For the month of September 2021, BW Travel and Tours had the following transaction. sep1- Brayson invested $15,000 cash and equipment valued at $12,500 into the business. Whats the account title and ecp
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For the month of September 2021, BW Travel and Tours had the following transaction.
sep1- Brayson invested $15,000 cash and equipment valued at $12,500 into the business.
Whats the account title and ecp
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- Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksDec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business02 Bought supplies P700 on account.03 Rendered services P1,100 on account.On December 31, 2020 Sy General Services has an estimated uncollectible 1% of itsaccounts receivable.Required:1. Journalize the transactions.2. Post the journal entries to the ledgers.3. Prepare the unadjusted trial balance.4. Prepare an adjusting journal entry.5. Prepare the adjusted trial balance.Кеquired: Prepare current assets sectión of the báláncé šhéét. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment. Q8. Ahmed construction began work on a OMR 10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost-recovery method. Page 3 Section C Answer Any ONE Question (1 x 6 marks = 6 marks) Q9. Al-Duqum Construction Company has a contract to construct a OMR 9,000,000 bridge at an estimated cost of OMR 8,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The…
- On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the name of the business 1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020 1 - Paid rental for the month of April, P5,000 4 - Collected accounts from previous month, P13,200 5 - Earned and collected trucking income from Ryan, P8,000 8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay on May 8, 2020 10 - Paid salaries of drivers, P10,000 15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that date and the balance on April 20 18 - Paid electric bills for the month, P2,000 20 - Collected from Joshua the balance of his April 15 account 25 - Purchased office supplies, P2,300 29 - Earned and…You are required to prepare a trial balance for Alina Ltd as at 31st December 2021 and assess the source and structure of the trial Balance of Alex Ltd. The following information should be used to prepare the trial balance; £000 Capital 200 - Source - General ledger Stocks 20 - Source - General ledger Sales 100 - Source - Sales ledger or accounts receivable Cash and cash equivalent 110 - Source - Cash book Bank loan 70 - Source - General ledger Furniture and Fittings 180 - Source - General ledger or nominal ledger Trade Receivables 30 - Source - Sales ledger or receivables ledger Trade Payables 20 - Source - Payable ledger or purchase ledger Wages 50 - Source - General ledger or nominal ledgerThe following summarized transactions occurred in December 2020 in Syco Co. Dec 1 Purchased plant and equipment for $515 in cash. 2 Borrowed $758 from a bank, signing a note payable. 5 Provided $37,522 in service to customers, with $27,250 on account and the rest received in cash. 9 Paid $4,300 cash on accounts payable. 14 Purchased $30,449 inventory on account. 18 Paid salaries, $3,500. 22 Received $37,410 on account paid by customers. 26 Purchased and used fuel of $750 in delivery vehicles during the year (paid for in cash). 31 Incurred $68 in utility usage during the year; paid $55 in cash and owed the rest on account. Required: Prepare journal entries for those transactions.
- You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
- The following information relating to Mazoon LLC, for the year ended 31st December 2020 is provided to you and you are requested to calculate sales for the year ending 2020 under CPP method. Details OMR Net monetary assets on 1st January 2020 5,000 Net monetary assets as on 31st December 2020 35,000 Transactions for the year are as given below Cash Sales 40,000 Credit Sales 50,000 Credit Purchases 35,000 Wages 10,000 Other operating expenses 5,000 Interest paid 10,000 General Price Index on 1st January 2020 = 100 General Price Index on 31st December 2020 = 150 Average Index for the year 2020 = 125On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…On April 1, 2021, Roland Smith organized a business called Friendly Trucking During April, the company entered into the following transactions Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Roland Smith deposited Php750,000 cash in a bank account in the name of the business Purchased for Php300.000 a transportation equipment to be use in the business. Roland paid 50% as down payment while the balance will be paid on May 15, 2021 Paid rental for the month of Apni Php 7,000 Eamed and collected trucking income from Roy. Php8,500 Eamed trucking income from Justin, Php 40,000 on account. Justin will pay on May 8, 2021 Paid salaries of drivers, Php12000 Rented the vehicle to Jayanen for Php45.000 Jayzam pard Php25.000 on that date and the balance on April 20 Paid electric bills for the month, Php3 000 Collected from Jayzam the balance of his April 15 account Purchased office supplies Php2,800 Earned and collected trucking income from Jay, Php 18.000 Apr 10 Apr 15 Apr 18 Apr 20 Apr 25 Apr 29 Instructions…