a) Complete the table b) Record the above transactions in the appropriate ledger accounts. (You are not required to balance off the accounts) Answer a) Mr Young owner of business had started business with cash in bank account RM100,000 Account to be debited Account to be credited
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- Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalJul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $7,000 into the account. Just tell me in quickbooks where do i record this transaction?bill (enter bills window)credit (enter bills window)bill pmt - check (pay bills window)check (write checks window)invoice (create invoices window)payment (receive payments window)sales receipt (enter sales receipts window)deposit (make deposit window)general journal (make general journal entries window)inventory adjust (adjust quantity/value on hand window)sales tax payment (pay sales tax window)paycheck (pay employees window)liability check (pay payroll liabilities window)transfer (transfer funds between accounts window)credit card charge (enter credit card charges window)credit memo (create credit memos/refunds window)discounts (receive payments window)Complete the following to record office expenses that Mookie The Beagle™ Concierge incurred and paid by check. Create a Check. Select Create (+) icon > Check Add Vendor Payee: Bichotte Supplies Select Payment Date: 01/13/2022 Select Bank Account: Checking Select Category: Office Supplies & Software (Expenses) Enter Description: Office Supplies Enter Amount: 84.00 What is the Total for the Check? (Answer this question in the table shown below. Round your answer 2 decimal places.) Select Save and close View the Transaction Journal for the Check. From the Navigation Bar, select Expenses From the Expense Transactions List, select the Bichotte Supplies Check just entered From the bottom of the Bichotte Supplies Check, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown…
- You are required to record the transactions in the appropriate accounts, balance off the accounts, extract a trial balance, prepare an income statement, and a balance sheet from the trial balance. Jan 1 Started in business with £10,500 cash. == 2 Put £9,000 of the cash into a bank account. == 3 Bought goods for cash £550. == 4 Bought goods on credit from: T Dry £800; F Hood £930; M Smith £160; G Low £510. == 5 Bought stationery on credit from Buttons Ltd £89. == 6 Sold goods on credit to: R Tong £170; L Fish £240; M Singh £326; A Tom £204. == 8 Paid rent by cheque £220. == 10 Bought fixtures on credit from Chiefs Ltd £610. == 11 Paid salaries in cash £790. == 14 Returned goods to: F Hood £30; M Smith £42. == 15 Bought van by cheque £6,500. == 16 Received loan from B Barclay by cheque £2,000. == 18 Goods returned to us by: R Tong £5; M Singh £20. == 21 Cash sales £145. == 24 Sold goods on credit to: L Fish £130; A Tom £410; R Pleat £158. == 26 We paid the following by cheque: F Hood…You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank, Credit Phone Expense O Debit Phone Expense, Credit Bank O Debit Phone Expense, Credit 0.E.This is a bank account used to deposit and withdraw money using the bank branch, using an ATM or Internet banking or by writing a cheque. a. Savings Account b. Time Deposit c. Credit Account d. Current / Checking Account It refers to the amount of money paid out an account. a. Opening and closing balance b. Account holder c. Credit transaction d. Debit transaction This is aimed at those who have a lump sum which they want to invest over a set period of time The money is deposited into the account and left there until the agreed upon date. a. Credit Account b. Savings Account c. Debit Account d. Time Deposit It is the amount of money in the account at the beginning and at the end of the period. a. Credit transaction b. Opening and closing balance C. Account holder d. Debit transaction
- 2. Use the checkbook and bank statement below to balance the checkbook. What is the total amount of the deposits that have not cleared the account yet? Number Date Description of Transaction Electric Company 988 7/18 989 990 991 992 7/20 7/21 7/21 7/20 7/24 7/21 7/21 7/22 7/24 7/26 Date CHECKING ACCOUNT: Monthly Statement Transaction O $0.00 Jake's Lawn Care $400.00 Deposit O$565.00 O$950.00 Flanders Restaurant Super Saver Food Gas Deposit Check Deposit Check Check Payment/Debit √ 89 96 50 49 127 26 00 87 45 78 . Amount Deposit/Credit 565 00 400 00 50.00 565.00 49.87 26.78 Balance 947 82 -89 96 857 86 -50 00 807 86 00 86 -49 87 1,322 99 -127 45 1,195 54 78 -26 1,168 76 +100 00 1,568 76 +565 1,372 Account Number: 40782634 Balance 947.82 897.82 1,462.82 1,412.95 1,386.17 COAccounting Q/ Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of SR9,000. Cash account of SR7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal.If a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance Equity
- Which of the following item, have been recorded on the company's books but not yet by the bank: ered f1.00 Select one: stion a. Cash per bank b. Outstanding checks c. Cash per book d. Deposits in transit1. When a customer’s deposit is recorded using the Make Deposits window, Quickbooks creates a behind the scenes journal entry that will do what? A. Credit cash and debit checking B. Credit checking and debit undeposited funds C. Debit Checking and credit undeposited funds D. Debit cash and credit checking 2. How can you move your Quickbooks desktop company file, with all of your data, to a new computer? A. Create a portable file and restore it to a new system B. Condense the data file on the old computer to the drive space. Back up the file and then restored the condense data file to the new computer C. Install Quickbooks on the new computer, back up your computer file on the old computer and restore the file to the new system D. Export your company file to excel from the old computer, then copy this file over to your new computer.3 Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared by Broadmor to record this transaction? Multiple Choice Debit Cash and credit Accounts Receivable. Debit Cash and credit Service Revenue. Debit Accounts Receivable and credit Service Revenue. Debit Accounts Receivable and credit Cash.