The following events and transactions took place in the month of January 2020, for BOD company....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following events and transactions took place in the month of January 2020, for BOD company. The company had beginning accounts balances as follows: Cash, RM125,000; Accounts Receivable, RM110,000; Office Supplies, RM45,000; Office Equipment, RM250,000; Accumulated Depreciation, RM50,000; Accounts Payable, RM38,000; Notes Payable, RM100,000, Ordinary Share Capital, RM200,000 and Retained Earnings, RM142,000. Jan Paid RM5,000 cash for a one-year insurance policy. Received RM3,200 cash from customer for services provided last month. 8 Provide services to customer on account amounted RM4,800. 10 Customer made an advance payment for services to be performed in February next month amounted RM6,500. 12 Advertised company's services through advertisement agent on credit RM10,500. 15 Made an appointment with customer to discuss services to be performed next week. Performed services to customer where customer made payment through cash, RM3,500 and on credit, RM2,500. 25 Paid employees' salaries amounted RM11,600. Instructions: (a) Journalize the above transactions for BOD company for the month of January 2020. (8 marks) (b) Prepare the Cash T-account of BOD Company. Include the beginning balances. (4 marks) The following events and transactions took place in the month of January 2020, for BOD company. The company had beginning accounts balances as follows: Cash, RM125,000; Accounts Receivable, RM110,000; Office Supplies, RM45,000; Office Equipment, RM250,000; Accumulated Depreciation, RM50,000; Accounts Payable, RM38,000; Notes Payable, RM100,000, Ordinary Share Capital, RM200,000 and Retained Earnings, RM142,000. Jan Paid RM5,000 cash for a one-year insurance policy. Received RM3,200 cash from customer for services provided last month. 8 Provide services to customer on account amounted RM4,800. 10 Customer made an advance payment for services to be performed in February next month amounted RM6,500. 12 Advertised company's services through advertisement agent on credit RM10,500. 15 Made an appointment with customer to discuss services to be performed next week. Performed services to customer where customer made payment through cash, RM3,500 and on credit, RM2,500. 25 Paid employees' salaries amounted RM11,600. Instructions: (a) Journalize the above transactions for BOD company for the month of January 2020. (8 marks) (b) Prepare the Cash T-account of BOD Company. Include the beginning balances. (4 marks)
Expert Answer:
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
Human skills are also referred to skills. as O Conceptual Interpersonal O Technical O Emotional
-
Cullumber Corporation is subject to a 30% income tax rate. Prepare a multiple-step income statement in good form for Cullumber Corporation (earnings per share information is not required). AR 95000...
-
Prepare a multiplestep income statement for 2020 for Howell Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology) Howell...
-
Margaret Magee has served both as an outside director to Maxcor Manufacturing since 2007 and as a member of the companys compensation committee since 2011. Margaret has been reviewing Maxcors 2014...
-
When does a DBA use forward recovery? What are the forward recovery steps?
-
The adjusting entry for accrued wages was omitted at July 31, the end of the current year. Indicate which items will be in error, because of the omission, on (a) the income statement for the current...
-
Granger Technology Solutions, Inc., completed the following transactions during January 2011, its first month of operations: Requirement 1. Record the preceding transactions in the journal of Granger...
-
OConnor Companys income statement information for 2016 and 2017 (a sole proprietorship) is as follows: Required: Provide the missing amounts for the blanks labeled (a) through (g). All the necessary...
-
Consider the following for Stuffs 4 Sports Corporation. The following contribution format income statement is based on sales volume of 1,000 units. The relevant range is 700 to 1,400 units. Sales...
-
Does how long young children remain at the lunch table help predict how much they eat? Here are data on a random sample of 20 toddlers observed over several months. Time is the average number of...
-
19. TuCo begins operations in 20X1 and uses the perpetual method and moving average costing. On January 4, TuCo buys 1,200 units of merchandise @ $3. On January 8, it sells 300 units. On January 11,...
-
A 60.4 m long thick wire attaches 29.6 m up a radio tower pole. The wire then attaches into the ground to steady the pole in windy weather. How far from the pole is the wire stuck into the ground if...
-
Find B-A. 27 -7 7 A = B = 68 5-1
-
An enduring controversy within financial theory concerns the effect of financial leverage on the value and stock price of a company. Can a company affect its overall value by selecting an optimal...
-
Select three cosmetic marketing communications channels: one online and two traditional, that will be used to market a business. Explain why they were chosen based on the business, its target market,...
-
3. 25 pts Rayon Company has the following balance sheets and income statement: 2022 2021 Cash $15,000 $10,000 Receivables 6,000 10,000 ...
-
Determine the proper end-behavior of the following function f(x)=(5x) (x+2) (1-2) (x+3)
-
Splitting hairs, if you shine a beam of colored light to a friend above in a high tower, will the color of light your friend receives be the same color you send? Explain.
-
What is the difference between a real account and a nominal account?
-
Bailey Corp. just completed the most profitable year in its 25-year history. Reported earnings of $1,020,000 on sales of $8,000,000 resulted in a very healthy profit margin of 12.75%. Each year...
-
Partnerships (Appendix) Kirin Nerise and Milt OBrien agreed to form a partnership to operate a sandwich shop. Kirin contributed $25,000 cash and will manage the store. Milt contributed computer...
-
The Chinese Motor Company The Chinese Motor Company runs a UK branch and a China branch. Both branches run three departments for sales, car servicing and the sale of parts. Advise the management of...
-
The Depreciation Company The directors of the Depreciation Company are deciding on their accounting policy on the depreciation of their non-current assets. They have just purchased some new assets...
-
Profit figures are wanted by so many different groups of people for so many different purposes that it is not possible to define and measure profits in such a way as to meet all of those different...
Study smarter with the SolutionInn App