Question
In: Accounting
using the below transaction, you are required to post the journal entries to respective ledger accounts....
using the below transaction, you are required to post the journal entries to respective ledger accounts. while posting, identify specific account like cash, account receivable and so on affected by the transaction.
1. ram started a business with a capital of
1,50,000
2. goods of Rs 40,000 purchased for cash
3. credit sale of goods to aqua soft solutions of Rs 18,000
4. cost of goods sold was Rs 10,000
5. paid rent Rs 1200
6. cash received from aqua soft solutions on its account Rs
7,500
7. deposited Rs 10,000 into bank
8. salary paid Rs 2,500
9. machinery of Rs 50,000 purchased for cash
10. credit purchased of goods from fortune electro worth Rs
12,500
11. cash sales of Rs 19,000
Solutions
Expert Solution
Journal Entries in books of Ram’s business
|
Sr. No. |
Account Title and Explanation |
Debit (Rs.) |
Credit (Rs.) |
|
1 |
Cash |
150,000 |
|
|
To Ram’s Capital |
150,000 |
||
|
(Being started business with cash) |
|||
|
2 |
Purchase |
40,000 |
|
|
To Cash |
40,000 |
||
|
(Being goods purchased from cash) |
|||
|
3 |
Aqua Soft Solutions |
10,000 |
|
|
To Sales |
10,000 |
||
|
(Being goods sold on credit) |
|||
|
5 |
Rent Expense |
1200 |
|
|
To Cash |
1200 |
||
|
(Being rent paid) |
|||
|
6 |
Cash |
7,500 |
|
|
To Aqua Soft Solutions |
7,500 |
||
|
(Being amount received from debtor) |
|||
|
7 |
Bank |
10,000 |
|
|
To Cash |
10,000 |
||
|
(Being amount deposited in bank) |
|||
|
8 |
Salary |
2,500 |
|
|
To Cash |
2,500 |
||
|
(Being Salary paid) |
|||
|
9 |
Machinery |
50,000 |
|
|
To Cash |
50,000 |
||
|
(Being machinery purchased) |
|||
|
10 |
Purchase |
12,500 |
|
|
To Fortune Electro |
12,500 |
||
|
(Being credit purchase of goods) |
|||
|
11 |
Cash |
19,000 |
|
|
To Sales |
19,000 |
||
|
(Being cash sales of goods) |
| Cash A/c | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 1 | To Ram's Capital | 1,50,000 | 2 | By Purchase | 40,000 |
| 6 | To Aqua Soft Solutions | 7,500 | 5 | By Rent | 1,200 |
| 19 | To Sales | 19,000 | 7 | By Bank | 10,000 |
| 8 | By Salary | 2,500 | |||
| 9 | By Machinery | 50,000 | |||
| Ram's Capital A/c | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 1 | By Cash | 1,50,000 | |||
| Purchase A/c | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 2 | To Cash | 40,000 | |||
| 10 | To Fortune Electro | 12,500 | |||
| Aqua Soft Solutions A/c (Accounts Receivable) | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 3 | To Sales | 10,000 | 6 | By Cash | 7,500 |
| Sales A/c | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 3 | By Aqua Soft Solutions | 10,000 | |||
| 11 | By Cash | 19,000 | |||
| Rent A/c | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 5 | To Cash | 1,200 | |||
| Bank A/c | |||||
| Sr. No. | Particulars | Dr. Amount | Sr. No. | Particulars | Cr. Amount |
| 7 | To Cash |
 ekkarill92 answered 2 years agoRelated SolutionsRequired -------- Prepare the journal entries for the above transaction using the accounts in the Chart...
Required -------- Prepare the journal entries for
the above transaction using the accounts in the Chart of Accounts;
Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment,
Accounts Payable, Notes Payable, Capital, Owners Withdrawal, Fees
Earned, Insurance Expense, Rent Expense, Automobile Expense, Salary
Expense. (Please show debits and credits)
Point Value = Journal entries
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August 1
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On August 2, Paid $2200 cash for August salon rent.
On August 4, Incurred $380 of advertising costs due in 20
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On August 7, Paid for supplies (shampoos, creams, and gels)
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On August 8, received $280 for selling gels
On August 12, paid $180...
