Ian Levinson is setting up his own business as a gentlemans barber. He has some of his
Question:
Ian Levinson is setting up his own business as a gentleman’s barber. He has some of his own money and is going to borrow as well in order to get the business running. He wants you to construct a receipts and payments account for October 2020 based on the following data:
Transcribed Image Text:
1 Oct 5 Oct 8 Oct 11 Oct 12 Oct 14 Oct 20 Oct 22 Oct 26 Oct Started business with 5,000 of own money. Paid 1,500 for rent on property for two months. Borrowed 2,000 from bank in the form of a loan. Paid 650 for equipment to be used. Paid 100 for advert in local newspaper. Paid 200 for leaflet drop in local area. Paid 400 for business insurance. Took 980 out of business for personal living costs. Paid decorator for business sign (405).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
1 Oct 8 Oct Loan Capital 1 Nov Balance cd Receipts an...View the full answer
Answered By
John Aketch
I am a dedicated person with high degree of professionalism, particularly in academic writing. My desire is to is to make students excel in their academic endeavor.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
NorthBound Tours (NBT) offers educational holiday tours to locations that are significant in terms of the Northern Territorys environmental, historical or cultural heritage. The company has now been...
-
Suppose that, in an attempt to raise more revenue, Nowhere State University (NSU) increases its tuition. Will this necessarily result in more revenue? Under what conditions will revenue (a) rise, (b)...
-
A line of charge with uniform density extends between z = -L/2 and z = L/2 along the z-axis. Apply Coulombs law to obtain an expression for the electric field at any point P (r, 0) on the xy plane....
-
Refer to Exercise 7B-3 and assume that the state changed Gray?s SUTA tax rate to 4.6%. What effect would this change have on the total payroll tax expense? Exercise 7B-3 From the following...
-
Plaintiff visited South Chicago on January 10, 2008, seeking a new 2008 Nissan Versa (Versa) with manual transmission, anti-lock brakes, and other features. He was told by the employees of South...
-
Effect of alternative transfer-pricing methods on division operating income. (CMA, adapted) Ajax Corporation has two divisions. The Mining Division makes toldine, which is then transferred to the...
-
What are some practical advantages to using a star schema data model over a relational model in healthcare?
-
Open and maintain the ledger accounts of P Shortland based on the following transactions: 1 November 4 November 7 November 12 November Paid 2,000 of own money into bank. Bought second-hand car for...
-
Suppose the cost \(C\) (in dollars) of \(x\) items is given by \(C=2.25 x+550\). a. Graph this cost relationship. b. Interpret the value of \(C\) when \(x=0\). The fixed costs are \(\$ 550\) c. The...
-
Business continuity and disaster recovery are the same thing. A. True B. False
-
What method of cash flow does bhp use in australia, DIRECT OR INDIRECT?
-
If an employee donates via payroll deduction such that he is giving $300 from each paycheck, how would he or she document the gift if the charitable contributions of employees are divided among many...
-
RL Enterprises makes a $19,500 direct materials purchase. Two-thirds of these direct materials are used by the Machining Department and the remaining one-third are used by the Assembly Department....
-
What placarding is required on the truck for the following offering: 2,000-lbs of non-bulk packages of UN1263 PG II material?
-
As of November 2012, Victoria has three years of service and currently receives a monthly salary of $3,889. Roy currently receives $5,455 in monthly salary and has eleven years of service. Over the...
-
For each of the following projects, state whether we are discussing an open, closed, or extended system: a. A high-technology project b. New product R&D c. An on-line computer system for a bank d....
-
What is the purpose of the journal wizard?
-
Complete the gaps in the table below: Assets (a) ? (b) 3,870 (c) 9,875 ? (d) (e) 6,767 Liabilities 4,100 ? ? 543 1,107 Capital 1,300 2,680 8,680 637 ?
-
Classify the following into assets or liabilities: (a) Amount that business will need to pay another business for purchases of equipment (b) Cash in bank account (c) Balance on savings account (d)...
-
Classify the following into assets or liabilities: (a) Money owed to suppliers (b) Vehicles used by the business (c) Goods bought with the intention of their being sold for a profit (d) Computer used...
-
Technical training involves acquiring skills that enable a person to more accurately and thoroughly perform the technical component of a job. List and explain the set of challenges that is involved...
-
How is a tint produced? Group of answer choices A. By adding black or white ink to the selected spot color B. By printing a lighter or darker PMS value than the selected spot color C. By printing a...
-
A person is leaning against hurricane-force winds. He maintains balance facing the winds at an angle 0 (see figure below). In this balance, the combined force of gravity and wind force acting on the...
Study smarter with the SolutionInn App