Fast Delivery Service began operations during May of the current year. In a short period thereafter,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Fast Delivery Service began operations during May of the current year. In a short period thereafter, the entity in these transactions: a. Mr. Imran deposited $3,500cash in a bank account entitled Fast Delivery Service, and also invested in the business a delivery truck valued at $8,000. b. Purchased $40 fuel for the delivery truck. c. Paid $100 cash for supplies. d. Completed a delivery job and received cash, $700. e. Performed delivery services on account to Mr. Khan, $3,200. f. Purchased advertising leaflets for cash, $200. g. Paid the office manager salary, $950. h. Received $1,000 cash for performing delivery services. i. Rendered services to client and received cash $1,800. j. Purchased office furniture on account from Mr. Bee, $600. k. Paid office utility bills, $120. 1. Purchased $70 fuel on account for the truck. m. Completed a delivery job and received the customer's promise to pay the amount due, $100, within ten days. n. Paid cash to Mr. Bee $200. o. Paid $250 for repairs to the delivery truck. p. Paid office manger the salary of $950 and office rent of $250. q. Draw $100 for personal use. INSTRUCTION A: Prepare journal entries B: Post to ledger accounts C: Prepare a trial balance at July 31, 2022 Fast Delivery Service began operations during May of the current year. In a short period thereafter, the entity in these transactions: a. Mr. Imran deposited $3,500cash in a bank account entitled Fast Delivery Service, and also invested in the business a delivery truck valued at $8,000. b. Purchased $40 fuel for the delivery truck. c. Paid $100 cash for supplies. d. Completed a delivery job and received cash, $700. e. Performed delivery services on account to Mr. Khan, $3,200. f. Purchased advertising leaflets for cash, $200. g. Paid the office manager salary, $950. h. Received $1,000 cash for performing delivery services. i. Rendered services to client and received cash $1,800. j. Purchased office furniture on account from Mr. Bee, $600. k. Paid office utility bills, $120. 1. Purchased $70 fuel on account for the truck. m. Completed a delivery job and received the customer's promise to pay the amount due, $100, within ten days. n. Paid cash to Mr. Bee $200. o. Paid $250 for repairs to the delivery truck. p. Paid office manger the salary of $950 and office rent of $250. q. Draw $100 for personal use. INSTRUCTION A: Prepare journal entries B: Post to ledger accounts C: Prepare a trial balance at July 31, 2022
Expert Answer:
Answer rating: 100% (QA)
A Journal Entries Question 1 Journal Entries Date Account Debit Credit May 1 Cash 3500 Delivery Truck 8000 Question 2 Journal Entries Date Account Debit Credit May 2 Fuel Expense 40 Cash 40 Question 3 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Posted Date:
Students also viewed these accounting questions
-
On January 1, 2016, Easy Company acquired an equipment for P8,000,000 The equipment is depreciated using straight line method based on a useful life of 8 years With no residual value. On January 1,...
-
The above figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change? Price...
-
The following transactions occurred between Kinzer Furniture and M & L Furniture Warehouse during May of the current year: May 4 Kinzer Furniture purchased $5,800 of merchandise from M & L Furniture...
-
What are two important limitations of the Heckscher- Ohlin theory?
-
Jose Hernandez opened a small motorcycle repair shop, Hernandez Cycle Repair, on January 2, 2011. The shop also sells a limited number of motorcycle parts. In January 2012, Hernandez realized he had...
-
Bonnie and Clyde have a partnership to run their human resource management services firm. Account balances related to their equity for the year ended 30 June 2026 are as follows: Profit of $124 000...
-
The data in CarDepreciation given in Exercise 3.93 contains information on both New price and Depreciation for a sample of 20 automobile models. (a) Find the correlation between New price and...
-
Wind River Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the...
-
why do you think the Virginia Company continued to send colonists to Jamestown after the rise in mortality rate, the continued conflict with local tribes, and disease?
-
ACCT 326 Accounting System Review This project requires you to evaluate a PC-based accounting system to see how the system handles recording transactions, collecting data, and generating reports and...
-
1. Aircraft arrive at the maintenance center according to a Poisson process N(t) with pa- rameter A. In every aircraft a random number of parts is replaced according to a Poisson distribution with...
-
What is another way of saying this: To confirm the expected time to pay back the initial investment for the Salesforce CRM system, an ROI calculation sheet was utilized to obtain the following...
-
What are some of the steps you would recommend to reduce the risk of litigation on an audit you would be part?
-
What are the most important things you have learned in this class? What challenged you the most? How will you apply the concepts learned in this course to both your academic and professional life?
-
How do companies implement the focused strategy? Provide an example of a company that uses this strategy.
-
1. Discuss the measurement problems associated with the semantic differential scale pole descriptors. 2. What are the two factors that drive the use of multiple-item scales in research? 3. Discuss...
-
On January 1, 2021, Ackerman Company acquires 80% of Seidel Company for $1,746,240 in cash. The remaining 20 percent of the non-controlling interest shares had an estimated fair value at the...
-
On 1 July 2021, Croydon Ltd leased ten excavators for five years from Machines4U Ltd. The excavators are expected to have an economic life of 6 years, after which time they will have an expected...
-
Due to a nationwide recession, Amesbury Systems merchandise inventory is gathering dust. It is now October 31, 2014, and the $163,300 that Amesbury Systems paid for its ending inventory is $18,500...
-
Inland Equipment sells hand-held engine analyzers to automotive service shops. Inland Equipment started April with an inventory of 85 units that cost a total of $12,750. During the month, Inland...
-
Mingu Inc. had the following balances in its shareholders' equity accounts at December 31, 2014: Share Capital 30,000 shares issued and outstanding ....$4,500,000 Retained Earnings .......... 625,000...
-
Why is macroeconomic forecasting so difficult? Does this difficulty mean economics is a worthless field of study?
-
Which of the following statements are positive in nature and which are normative? a. A tax cut will raise interest rates. b. A reduction in the payroll tax would primarily benefit poor and...
-
Graph the behavior of the civilian unemployment rate from 1961 until the present using monthly data. Can you see the periods of recession that occurred in 19691970, 19731975, 1980, 19811982,...
Study smarter with the SolutionInn App