March 1, commenced business with cash $ 150,000 March 2; Purchased Car $ 40,000 March3; Purchased two

Fantastic news! We've Found the answer you've been seeking!

Question:

March 1, commenced business with cash $ 150,000‎

March 2; Purchased Car $ 40,000‎

March3; Purchased two scooters from XY Company $ 30,000‎

March 4: Rent received $ 15,000‎

March 5; Telephone charges paid $ 7,000‎

March 6; Cash paid to XY Company $ 30,000‎

March 7; Sold one scooter $ 12,000‎

Instructions: ‎

‎1.‎ Journalize the transactions.‎ ‎

2.‎ Open ledger accounts. ‎

‎3.‎ Prepare a trial balance

Related Book For answer-question

Financial Accounting Information for Decisions

ISBN: 978-1259533006

8th edition

Authors: John J. Wild

See More Books

Posted Date: Sep 10, 2023 03:10 AM

See More Questions

Suppose that for the year 2015, Speedy Chef, a fast food restaurant, had a gross profit of $1,281,648. Speedy Chef had the following expenses: Cost of Goods Sold 1,251,167 Selling Expenses 70,578...
2. Completing the Accounting Cycle for a Merchandiser Azizi Distributors closes its books and prepares financial statements at the end of each month. Azizi uses the perpetual inventory system. The...
The Classic Theater Ltd. opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash 6,000, No. 140 Land 10,000, No. 145 Buildings (concession stand,...
When working as a tax professional, one issue that often arises is the need to provide difficult or disappointing guidance to a client. In the following example, determine the best course of action....
Slider block B starts from rest and moves to the right with a constant acceleration on of 1ft/s2. Determine(a) the relative acceleration of portion C of the cable with respect to slider block A,(b)...
A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, Year 1, is shown as follows. Required a. What rate of interest is Mabry Company paying on the note?...
Describe the common models of managed care organizations.
The following selected transactions occurred during 2018 and 2019 for Baltic Importers. The company ends its accounting year on September 30. 2018 Jul. 1 Loaned $16,000 cash to Bud Shyne on a...
The Jackson Independent School District began the year with the following accounts on its Balance Sheet related to property taxes ( all amounts are in thousands of dollars ) . All accounts have...
You, CPA, work as an associate with Campbell and Associates LLP, a financial and business advisory firm. The board of directors of Pembroke Pulp and Paper Inc. (PPPI) has engaged your firm once again...
Take any four jobs that you are familiar with or are currently holding and discuss whether and how you would go about designing a useful performance appraisal and merit system for them.
8. Money and Foreign exchange markets in Frankfurt and NY are very efficient and reflect the following information Spot Ex rate 1-yr TB rate a) $0.9000/Euro London 6.5% Unknown NY $0.9000/Euro 3.20%...
1. How do price levels and the changes in price level determine a country's exch rate? 2. When are the spot and forward currency markets aligned with interest rates? 3. Are changes in exchange rates...
Assume the export price of a Nissan car from Japan is Yen 3,000,000. The exchange rate is Yen 122.00/$. A forecast on inflation in the USA is 2% and 0% in Japan per annum. Assuming purchasing power...
You are planning a 30-day vacation in Malaysia in one year's time. The present charge for a luxury suite plus meals is RM760.00 per day and the RM is presently trading at RM 3.8000/$. Hence the $...
(a) Explain the following terms as used in international finance: (i) Floating rate notes (FRNs). (1 mark) (ii) Forfaiting. (1 mark) (iii) Crowd funding. (1 mark) (iv) Green bond. (1 mark) (b) One of...
18) For the reaction: PCls (g) PCl3 (g) + Cl2 (g) If the initial pressure of PCIs is 2 atm and at equilibrium it is 15% dissociated, what is Kp?
Evaluate the function at the given value(s) of the independent variable. Simplify the results. (x) = cos 2x (a) (0) (b) (- /4) (c) (/3) (d) ()
Access the March 26, 2015, filing of the 10-K report of Home Depot for the year ended February 1, 2015, from www.SEC.gov (ticker HD). Refer to Home Depot's balance sheet, including its note 4 (on...
On July 1, 2011, Falk Company signed a contract to lease space in a building for 15 years. The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 throughout the life...
The following information is from the annual financial statements of Raheem Company. Compute its accounts receivable turnover for 2015 and 2016. Compare the two years' results and give a possible...
What are the key differences between financing entrepreneurial and established companies?
What steps are needed to show that entrepreneurial finance is beneficial to the economy at large?
What are the main challenges that entrepreneurs and investors face at the four steps of the funding cycle, as described in the FIRE framework?

March 1, commenced business with cash $ 150,000 March 2; Purchased Car $ 40,000 March3; Purchased two

Question:

Expert Answer:

March 1 Cash Assets 150000 Owners Equity Capital 150000 March 2 Car Assets 40000 Cash Assets 40000 M... View the full answer

Financial Accounting Information for Decisions

Students also viewed these accounting questions