Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1. Investment offunds by the proprietor into the business. 2. Rented a place for shop and paid refundable deposit. 3. Purchasedfurniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL 4. Purchased garments for sale on credit. 5. Bought a newcomputer for the use of business and paid through cheque. 6. Paid amount due to furniture vendor. 7. Availed bankloan for the business. 8. Received amount due from customer. 9. Cash withdrawn by the proprietor for personalpurposes. 10. Received advance cash towards order of garments, to be supplied next month. 11. Bills raised for whichamount was to be received. 12. Cash purchases of items of stationery. 13. Some chairs were found defective andreturned to the vendor. Vendor returned the cash immediately. 14. Payment for utilities. 15. Placed order for purchaseof new stock of garments. Using the format given below, state weather each transaction resulted in increase or decreaseor had no effect on the company's assets, liabilities and equity. Write in detail what increases, what decreases and thenthe net effect on assets, liabilities and equity...

Please See Step - 1 for detailed answer. Explanation:Step 1:Effect of above transactions on Asset,…

Answered: Some transactions of AB Corporation,…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section2.3: Analyzing How Transactions Affect Owner’s Equity Accounts

Problem 1WT

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1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
Identify the accounts and the debit/credit entries to be made in the ledger to record each of the following transactions.Debit CreditExample: Sold goods on credit to Sally Debit Sally, Credit Sales a. Bought office equipment on credit from Bakar.b. Received a cheque from Sally.c. Cash sales.d. Paid wages to workers by cheque.e. Bank loan from RHB.f. Paid personal computer with the company cheque.g. Returned goods to Ali.
It is a document received by your business when you purchase goods from supplier and asking 60 days credit: a. Credit note b. Debit note c. Purchase invoice d. Sales invoice
It is a document received by the business when they purchase goods from supplier and asking 60 days credit: a. Receipt b. Credit note c. Purchase invoice d. Debit note
Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. Purchased inventories on credit Sales of inventory on credit Received payment of a customer’s account Payment of monthly rent by cheque End of period closing entries Week 7 Below is information about Lisa Ltd’s cash position for the month of June 2019. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts journal showed total cash receipts of $292,704 for June. The cash payments journal showed total cash payments of $265,074 for June. The June bank statement reported a bank balance of $41,184 on 30 June. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. Cash receipts of $10,090 for 30 June were not included in the June bank statement. Included on the bank…
Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2, $37, to Lee Co. An allowance was granted and the customer kept the merchandise. The sale was on account. b. Cash sales, $175, with a cost of $60. c. Received check from Denise Co., $600, less 1% discount. d. Bought merchandise on account from Jaxon Co., $50, invoice no. 20; term 2/10, n/30. e. Cash purchase of merchandise, $45. f. Issued debit memo to Jaxon Co $30, for merchandise returned from invoice no. 20.
Prepare the following journal entries. a. customer is given an allowance of $ 425. b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.
You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. A. A credit card scanner at a grocery store. B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store. C. A report of patients who missed appointments at a doctors office. D. A list of the days cash and credit sales. E. Electronic files containing a list of current customers.
Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850

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