Solution : -
JOURNAL | |||
Date | Particulars | Debit | Credit |
a | Advertisement expense | 260 | |
Cash | 260 | ||
(Being advertisement paid) | |||
b | Cash | 9600 | |
Accounts receivable | 1320 | ||
Revenue | 10920 | ||
(Being revenue earned) | |||
c | Inventory | 3700 | |
Cash | 3250 | ||
Accounts payable | 450 | ||
(Being inventory purchasd) | |||
d | Lease expense | 2500 | |
Cash | 2500 | ||
(Being lease payment made) | |||
e | Note payable | 800 | |
Interest on note payable | 50 | ||
Cash | 850 | ||
(Being payment made) | |||
f | Salary expense | 7500 | |
Cash | 6000 | ||
Salary payable | 1500 | ||
(Being expense recorded) | |||
g | Advance Lease | 250 | |
Cash | 250 | ||
(Being payment made) | |||
h | Cash | 650 | |
Unearned revenye | 650 | ||
(Being gift cards sold) |
Income Statement | ||
Revenue | 10920 | |
Less: Operating expense | ||
Advertisement expense | 260 | |
Lease expense | 2500 | |
Salary expense | 7500 | 10260 |
Earning before interest & tax | 660 | |
Less: Non operating expense | ||
Interest on note payable | 50 | |
Earning before tax | 610 | |
Profit Margin= Earning before tax/Revenue | ||
610/10920 | 6% |
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Main Squeeze had the following transactions as a result of it's first summer in operation (May...
Main Squeeze had the following transactions as a result of it’s first summer in operation (May through September); a. Paid for $260 worth of advertisements all of which ran during the summer. b. Sold $10,920 worth of lemonade, receiving $9,600 in cash with the rest owed by customers from special catering events. c. Paid $500 for inventory ordered in May, and ordered $3,200 more inventory throughout the season of which all was paid for except $450 outstanding at the end...
First Choice Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
First Choice’s ledger showed Cash $6,400; Accounts Receivable
$1,300; Inventory $3,200; Common Shares $8,600; and Retained
Earnings $2,300. First Choice uses a perpetual inventory
system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $150 were paid
by the appropriate party on the merchandise purchased on May...
Cuisine Catering completed the following selected transactions during May 2018: Click the icon to view the transactions.) Read the requirements. Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter "O" for any...
Chef's Catering completed the following selected transactions during May 2018: May 1 Prepaid rent for three months, 52,400. 5 Received and paid electricity bill, 5700 9 Received cash for meals served to customers, $2,600. 14 Paid cash for kitchen equipment, 53,000. 23 Served a banquet on account, $2,800. 31 Made the adjusting entry for rent (from May 1). 31 Accrued salary expense, $1,600. 31 Recorded depreciation for May on kitchen equipment, 550. Requirements 1. Show whether each transaction would be...
Problem 5-5A
Piper Specialty Store Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
Piper Specialty Store’s ledger showed Cash $7,400; Accounts
Receivable $1,600; Inventory $3,100; Common Shares $8,700; and
Retained Earnings $3,400. Piper Specialty Store uses a perpetual
inventory system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $6,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $140 were paid
by the appropriate party on...
Record the May transactions in Journal.
Set up T accounts, enter the opening balances, and post the
transactions. ( ledger)
Prepare a partial multiple-step income statement for the month
ended May 31, through to gross profit.
Prepare the current assets section of the statement of financial
position as at May 31. (List Current assets in order of
liquidity.)
Problem 5-5A Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2018. At the beginning of May,...
how
to record these transacrions
yeah its not given just wanted to know what to debit and credit.
Thank you
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accounting journal entries for each transactions no journal entry may be recorded company had following happen in October October 1- Paid 300 for rent October 3- Purchased fuel costing $350 for next trip October 5- Received $300 from customer to ship items next month October 6- Customer paid $600 for a service October 10 - Paid $100 for advertisement in local paper to run later in month October 12 - Paid worker $2,000 for wages for last month ( recorded...
Peter’s Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred in the month of October. (a) Peter’s collected $13,450 from customers for games played in October. (b) Peter’s sold $8,450 in curling equipment inventory; received $5,300 in cash and the rest on account; cost of sales is $5,100. (c) Peter’s received $3,300 from customers on account who purchased merchandise in September. (d) The curling league gave Peter’s a deposit of $3,800 for the upcoming...
Swifty Corporation completed the following merchandising
transactions in the month of May. At the beginning of May, the
ledger of Swifty Corporation showed Cash of $5,000 and Common Stock
of $5,000.
May 1
Purchased merchandise on account from Gray's Wholesale Supply
$4,100, terms 2/10, n/30.
2
Sold merchandise on account $2,400, terms 1/10, n/30. The cost
of the merchandise sold was $1,400.
5
Received credit from Gray's Wholesale Supply for merchandise
returned $300.
9
Received collections in full, less discounts,...