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identify and name the parts of the general journal below. journalize the following selected march 2021 transactions using the general journal below.
March 1 The owner, J Simon, invests P100,000 cash in his barber shop
Analysis: Increase in Asset (Dr) Cash P100,000
Increase in Equity (Cr) J Simon, Capital P100,000
March 3 The business buys a lot for P2M paying cash of P800,000 and the balance covered by promissory note.
Analysis: Increase in Asset (Dr) Land P2,000,000
Decrease in Asset (Cr) Cash P800,000
March 6 The owner, J Simon pays P7,500 accounts payable of the business from his personal savings.
Analysis: Decrease in liability (Dr) Accounts Payable P7,500
Increase in Equity (Cr) J Simon, Capital P7,500
Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer’s loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income
What is commercial accounting?
On January 2 of the current year, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus 24 monthly payments of $5,000 each, for total cash payments of $130,000. The cash equivalent price of the machinery was $110,000. The machinery has an estimated useful life of ten years and estimated salvage value of $5,000. Lem uses straight-line depreciation. In its year-end income statement, what amount should Lem report as depreciation for this machinery?
The answer is $10,500. I get that. If your total cash payments are 130,000, what happens to the extra 20,000 of payments you have to make?
The analysis of total cost in to it's behavioral element is essential for effective cost accounting and management accounting.
Require:
Comment on this statement above
Illustrate your answer with example of cost behavioral patter.
Best Regards
Illustration
John and Mary started business as partners on 1st April 2007 and we're to share profit in ratio 2:1. The following balances were extracted from their book on 31st March 2008;
Salary and wages = $2250
Bank balance = 15186
Sundry payable = 9649
Miscellaneous = 538
Capital: John = 40000
Mary = 20000
Sundry receivable = 7903
Turnover 39565
Rent and rate = 726
Office Equipment = 39192
Bank loan = 35000
Furniture = 58217
Delivery fan = 25201
Purchases = 16901
Mary's loan = 20000
Provision for bad debt = 175
Drawing:
John = 500
Mary = 320
Stationary = 274
Bad debt = 186
Continuoue......
Journalize each of the transactions below.
Feb 14 Sold merchandise collecting via the debit card machine amounting to $20,500
Feb 14 Sold merchandise collecting cash, $32,000. After all it is Valentine’s day!!
Feb 18 Lodged cash of $35,000 to the business bank account
Feb 20 Paid Sweetopia $23,800 in full settlement of the balance outstanding by cheque having received a discount of $1,200
Feb 23 Commission was received by cash, $5,200 from Just Hot Buns Ltd for outstanding sales on February 14th
Feb 25 Paid wages and utilities by cash $10,500 and $16,800 respectively.
Feb 26 Kerry-Ann took pastries for her daughter’s 5th birthday party amounting to $7,000
Feb 27 Paid Cakes by Lila before the due date receiving at 10% discount, we paid her via a direct bank transfer to her account
On January 2 of the current year, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus 24 monthly payments of $5,000 each, for total cash payments of $130,000. The cash equivalent price of the machinery was $110,000. The machinery has an estimated useful life of ten years and estimated salvage value of $5,000. Lem uses straight-line depreciation. In its year-end income statement, what amount should Lem report as depreciation for this machinery?
The answer is $10,500. I get that. What would the journal entry look like for something like this?
Accounting
Journalize each of the transactions below.
Feb 5 Sold merchandise on credit to Simply Yummy $6,500.
Feb 6 Just Cakey settled their account with cash receiving a 3.5% cash discount.
Feb 6 Merchandise valued at $950, to Simply Yummy on February 5, was returned to Kerry-Ann, the wrong order went out. A credit note was issued.
Feb 7 Bought merchandise on credit from Sweetopia $25,000.
Feb 8 Sold merchandise on credit to Chocolate Delights Ltd $38,000.
Feb 11 Bought custom packaging and cards (classified as an expense) for Valentine’s Day for cash $7,500.
Accounting
- Journalize each of the transactions below.
Feb 1 Kerry-Ann invested the following assets into the business: cash, $80,000; office furniture, $20,000, bank balance, $5,000
Feb 1 Transferred $25,000 of the cash to the bank.
Feb 2 Paid rent for February by cheque $15,000
Feb 2 Purchased delivery van on credit from Mona Motors Ltd. for $40,000
Feb 3 Bought a refrigerator from Ashley Electronic Store, paying by cash $15,000
Feb. 3 Bought merchandise for resale by cash $35,000.
Feb 3 Sold merchandise to Candy Craze, for cash $10,000 and on credit to Just Cakey $60,000.
