Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secureincurred the following transactions during July 2023, its first month of operations:July 1 The owner, Manny Gill, invested $5,700 cash.10 Purchased $3,200 worth of security equipment on credit.12 Performed security services for a sold-out concert and received $11,000 cash from theclient.14 Paid for expenses; $4,200.15 Completed security services for a graduation event and sent the client a bill for$1,850.31 The owner withdrew $320 cash for personal use.Required:2. Record the journal entries for the month of July.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: Manny Gill is an entrepreneur who…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $4,600 cash. 10 Purchased $2,100 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,100. 15 Completed security services for a graduation event and sent the client a bill for $1,300. 31 The owner withdrew $210 cash for personal use. Required: 2. Record the journal entries for the month of July, View transaction list Journal entry worksheet 1 2 3 Record the Investment by owner. 5 6 4>
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $5,500 cash. 10 Purchased $3,000 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $4,000. 15 Completed security services for a graduation event and sent the client a bill for $1,750. 31 The owner withdrew $300 cash for personal use. Prepare a trial balance using the balances in your general ledger accounts.
Manny Gill is an entrepreneur who started West Secure, a business that provides number of security guard services, West Secure incurred the following transactions during July 2017, its first month of operations. July 1st The owner, Manny Gill invested $ 5,000 cash. 10th Purchased $ 2,500 worth of security equipment on credit 12th Performed security services for a sold out concert and received $ 10,000 cash 14th Paid for expenses $ 3,500 15th Completed security services for a graduation event and sent the client a bill for $ 1,500 31st The owner withdrew $ 250 cash for personal use Required: Set up the following general ledger accounts using either the T-account format or the balance column format: Cash 101, Accounts Receivable 106, Equipment 150, Accounts Payable 201, Manny Gill, Capital 301, Manny Gill, Withdrawals 302, Revenue 401, Expenses 501. Record the journal entries for the month of July. Post the journal entries to general ledger…
Manny Gill is an entrepreneur who started West Secure, a business that provides number of security guard services, West Secure incurred the following transactions during July 2017, its first month of operations. July 1st The owner, Manny Gill invested $ 5,000 cash. 10th Purchased $ 2,500 worth of security equipment on credit 12th Performed security services for a sold out concert and received $ 10,000 cash 14th Paid for expenses $ 3,500 15th Completed security services for a graduation event and sent the client a bill for $ 1,500 31st The owner withdrew $ 250 cash for personal use Required: Set up the following general ledger accounts using either the T-account format or the balance column format: Cash 101, Accounts Receivable 106, Equipment 150, Accounts Payable 201, Manny Gill, Capital 301, Manny Gill, Withdrawals 302, Revenue 401, Expenses 501. Record the journal entries for the month of July. Post the journal entries to general ledger…
Carlos Young started an engineering firm called Young Engineering. He began operations in March 2020 and completed seven transactions, including his initial investment of $17,000 cash. After these transactions, the ledger included the following accounts with their normal balances: $ 26,660 Cash Office Supplies Prepaid Insurance Office Equipment Accounts Payable Carlos Young, Capital Carlos Young, Withdrawals Engineering Revenue Rent Expense 660 3, 200 16,500 16,500 17,000 3,740 24,000 6,740 Required: Prepare a trial balance for the business. YOUNG ENGINEERING Trial Balance March 31, 2020 Debit Credit
Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…
Arnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…
On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J Hair Salon. On that day, he paid rent of $15,000 for three months. During March 2021, he completed the following additional transactions: Purchased $3,000 of supplies on account. Provided haircuts and treatments and received $20,000 cash. Determined that the cost of supplies on hand in end-March was $500.Analyse the above and record the necessary entries for March 2021. For this question, dates and narrations are not required
On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,772 cash. The new company, Blossom Sales and Service, has the following transactions during January. 1. 2. 3. 4. 5. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 43 personal computers at a cost of $1,688 each, 9 graphics computers at a cost of $2,688 each, and 28 printers at a cost of $488 each, paying cash upon delivery. Sales, repair, and office employees earn $14,372 in salaries and wages during January, of which $4,772 was still payable at the end of January. Sells 33 personal computers at $2,738 each, 7 graphics computers for $3,788 each, and 18 printers for $688 each; $76,772 is received in cash in January, and $52,482 is sold on a deferred payment basis. Other operating expenses of $10,172 are incurred and paid for during January; $3,772 of incurred expenses are payable at January 31.
Mr. Y opens an apartment-locator business near a Green University campus. The corporation will be named Campus Apartment Locators, Inc. During the first month of operations, July 2022, the business completes the following transactions: a. Mr. Y invests 350,000. The business receives 350,000 cash and issues common stock to Mr. Y. b. Purchases 3500 of office supplies on account. c. Pays cash of 30,000 to acquire a lot next to the campus. Mr. Y intends to use the land as a future building site for the business office. d. Locates apartments for clients and receives cash of 10,900. e. Pays 1000 on the account payable he created in transaction b. f. Pays 20,000 of personal funds for a vacation. g. Pays cash expenses for office rent, 4000, and utilities, 1000. h. Returns office supplies of 2500 from transaction b. i. Declares and pays a cash dividend of 10,200. Requirements: 1. Analyze the preceding transactions in terms of their effects on the accounting equation of Campus Apartment…
Bayoud has started a computer servicing center on May 1, 2021. Following are some events andtransactions that occurred in the month of May:May 1 Bayoud invested $7,000 cash in the business.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in the County News.9 Received $4,000 cash for services performed.15 Received $5,400 for services to be performed in July.17 Paid $2,500 for employee salaries.20 Paid the one year’s rent in advance $1200.29 Purchased equipment for $4,200 on account.Instructions:(i) Show the tabular analysis of the above transactions. (ii) Give the necessary journals. (iii) Prepare the ledger for Cash account
Bayoud has started a computer servicing center on May 1, 2021. Following are some events andtransactions that occurred in the month of May:May 1 Bayoud invested $7,000 cash in the business.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in the County News.9 Received $4,000 cash for services performed.15 Received $5,400 for services to be performed in July.17 Paid $2,500 for employee salaries.20 Paid the one year’s rent in advance $1200.29 Purchased equipment for $4,200 on account.Instructions:Prepare the ledger for Cash account.

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