On September 30, 2021, Antagonia Real Estate Limited's general ledger showed the following balances: Accounts payable...

 

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On September 30, 2021, Antagonia Real Estate Limited's general ledger showed the following balances: Accounts payable Accounts receivable Advertising expenses Cash Common shares Income tax expense $2,900 Inventory $9,000 2,800 Repairs and maintenance expenses 1,000 1,040 Salaries expense 3,800 11,000 Service revenue 7,600 20,000 Supplies 200 960 Supplies expense 700 Note that all accounts above have a normal balance. During October, the following transactions occurred: 1. Issued common shares for $10,000 cash. 2. Purchased inventory for $15,000, paying cash of $5,000 with the balance payable on account. 3. Purchases supplies for $950 cash. 4. Provided services worth $7,300 to a client. The client paid $250 cash and the balance is receivable on account. 5. Paid $1,000 on account for the inventory purchased. 6. Declared and paid $500 of dividends to shareholders. Required: a. Journalize the transactions-include descriptions. (4 marks) b. Set up T accounts, post the journal entries to the general ledger, and determine the October 31, 2021 balance for each account. (4 marks) Common Smures 7 Income tax expense A B | 20,000|50ppres 960 Supplies expense 8 Note that all accounts above have a normal balance. 9 10 During October, the following transactions occurred: 11 1. Issued common shares for $10,000 cash. C D E F G H J K L 200 700 2. Purchased inventory for $15,000, paying cash of $5,000 with the balance payable on 12 account. 13 3. Purchases supplies for $950 cash. 4. Provided services worth $7,300 to a client. The client paid $250 cash and the balance is 14 receivable on account. 15 5. Paid $1,000 on account for the inventory purchased. 16 6. Declared and paid $500 of dividends to shareholders. 17 18 Required: 19 a. Journalize the transactions-include descriptions. (4 marks) b. Set up T accounts, post the journal entries to the general ledger, and determine the October 31, 2021 20 balance for each account. (4 marks) 21 c. Prepare a trial balance at October 31, 2021. (4 marks) 22 23 24 Use the worksheets 2a, 2b, and 2c to answer the questions. 25 26 27 B18 Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit fx B 1 a. Journalize the transactions-include descriptions. (4 marks) 2 Trans. # Account Titles and Explanation 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Debit S Credit S D E F G H I J K 3.5 Home Insert Page Layout A2 Formulas Data BUS 285_002 F23 Lab 2 Chapter 3 Review View Search Sheet Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit fx с D E F G H 1 b. Set up T accounts, post the journal entries to the general ledger, and determine the October 31, 2021 balance for each account. (4 marks) (You can copy and paste the sample below: 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 B M N ° P t] Sha Ad Q Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit A ✓ fx B c. Prepare a trial balance at October 31, 2021. (2 marks) Antagonia Real Estate Limited Trial Balance December 31, 2021 Debit $ Credits D E F G H K L Ac A2 Home Insert Page Layout Formulas Data Review View Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit fx Analyze the following transactions in terms of their effect on the basic accounting equation. Record each transaction by inc B с 1 Question 1 (4 marks): D E F G H Analyze the following transactions in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or 2 decreasing (-) the dollar amount of each item affected. 3 1 Issued shares to investors for $25,000 cash. 4 2 Purchased supplies on credit for $1,500. 5 3 Billed customers $2,500 for services provided. 6 4 Paid for supplies purchased in transaction 2. 7 Assets 8 Trans # Liabilities Shareholders' Equity Retained Earnings Cash 9 + Accounts Receivables + Supplies Accounts Common - Dividends - + +Revenue Expenses Declared 10 Payable Shares 11 1 12 2 13 3 14 4 15 Totals 16 17 18 19 20 L M N 0 On September 30, 2021, Antagonia Real Estate Limited's general ledger showed the following balances: Accounts payable Accounts receivable Advertising expenses Cash Common shares Income tax expense $2,900 Inventory $9,000 2,800 Repairs and maintenance expenses 1,000 1,040 Salaries expense 3,800 11,000 Service revenue 7,600 20,000 Supplies 200 960 Supplies expense 700 Note that all accounts above have a normal balance. During October, the following transactions occurred: 1. Issued common shares for $10,000 cash. 2. Purchased inventory for $15,000, paying cash of $5,000 with the balance payable on account. 3. Purchases supplies for $950 cash. 4. Provided services worth $7,300 to a client. The client paid $250 cash and the balance is receivable on account. 5. Paid $1,000 on account for the inventory purchased. 6. Declared and paid $500 of dividends to shareholders. Required: a. Journalize the transactions-include descriptions. (4 marks) b. Set up T accounts, post the journal entries to the general ledger, and determine the October 31, 2021 balance for each account. (4 marks) Common Smures 7 Income tax expense A B | 20,000|50ppres 960 Supplies expense 8 Note that all accounts above have a normal balance. 9 10 During October, the following transactions occurred: 11 1. Issued common shares for $10,000 cash. C D E F G H J K L 200 700 2. Purchased inventory for $15,000, paying cash of $5,000 with the balance payable on 12 account. 13 3. Purchases supplies for $950 cash. 4. Provided services worth $7,300 to a client. The client paid $250 cash and the balance is 14 receivable on account. 15 5. Paid $1,000 on account for the inventory purchased. 16 6. Declared and paid $500 of dividends to shareholders. 17 18 Required: 19 a. Journalize the transactions-include descriptions. (4 marks) b. Set up T accounts, post the journal entries to the general ledger, and determine the October 31, 2021 20 balance for each account. (4 marks) 21 c. Prepare a trial balance at October 31, 2021. (4 marks) 22 23 24 Use the worksheets 2a, 2b, and 2c to answer the questions. 25 26 27 B18 Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit fx B 1 a. Journalize the transactions-include descriptions. (4 marks) 2 Trans. # Account Titles and Explanation 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Debit S Credit S D E F G H I J K 3.5 Home Insert Page Layout A2 Formulas Data BUS 285_002 F23 Lab 2 Chapter 3 Review View Search Sheet Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit fx с D E F G H 1 b. Set up T accounts, post the journal entries to the general ledger, and determine the October 31, 2021 balance for each account. (4 marks) (You can copy and paste the sample below: 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 B M N ° P t] Sha Ad Q Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit A ✓ fx B c. Prepare a trial balance at October 31, 2021. (2 marks) Antagonia Real Estate Limited Trial Balance December 31, 2021 Debit $ Credits D E F G H K L Ac A2 Home Insert Page Layout Formulas Data Review View Activate Microsoft 365 to Create and Edit Activate Microsoft 365 to Create and Edit fx Analyze the following transactions in terms of their effect on the basic accounting equation. Record each transaction by inc B с 1 Question 1 (4 marks): D E F G H Analyze the following transactions in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or 2 decreasing (-) the dollar amount of each item affected. 3 1 Issued shares to investors for $25,000 cash. 4 2 Purchased supplies on credit for $1,500. 5 3 Billed customers $2,500 for services provided. 6 4 Paid for supplies purchased in transaction 2. 7 Assets 8 Trans # Liabilities Shareholders' Equity Retained Earnings Cash 9 + Accounts Receivables + Supplies Accounts Common - Dividends - + +Revenue Expenses Declared 10 Payable Shares 11 1 12 2 13 3 14 4 15 Totals 16 17 18 19 20 L M N 0

Answer rating: 100% (QA)

Journal Entries Issued common shares for 10000 cashCash 10000Common Shares 10000 Purchased inventory ... View the full answer