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: Cash $ 26,660 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.
Q: On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and…
A: Firm capital on January 31, 2020 = Office equipment by Owner + Merchandise inventory by Owner + Cash…
Q: Yoon Hye-jin opened a dental service business opened on October 1, 2021. Initial investment recorded…
A: Assets are the resources or rights of the business that it can use and sell according to the need.…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: The transactions are given. Required Pass the Journal Entries.
Q: Julius Caesar, tax consultant, began his practice, on Dec. 1, 2020. The transactions of the firm are…
A: Total current assets include cash, supplies on hand and receivable. Total assets include total…
Q: Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021, the…
A: Will preparation services and payment of employees salaries are operating activities.
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journalize the given transaction: Date Accounts title and explanation Debit (OMR) Credit (OMR)…
Q: Michael Anderson is starting his computer programming business and has deposited in initial…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: The accounting equation is as follow:
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: Answer the following questions: 1. Assume that Rolf Dorman invests $20,000 in cash in a new pool…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Using the information below, compute for the Ending Capital of the owner for the year ended December…
A: Capital of the business can be calculated by subtracting total liabilities from the total assets in…
Q: Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following…
A: Unadjusted trial balance is prepared before the adjusting entries are recorded in the books. It can…
Q: On March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep…
A: A balance sheet is prepared from records maintained on the basis of double-entry bookkeeping, and…
Q: Lucy Sdn Bhd. is a food production company which began operations on January 1, 2021. At the…
A: Accounting Equation- The relationship between assets, liabilities, and stockholder equity is…
Q: Yi Min started an engineering firm called Min Engineering. He began operations and completed seven…
A: Trial balance consists of ledger balances which includes debit and credit balances which are in…
Q: On October 1, 2020, Santana Rey launched a computer services company, Business Solutions, that is…
A: The entire assets of an organization are equal to the sum of its liabilities and shareholders'…
Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…
A: A double-entry bookkeeping system is a system of accounting for the transactions of a business.…
Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred…
A: Show the effects of the given transactions on the accounting equation:
Q: RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: Journal entries recording is the first step of accounting process, under which atleast one account…
Q: Mr. Ghassan started a travel agency, Dreams Travels, on March 1, 2021. Following transactions are…
A: Accounting equation is the one that shows the effects of transactions in the form of; Assets =…
Q: On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is…
A: An accounting equation is a mathematical equation which express that the assets of an entity are…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: In this question, we have been given a business transaction, on the basis of which we have been…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Ledger: Account transactions are recorded in a collection of accounts. This collection of accounts…
Q: On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities…
A: 101 Cash (amount in $) Date Particulars Amount Date Particulars Amount 01.06 24.06…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Book Keeping Recording of all financial transactions incurred by a business is called Book…
Q: Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of P220,000.…
A: According to the given question, we are required to prepare the journal entries in the books of…
Q: On November 1, 2020, Aleli Gomuna purchased a pest – control company from its previous owner. Aleli…
A: Financial Transaction Worksheet In the financial transaction work sheet it includes the details of…
Q: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is…
A: The worksheet based on the basic accounting equation i.e., assets are equal to sum of liabilities…
Q: Mr. Soie opened up a merchandising business on October 1, 2019 with a cash investment of PS0,000.…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: Using the information below, compute for the Ending Capital of the owner for the year ended December…
A: Capital of the Business can be calculated by subtracting total liabilities from total assets in the…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred…
A: 1) Transactions on accounting equation: In accounting equation Assets = Liabilities + Stock holders…
Q: Mr. Doh Ghong started his business named “Ghong Services on January 01, 2020. The following…
A: Financial statements show the financial performance or position of the business entity. It is…
Q: Yi Min started an engineering firm called Min Engineering. He began operations and completed…
A: Hey there since you have posted multiple questions, we will answer the first part and kindly…
Q: On April 1, 2020 Perfect company Ltd., a company that provides flying lessons, was started with an…
A: Following will the be presentation of 3 statements
Q: On December 2020, Miranda Right started Right consulting, a new business, and completed the…
A: Following accounting rules will be applied Nominal Account - Debit - All expenses and losses Real…
Q: On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities…
A: "Hello! Since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…
Q: Prepare the Income Statement for 2019 and Balance Sheet for December 31, 2019
A: Income statements and balance sheets are important financial statements that tell a lot about the…
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following…
A: Accounting cycle refers to the 8-step process of recording, analyzing, summarizing and interpreting…
Q: On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The…
A: T- Account
Q: avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the…
A: The running of a partnership business in accordance with the stipulated law prescribed on it. There…
Q: Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly…
A: Hey, since there are multiple questions posted, we will answer the first three questions. If you…
Q: On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities…
A: Adjusting entries includes the transactions which are left to be adjusted in the financial statement…
Q: Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of P220,000.…
A: According to the given question, we are going to prepare the journal entries in the books of Mr.…
Step by step
Solved in 2 steps with 1 images
- Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles…Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and…Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 11 Debit Credit
- Below are the accounts of Jayden Services for the year ended December 31, 2019. Accounts Payable Accounts Receivable Capital Cash Inventories 100,000 Long-term Debt Notes Payable Notes Receivable Property and Equipment Supplics and other payments 140,000 1,840,000 1,000,000 450,000 300,000 100,000 100,000 550,000 100,000 Compute and answer the following questions. 1. How much is the total current asset of the entity? 2. How much is the total non-current assets of the entity? 3. How much is the total current liability of the entity? 4. How much is the total non-current liability of the entity? 5. How much is the total assets of the entity? 2.Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)…Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?
- Kinsella Seed borrowed $207,000 on October 1, 2023, at 10% interest. The interest and principal are due on October 1, 2024. In addition to a debit to Note Payable for $207,000, what should the journal entry for repayment on October 1, 2024 include? Oa, Debit Interest Expense $5,175; debit Interest Payable $15,525; credit Cash $227,700 Ob. Debit Interest Expense $15,525; credit Cash $222.525. Oc. Debit Interest Expense $20,700, credit Cash $227,700. Od. Debit Interest Expense $15,525, debit Interest Payable $5,175, credit Cash $20,700Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amountYi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
- MayeHot Club had the following balances at the beginning of the 2021 accounting period. Equipment = GHS 13,400; subscriptions owing = GHS 1,700; subscriptions in advance = GHS 850; travelling and transport expenses outstanding = GHS 450; insurance and rates prepaid = GHS 250; cash and Bank = GHS 52,500. Determine the accumulated fund as the beginning of the periodKinsella Seed borrowed $200,000 on October 1, 2022, at 10% interest. The interest and principal are due on October 1, 2023. What journal entry should be made with respect to the interest payment on October 1, 2023? a. Debit Cash 20,000; credit Interest Expense 15,000; credit Interest Payable 5,000. b. Debit Interest Expense 15,000; credit Cash 15,000. c. Debit Interest Expense 20,000; credit Cash 20,000. d. Debit Interest Expense 15,000; debit Interest Payable 5,000; credit Cash 20,000. Feedback AreaGravel Corporation borrowed $250,000 from a bank on January 1, 2019, by signing a10%, six-month note. The journal entry made by Gravel on January 1, 2019, will debita. Interest Expense for $25,000 and credit Interest Payable for $25,000.b. Cash for $225,000 and credit Notes Payable for $225,000.c. Interest Expense for $25,000 and credit Cash for $25,000.d. Cash for $250,000 and credit Notes Payable for $250,000.