page 3 Rent ExpenseWages ExpenseSupplies ExpenseFixturesAuto CareLoan NBCDiscount ReceivedElectricity ExpenseDrawings Requirements: Create a name for the owner of the company and give the business a name that reflects the operations of the organization.Record the transactions stated above in the general journal.Post the transactions to the general ledger and balance off each accountExtract a trial balance on August 31st.Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that date 22 AugPaid wages cash$8,000.0023 AugPaid Right Way Manufacturer the amount owing to themby cheque, they allowed us a 15% discount27 AugP&S Auto paid the amount owing by them inCash less 10 % discount27 AugElectricity paid by cash$1,500.0028 AugThe owner took $5000 out of the bank for his personal use.28 AugProvided services for cash12 small motorbike engines6 medium size motorbike engines4 medium size motor bike engines$350.00 per engine$550.00 per engine$800.00 per engineBought supplies on credit from big J Manufacturers4 Bottles Fuel Injector Cleaner9 Boxes Air Filters8 Boxes Sparks Plugs29 Aug$200.00 per bottle$720.00 per box$300.00 per box30 AugProvided service for cash8 small motorbike engines7 Large motorbike engines8 Medium motorbike engines$350.00 per engine$950.00 per engine$550.00 per engineSupplies on hand5 Boxes Air Filter31 Aug$720.00 per box$200.00 per bottle$300.00 per box$580.00 per box$400.00 per box6 Bottles fuel injector cleaner12 Boxes Spark Plug13 Boxes Brake Shoe9 Boxes Disc PadsTo avoid duplication of account names and the use of improper account names, thecompany has provided the following list of accounts used to record its transactions asextracted from its chart of accounts:СapitalCashSuppliesRight Way ManufacturersJ ManufacturersP&S AutoСT LtdService RevenueDiscount Allowed Scenario:Assume that a relatively new company you and you group members are involved withhas presented you with the following transactions for 2021 from the books of thebusiness. This company operates one bank account to reflect all cash andcheque transactions. You are now required to read these transactions carefully thenprepare the relevant documents and books as outlined in the requirements below.1 AugStarted business with $150, 000 in the bankBought supplies on credit from Right Way Manufacturers24 Boxes Air Filter3 Aug$720.00 per box$200.00 per bottle$300.00 per box$580.00 per box$400.00 per box96 Bottles fuel injector cleaner48 Boxes Spark Plug36 Boxes Brake Shoe24 Boxes Disc Pads5 AugProvided services for cash less 10% discount12 small motorbike engines6 large motorbike engines (full service)8 medium size motorbike engines (full service)$350.00 per engine$950.00 per engine$800.00 per engine7 AugPaid Rent by cheque$5,000.0010 AugPaid Wages by cheque$8,000.00Bought Fixtures from CT Limitedpaying by cash10 Aug$3,500.0011 AugProvided services on credit to Auto Care.24 small motorbike engines8 large motor bike engines (partial service)12 medium size motorbike engine (partial service)$350.00 per engine$650.00 per engine$550.00 per engine12 AugBought Fixtures on credit from CT Ltd$8,000.0013 AugReceived a loan from NBC cash$25,000.0014 AugProvided services on credit to P&S Auto18 Large motorbike engines (full service)12 medium size motor bike engines24 medium size motorbike engines20 small motorbike engines$950.00 per engine$650.00 per engine$550.00 per engine$350.00 per engine21 AugPaid CT Ltd by cheque$8,000.00

SOLUTION A JOURNAL IS AN COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Scenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 3 Aug $720.00 per box $200.00 per bottle $300.00 per box $580.00 per box $400.00 per box 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads 5 Aug Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) $350.00 per engine $950.00 per engine $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited paying by cash $3,500.00 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service) 0.00 per engine $650.00 per engine $550.00 per engine 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 13 Aug Received a loan from NBC cash $25,000.00 14 Aug Provided services on credit to P&S Auto 18 Large motorbike engines (full service) 12 medium size motor bike engines 24 medium size motorbike engines 20 small motorbike engines $950.00 per engine $650.00 per engine $550.00 per engine $350.00 per engine 21 Aug Paid CT Ltd by cheque $8,000.00

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.2: Bank Reconciliation

Problem 1OYO