1. The following information relates to ABC Company: A. Joe Tribianni started the ABC Company on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. The following information relates to ABC Company: A. Joe Tribianni started the ABC Company on 1 March 2020, with $85,000. B. On March 3, Joe Tribianni purchased few equipments that will be used for the business. The total cost of the equipments were $16,000. The owner paid half of the amount in cash immediately and signed a 5- month, 8% notes payables for the remaining amount. C. On March 3, Joe Tribianni also purchased one apartment floor of a commercial building for $10,000, that will be used as the corporate office for ABC Company. D. On March 5, the company paid $700, for advertising the opening of ABC Company. E. On March 10, Joe Tribianni received $26,000 from clients for services performed. F. On March 11, the company sent bills to it's customers, worth $1,500. G. On March 12, ABC Company purchased supplies worth $2,300, on account. H. On March 15, ABC Company sold goods to it's customers worth $5,000, on account. I. On March 19, Joe Tribianni withdrew $2,000 from the business for personal use. J. On March 20, ABC Company owner paid salary and wages of $20,000, to it's employees, for the month of March. K. On March 21, Joe Tribianni paid $1,000 out of the balance that was due from March 12. The remainder will be paid later. L. On March 22, the company sold goods and received $4,000. M. On March 25, Joe Tribianni received payment from previously billed customers, from March 11. N. On March 28, ABC Company paid rent of $2,400, for the current month. O. On March 28, ABC Company received electricity bill of $1,000 and paid the amount in cash. P. On March 30, Joe Tribianni received $2,200 from a client for services that will be performed and completed in May 30. Required: i. Prepare a tabular analysis for ABC Company's transactions for the month of March, with the aid of the Accounting Equation. (8 marks) ii. Journalise the above mentioned transactions. (16 marks). 1. The following information relates to ABC Company: A. Joe Tribianni started the ABC Company on 1 March 2020, with $85,000. B. On March 3, Joe Tribianni purchased few equipments that will be used for the business. The total cost of the equipments were $16,000. The owner paid half of the amount in cash immediately and signed a 5- month, 8% notes payables for the remaining amount. C. On March 3, Joe Tribianni also purchased one apartment floor of a commercial building for $10,000, that will be used as the corporate office for ABC Company. D. On March 5, the company paid $700, for advertising the opening of ABC Company. E. On March 10, Joe Tribianni received $26,000 from clients for services performed. F. On March 11, the company sent bills to it's customers, worth $1,500. G. On March 12, ABC Company purchased supplies worth $2,300, on account. H. On March 15, ABC Company sold goods to it's customers worth $5,000, on account. I. On March 19, Joe Tribianni withdrew $2,000 from the business for personal use. J. On March 20, ABC Company owner paid salary and wages of $20,000, to it's employees, for the month of March. K. On March 21, Joe Tribianni paid $1,000 out of the balance that was due from March 12. The remainder will be paid later. L. On March 22, the company sold goods and received $4,000. M. On March 25, Joe Tribianni received payment from previously billed customers, from March 11. N. On March 28, ABC Company paid rent of $2,400, for the current month. O. On March 28, ABC Company received electricity bill of $1,000 and paid the amount in cash. P. On March 30, Joe Tribianni received $2,200 from a client for services that will be performed and completed in May 30. Required: i. Prepare a tabular analysis for ABC Company's transactions for the month of March, with the aid of the Accounting Equation. (8 marks) ii. Journalise the above mentioned transactions. (16 marks).
Expert Answer:
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-1259569197
8th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor-Yi Tsay, Philip Olds
Posted Date:
Students also viewed these accounting questions
-
The Consumer Price Index (CPI) is a price index based upon a market basket of goods and services that are typically used by people living in an area. 5,000; rural 3.000; economically disadvantaged...
-
The following information relates to Dell City, whose first fiscal year ended December 31, 2019. Assume Dell has only the long-term debt as specified below and only the funds necessitated by the...
-
Show how the following mass motion equation is derived, and then solve for displacement. www. Mass-spring-damper system The mass motion is described by the differential equation: where: x + 2z. k =...
-
Being able to identify an industry to use for benchmarking yourfirm's results with similar companies is frequently not easy. Choose a type of business and go to www.naics.com. This Web site allows...
-
A: Suppose that your wage is $20 per hour and you have up to 60 hours per week that you could work. (a) Now, instead of putting leisure hours on the horizontal axis (as we did in Graph 3.1), put...
-
How many test runs of the new Volvo S40 model are required for determining its average miles-per-gallon rating on the highway to within 2 miles per gallon with 95% confidence, if a guess is that the...
-
Using the central difference method, find the response of the two-degree-of-freedom system shown in Fig. 11.2 when \(c=2, F_{1}(t)=0, F_{2}(t)=10\). Figure 11.2:- X1(t) -x2(t) F(1) k=2 -F2(t) k = 4...
-
A Barberton Glass Co. truck was transporting large sheets of glass down the highway. Elliot Schultz was driving his automobile some distance behind the truck. Because of the negligent way that the...
-
5. A uniform piece of sheet metal 30 cm on a side is cut to produce the following shape. Each of the squares making up the new shape has the same mass. Locate the coordinates of the centre of mass of...
-
Case: Replacement Decisions Falconville Pump Company, Inc. Brandon Joiner, president and chief executive officer of Falconville Pump Company, Inc., has a potentially serious problem on his hands. The...
-
Describe an instance where a government has taken some action the result of which is influence on commerce.
-
A pharmaceutical company has R1 million allocated for the following capital projects: Project Investment (R'000) NPV (R'000) 1 300 66 2 200 -4 3 250 43 4 100 14 5 100 7 6 350 63 7 400 48 The...
-
Is it time for apple to engage in M&A Your recommendation must include the following items: ? Identify and describe your proposed Target ? Describe why the Target fits well with the Acquiror ?...
-
Based on this PDF "RBC Canadian Equity Fund", help me find 10 reasons why this would be a good fund to invest in and why. Here is the link to the PDF:...
-
Strong Bank Secrecy Act (BSA) programs have 5 pillars: 1. A BSA Officer 2. Strong Training Programs 3. Internal Control (policies, procedures and risk assessment) 4. Independent Review (Audit) 5....
-
1. Introduction of the Minetech Resources Berhad 2. Explanation of the types of investing activities. 3. Analysis of the investing activities of the selected companies. 4. Comparison of the...
-
The above SLR Model (1p) or (1s) is too simple to well explain the important birth weight variable, and people's economic condition as measured by family income should also be an important factor to...
-
Independent random samples of sizes n1 = 30 and n2 = 50 are taken from two normal populations having the means 1 = 78 and 2 = 75 and the variances 21 = 150 and 22 = 200. Use the results of Exercise...
-
Wautoma Corporation, which makes suitcases, completed 42,000 suitcases in August 2018. At the end of August, work in process inventory consisted of 5,000 suitcases estimated to be 40 percent...
-
In 2012 Duke Energy, a large utility company with its headquarters in North Carolina, completed its $32 billion acquisition of Progress Energy. To get an idea of the size of this deal, in 2011 Duke...
-
Buckley Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated. Required a. Explain the effect on profitability if...
-
Find the displacement of the water tank shown in Fig. 4.43 (a) under the periodic force shown in Fig. 4.43 (b) by treating it as an undamped single-degree-of-freedom system. Use the numerical...
-
Fill in the Blank. The velocity response spectrum, determined from the acceleration spectrum, is known as the ___________ spectrum.
-
What is the relation between the frequencies of higher harmonics and frequency of the first harmonic for a periodic excitation?
Study smarter with the SolutionInn App