Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| May 1 | Office equipment | 38000 | |
| Account payable | 38000 | ||
| (To record equipment purchased) | |||
| May 2 | Prepaid rent | 3000 | |
| Cash | 3000 | ||
| (To record prepaid rent) | |||
| May 5 | Account receivable | 2600 | |
| Service revenue | 2600 | ||
| (To record service revenue) | |||
| May 15 | wages expense | 3000 | |
| Cash | 3000 | ||
| (To record wages paid) | |||
| May 20 | Cash | 2600 | |
| Account receivable | 2600 | ||
| (To record cash received) | |||
| May 25 | Cash | 2800 | |
| Unearned service revenue | 2800 | ||
| (To record revenue in advance) | |||
| May 31 | Motor vehicle | 45000 | |
| Cash | 5000 | ||
| Account payable | 40000 | ||
| (To record motor vehicle purchased) | |||
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Paradise Ltd operates as travel consultants. They have provided information on transactions for the month of...
Question 3: Adjusting entries (9 marks) Wombat Ltd has provided the following information at year end...
Question 3: Adjusting entries (9 marks) Wombat Ltd has provided the following information at year end 30 June 2020: 1. Service revenue received in advance now earned, $3,500 2. Three years rent, totalling $36,000, was paid in advance on 1 July 2019 3. Services totalling $1,800 had been performed but not yet invoiced at the end of the year 4. Depreciation on fittings totalled $5,400 for the year 5. There was $900 of supplies on hand, they had purchased $4,400...
Question 5: Financial statements (13 marks) Longford Ltd has provided the following information at the end...
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At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing...
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing trial balance was as follows: Credit Cash Debit $15,900 1,100 600 Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $500 500 1,200 3,200 12,200 $17,600 $17,600 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the following transactions during July 2018. July 3 Issued $9,700 of common shares...
Raspberry Travel Ltd. owns and operates a coach service that transports tourists on interstate tours around...
Raspberry Travel Ltd. owns and operates a coach service that transports tourists on interstate tours around Australia. On 1 January 2015 Raspberry Travel Ltd. purchased a new coach for $500,000 with a cash deposit of $50,000 and a bank loan for the remainder. The firm's accountant identifies that the coach comprises two main items for recording and depreciation purposes: the body of the coach has been allocated a cost of $400,000 and the engine an allocated cost of $100,000. Raspberry...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Problem - Transaction Analysis May 1 Received a cheque in the amount of $5,000 from TUV...
Problem - Transaction Analysis May 1 Received a cheque in the amount of $5,000 from TUV Restaurant Ltd., for a restaurant food cleanliness assessment to be conducted in June. May 1 Paid $5,000 for office rent for the month of May. May 2 Purchased office supplies for $3,000 on account. May 3 Completed a consultation project for McDanny's Restaurant and billed them $27,000 for the work. May 4 Purchased a laptop computer for $3,000 in exchange for a note payable...
Question 5 The following events took place for ESP Service Corporation during the month of June,...
Question 5 The following events took place for ESP Service Corporation during the month of June, 2017: June 2 Paid total rent of $8,380 for two months, June and July. Purchased office supplies with cash for $420. June 3 June 5 Provided services to a customer, who paid cash $890 June 7 Provided services to another customer. Invoiced the customer $1,070, which is to be paid on June 21. June 12 Paid $530 for an invoice from the utility company....
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Question 3: Adjusting entries (9 marks) Wombat Ltd has provided the following information at year end 30 June 2020: 1. Service revenue received in advance now earned, $3,500 2. Three years rent, totalling $36,000, was paid in advance on 1 July 2019 3. Services totalling $1,800 had been performed but not yet invoiced at the end of the year 4. Depreciation on fittings totalled $5,400 for the year 5. There was $900 of supplies on hand, they had purchased $4,400...
Question 5: Financial statements (13 marks) Longford Ltd has provided the following information at the end of May 2020 LONGFORD LTD Trial Balance 31 May 2020 Cr Dr. $ 2.000 3,900 1,500 800 18,000 Cash Accounts Receivable Prepaid Rent Supplies Motor vehicle Accumulated Depreciation-Motor vehicle Accounts Payable Interest Payable Salaries Payable Revenue Received in Advance Loan Payable (payable in 2025) Share capital (31 May 2020) Retained earnings (1 May 2020) Dividends paid Service Revenue Salaries Expense Electricity Expense Rent Expense...
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing trial balance was as follows: Credit Cash Debit $15,900 1,100 600 Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $500 500 1,200 3,200 12,200 $17,600 $17,600 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the following transactions during July 2018. July 3 Issued $9,700 of common shares...
Raspberry Travel Ltd. owns and operates a coach service that transports tourists on interstate tours around Australia. On 1 January 2015 Raspberry Travel Ltd. purchased a new coach for $500,000 with a cash deposit of $50,000 and a bank loan for the remainder. The firm's accountant identifies that the coach comprises two main items for recording and depreciation purposes: the body of the coach has been allocated a cost of $400,000 and the engine an allocated cost of $100,000. Raspberry...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Problem - Transaction Analysis May 1 Received a cheque in the amount of $5,000 from TUV Restaurant Ltd., for a restaurant food cleanliness assessment to be conducted in June. May 1 Paid $5,000 for office rent for the month of May. May 2 Purchased office supplies for $3,000 on account. May 3 Completed a consultation project for McDanny's Restaurant and billed them $27,000 for the work. May 4 Purchased a laptop computer for $3,000 in exchange for a note payable...
Question 5 The following events took place for ESP Service Corporation during the month of June, 2017: June 2 Paid total rent of $8,380 for two months, June and July. Purchased office supplies with cash for $420. June 3 June 5 Provided services to a customer, who paid cash $890 June 7 Provided services to another customer. Invoiced the customer $1,070, which is to be paid on June 21. June 12 Paid $530 for an invoice from the utility company....
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
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