Please do not give solution in image format thanku WMike Greenberg opened Kleene Window Washing Co. on July 1, 2022. During July, the following transactions were completed.July 113512182021253131Owner invested $12,000 cash in the company.Purchased used truck for $8,000, paying $2,000 cash and the balance on account.Purchased cleaning supplies for $900 on account.Paid $1,800 cash on a 1-year insurance policy effective July 1.Billed customers $3,700 for cleaning services performed.Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.Paid $2,000 cash for employee salaries.Collected $1,600 cash from customers billed on July 12.Billed customers $2,500 for cleaning services performed.Paid $290 for maintenance of the truck during month.Owner withdrew $600 cash from the company.Prepare a post-closing trial balance at July 31.KLEENE WINDOW WASHING CO.Post-Closing Trial BalanceFor the Month Ended July 31, 2022For the Year Ended July 31, 2022July 31.2022$V$Credit

Statement which involves listing of all accounts with their respective balances in one statement…

Answered: July 1 1 3 5 12 18 20 Owner invested…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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john began an Upholstery cleaning business on October 1,2020 and engaged in the following transactions during the month: Began business by depositing 12,000 in a Clean & Premium ltd bank oct 1 : account oct 2 :Ordered Cleaning supplies 3,000 oct 3: Purchased cleaning equipment for 2,800. oct 4 : Made two months' van lease payment in advance, 1,200 Received the cleaning supplies ordered on (Oct 2) oct 7: and agreed to pay half the amount in 10 days, and the rest in 30 days oct 9: Paid for repairs on the van with cash, 1,080 oct 12 : Received cash for cleaning upholstery, 960. oct 17: Paid half the amount owed on supplies purchased on Oct 7, 1,500. oct 21 : Billed customers for cleaning upholstery, 1,340 oct 24 :Paid cash for additional repairs on the van, RM80 oct 27 : Received 600 from the customers billed on October 21. oct 31 Made a cash withdrawal of 700. you are Required to A : Prepare the general journal based on the above transactions. B:…
On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.
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S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannahs receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off all of Hannahs debt. Hannah later receives a windfall and pays the amount of her balance to Perry Corp. Required: Make the appropriate journal entries (if any) to record the receipt of $450 by Perry Corp.
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Mr. Manalo opened a mini grocery store with Business name Manalo Trading. Operations began on April 1, 2021, and the following transactions were completed during the month: 1 Mr. Manalo withdrew P100,000 from a personal savings account and used it to open a new account in the name of Manalo Trading. 2 Acquired an office equipment costing P76,000. A payment of P25,000 cash was made and a note payable given for the P51,000 remainder payable for 6 equal monthly installment. 4 Purchased merchandise from Spendmore Hypermart P49,500, terms 5/10, 3/20, n/30. 5 Paid P1,600 delivery charge for April transactions. 7 Bought office supplies on account P10,700. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. 10 Returned defective merchandise to Spendmore Hypermart amounting to P4,500. 12 Sold merchandise on account P42,000 with 40% mark-up from the inventory cost of P30,000, term 2/10, n/30. 13 Paid P1,200 freight for April 12 transactions. 15 Paid…
Chuck recently purchased brand new equipment for his sign making business. He received an invoice for $3,625 dated March 22 with terms 4/10, 2/20, n/60. Chuck paid $1,225 on April 1 and $480 on April 11. What balance was still owed after April 11? Your Answer:

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