Deb Kelley opens a web consulting business called Smart Deals andcompletes the following transactions in its first month of operations.Prepare journal entries for each transaction and identify the financialstatement impact of each entry. The financial statements are automatically generated based on thejournal entries recorded.Apr. 1 Kelley invested $110,000 cash along with officeequipment valued at $31,000 in the company.Apr. 2 The company prepaid $15,000 cash for 12 months' rent foroffice space. The company's policy is record prepaidexpenses in balance sheet accounts.Apr. 3 The company made credit purchases for $9,000 in officeequipment and $4,600 in office supplies. Payment is duewithin 10 days.Apr. 6 The company completed services for a client andimmediately received $7,000 cash.Apr. 9 The company completed a $11,000 project for a client,who must pay within 30 days.Apr. 13 The company paid $13,600 cash to settle the accountpayable created on April 3.Apr. 19 The company paid $4,800…

Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…

Directions: Analyze the transactions of Ronald Cabiling Housekeeping Services during the month of August 2020. Record the transactions using the Mr. Cabiling invested Php 1, 000.000.00 cash for his business. Various equipment were purchased for the business amounting financial transaction worksheet. Write your answers on a separate sheet of paper. August1- Mr. Cabiling invested Php 1, 000,000.00 cash for his businee. Various equipment were purchased for the business amountin to Php 100,000.00 2 - 4 - Cabiling Housekeeping Services was hired by a customer and they received a payment of Php 5, 000.00. 5 - Cabiling paid Php 3,000.00 for the salary of the employees. 7 - Another customer hired the service of Cabiling Housekeeping. A bill was issued to them for Php 10,000.00 of which 90% was collected. 13 - Cabiling paid Php 2,000.00 for the telephone bill. 21 - Cabiling invested again the amount of Php 50,000 in the business. 25 - The account on August 7 was finally collected in full. The…

Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $3,080. c. Paid creditor on account, $1,950. d. Earned sales commissions, receiving cash, $31,380. e. Paid rent on office and equipment for the month, $6,150. f. Withdrew cash for personal use, $10,000. g. Paid automobile expenses (including rental charge) for the month, $2,950, and miscellaneous expenses, $1,410. h. Paid office salaries, $3,700. 1. Determined that the cost of supplies on hand was $1,040; therefore, the cost of supplies used was $2,040. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.

On November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs.During the month, Kris completed the following transactions related to the business:Nov. 1. Kris transferred cash from a personal bank account to an account to be used for the business in exchangefor common stock, $36,000.1. Paid rent for period of November 1 to end of month, $4,000.6. Purchased office equipment on account, $16,000.8. Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder.10. Purchased supplies for cash, $1,860.12. Received cash for job completed, $8,000.15. Paid annual premiums on property and casualty insurance, $2,400.23. Recorded jobs completed on account and sent invoices to customers, $15,500.24. Received an invoice for truck expenses, to be paid in November, $1,250.Enter the following transactions on Page 2 of the two-column journal:29. Paid utilities expense, $3,660.29. Paid miscellaneous expenses, $1,700.30. Received cash from…

Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1.  Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.   Assets = Liabilities + Owner's Equity     Cash +…

You work as an accounting professional and have been contracted by  the auditors of Jane Company for a job. In examining the company’s records, you have extracted the following information: Jane Account Balances 2018 2019  Accounts Payable  $ 24,600.00  $ 21,250.00  Accounts receivable  $ 15,700.00  $ 12,340.00  Cash  $ 23,450.00  $ 28,600.00  Cost of goods sold  $ 19,700.00  $ 23,000.00  Depreciation  $   3,090.00  $   4,590.00  Dividends  $   5,800.00  $ 10,800.00  Interest  $   2,340.00  $   2,890.00  Inventory  $   7,050.00  $   8,640.00  Long-term debt  $ 28,000.00  $ 30,000.00  Net fixed Assets  $ 41,500.00  $ 48,000.00  Other expenses  $   2,400.00  $   2,800.00  Sales  $ 58,000.00  $ 62,500.00  Short-term notes payable  $   2,890.00  $   2,340.00  Shares outstanding  $ 85,000.00  $ 90,000.00 The tax rate is 32% You are required to:…

You work as an accounting professional and have been contracted by  the auditors of Jane Company for a job. In examining the company’s records, you have extracted the following information: Jane Account Balances 2018 2019  Accounts Payable  $ 24,600.00  $ 21,250.00  Accounts receivable  $ 15,700.00  $ 12,340.00  Cash  $ 23,450.00  $ 28,600.00  Cost of goods sold  $ 19,700.00  $ 23,000.00  Depreciation  $   3,090.00  $   4,590.00  Dividends  $   5,800.00  $ 10,800.00  Interest  $   2,340.00  $   2,890.00  Inventory  $   7,050.00  $   8,640.00  Long-term debt  $ 28,000.00  $ 30,000.00  Net fixed Assets  $ 41,500.00  $ 48,000.00  Other expenses  $   2,400.00  $   2,800.00  Sales  $ 58,000.00  $ 62,500.00  Short-term notes payable  $   2,890.00  $   2,340.00  Shares outstanding  $ 85,000.00  $ 90,000.00 The tax rate is 32% You are required to:…

Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1.  Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers.   Assets = Liabilities + Owner's Equity     Cash +…