Journalise the following transactions: A restaurant purchased land for $50,000 for cash 6. a. b. A...

 

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Journalise the following transactions: A restaurant purchased land for $50,000 for cash 6. a. b. A client makes a banquet reservation to be held in December, 2020. The total cost would be S12,000. The client makes an advance payment today for half of the cost. Received a S1,850 invoice from a supplier to be paid in 15 days. Paid S1,600 for insurance premiums to cover the next six с. d. months. e. Paid rent S600 for the month. f. Purchased a building site for $120,000. The company paid half in cash and issued a promissory note for the other half. Received from cash sales for the day $5,000 g. 7. The following balances from the ledger accounts of Hog and Bones Steakhouse is given to you on June 30, 2020. Names of Accounts Cash 25,000 9.000 4,000 Receivables Prepaid rent Land 50,000 Building China, Glassware, Silver 180,000 15,000 Accumulated Depreciation on Building Accumulated deprociation on china, glassware and silver 6,000 Franchise Accounts payahle Unpaid wages Mortgage payable 20,000 40,000 5,000 2.500 100.000 Capital Withdrawals 24,000 Food sales 80,000 Beverage sales 0000 Cost of food used (including employee meals of $2.000) 30,000 20.000 20,000 6.000 3,000 7,000 Cost of beverage used Wages Employee benefits Insurance expense Other operating expenses Depreciation expense on building 7,000 Depreciation expense on China, Glassware and Silver 2,000 Required: Prepare a Trial Balance from the above information and determine the Capital Account Balance. Prepare the income statement for the year ended June 30, 2020. A B. C prepare a classified balance sheet as on June 30, 2020. Journalise the following transactions: A restaurant purchased land for $50,000 for cash 6. a. b. A client makes a banquet reservation to be held in December, 2020. The total cost would be S12,000. The client makes an advance payment today for half of the cost. Received a S1,850 invoice from a supplier to be paid in 15 days. Paid S1,600 for insurance premiums to cover the next six с. d. months. e. Paid rent S600 for the month. f. Purchased a building site for $120,000. The company paid half in cash and issued a promissory note for the other half. Received from cash sales for the day $5,000 g. 7. The following balances from the ledger accounts of Hog and Bones Steakhouse is given to you on June 30, 2020. Names of Accounts Cash 25,000 9.000 4,000 Receivables Prepaid rent Land 50,000 Building China, Glassware, Silver 180,000 15,000 Accumulated Depreciation on Building Accumulated deprociation on china, glassware and silver 6,000 Franchise Accounts payahle Unpaid wages Mortgage payable 20,000 40,000 5,000 2.500 100.000 Capital Withdrawals 24,000 Food sales 80,000 Beverage sales 0000 Cost of food used (including employee meals of $2.000) 30,000 20.000 20,000 6.000 3,000 7,000 Cost of beverage used Wages Employee benefits Insurance expense Other operating expenses Depreciation expense on building 7,000 Depreciation expense on China, Glassware and Silver 2,000 Required: Prepare a Trial Balance from the above information and determine the Capital Account Balance. Prepare the income statement for the year ended June 30, 2020. A B. C prepare a classified balance sheet as on June 30, 2020.

Answer rating: 100% (QA)

6 Account Title Debit Credit a Land 50000 Cash 50000 b Cash 6000 Unearned revenues 6000 1200050 c In... View the full answer