on credit from
McKay Company, invoice mck66 dated January 9, terms 2/10, net 30,
$20,499.11. (Example posted to purchases journal).
January 2, Sold merchandise on...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping...
Can you advise which in the dropdown is the debit and
which is the credit?
Nature Gnome Company is a service based company that rents for
use on local lakes and rivers. At the beginning of the new year,
NGC decided to carry and sell T-shirts with its logo printed on
them. NGC uses the perpetual inventory system to account for the
inventory. During January 2019, NGC completed the following
merchandise transactions:
To confirm, I only need the answer to...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $43,600 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). 3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
Please help with the journal entries for debit and
credit im not sure what they are
100 105 110 150 155 200 205 210 215 220 250 Assets: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Equity: Common Stock Retained Earnings Revenues: Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 300 305 400 500 505 510 515 520 550...