DIRECTIONS: A) Prepare journal entries for the below items B) Post the journal entries into t-accounts...DIRECTIONS:
A) Prepare journal
entries for the below items
B) Post the journal
entries into t-accounts or three-column form of account (starting
balances would be those amounts per the post-closing trial
balance)
C) Prepare an Income
Statement for the month ended January 31,
2018
D) Prepare a Statement
of Retained Earnings for the month ended
January 31, 2018
E) Prepare a Balance
Sheet for January 31, 2018
The following transactions occurred during 2018 (the
company uses a perpetual...
Comprehensive Problem 1 Part 2 Post the entries into the following ledger accounts. (Enter the transaction...
Comprehensive Problem 1 Part 2
Post the entries into
the following ledger accounts. (Enter the transaction in
chronological order for each of the Ledger accounts. Round your
final answers to the nearest whole dollar.)
A
B
C
D
E
No
Date
General
Journal
Debit
Credit
1
1
Dec.1
Cash
270,000
2
Capital stock
270,000
3
4
2
Dec.1
Rental equipment
201,600
5
Cash
138,000
6
Notes payable
63,600
7
8
3
Dec.1
Prepaid rent
9,300
9
Cash
9,300
10
11...
Journalize the closing entries. Then post the journal to the general ledger you created in part...Journalize the closing entries. Then post the journal to the
general ledger you created in part 1. Indicate closed accounts by
inserting a line in both the balance columns opposite the closing
entry. Insert the new balance in the retained earnings account.
Palisade Creek Co. is a merchandising business that uses the
perpetual inventory system. The account balances for Palisade Creek
Co. as of May 1, 2018, are as follows: Assume all accounts have
normal balances.
110
Cash
$
83,600...
Part 1: Prepare the journal entries for each set of transaction data below. Post the transactions...Part 1:
Prepare the journal entries for each set of transaction data
below.
Post the transactions in the ledger.
Extract the unadjusted trial balance as of January 31 of this
current year.
Part 2:
For this section, prepare the following adjusted journal
entries.
Record depreciation of $1,000 for equipment.
Accrue unpaid wages of $715.
Accrue unpaid utilities of $420.
Part 3:
Prepare an Adjusted Trial Balance as of January 31 of this
year.
Transaction data
Jonathan Swiss owns the Sports...
Create journal entries for each transactions and post them to the correct ledger/t-accounts. Standard Transactions: 1....Create journal entries for each transactions and post them to
the correct ledger/t-accounts.
Standard Transactions:
1. On November 1, Chris Clark deposited $25,000 in a bank
account in the name of NetSolutions.
2. On November 5, NetSolutions paid $20,000 for the purchase of
land as a future building site.
3. On November 10, NetSolutions purchased supplies on account
for $1,350.
4. On November 18, NetSolutions received cash of $7,500 from
customers for services provided.
5. On November 30, 2018, NetSolutions...
1) Prepare the Journal Entries for each transaction 2) Enter the Journal Entries in T-Accounts. Make...
1) Prepare the Journal Entries for each transaction
2) Enter the Journal Entries in T-Accounts. Make sure to show
a total on all T-Accounts
3) Prepare the adjusting journal entries that are necessary at
the end of the period.
4) Prepare the Balance Sheet, Income Statement and Statement
of Cash Flows as of and for the
period ending December 31, 2019.
following are the transactions for DML, Inc. who opened their
manufacturing facility on October 1, 2018.
A) Sold $25,000...
Part 1: 1. Prepare the journal entries for each set of transaction data below. 2. Post...Part 1:
1. Prepare the journal entries for each set of transaction data
below.
2. Post the transactions in the ledger.
3. Extract the unadjusted trial balance as of January 31 of this
current year.
Part 2: For this section, prepare the following
adjusted journal entries.
1. Record depreciation of $1,000 for equipment.
2. Accrue unpaid wages of $715.
3. Accrue unpaid utilities of $420.
Part 3:
Prepare an Adjusted Trial Balance as of January 31 of this
year
---------------------------------------------------------------------------------------------...
Part 1: 1. Prepare the journal entries for each set of transaction data below. 2. Post...Part 1:
1. Prepare the journal entries for each set of transaction data
below.
2. Post the transactions in the ledger.
3. Extract the unadjusted trial balance as of January 31 of this
current year.
Part 2:
For this section, prepare the following adjusted journal
entries.
1. Record depreciation of $1,000 for equipment.
2. Accrue unpaid wages of $715.
3. Accrue unpaid utilities of $420.
Part 3:
1. Do an Adjusted Trial Balance as of January 31 of this
year....
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