On 1 September 2023, Simba Jones started a consulting service business, The Lion King Inc. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 September 2023, Simba Jones started a consulting service business, The Lion King Inc. The business prepares monthly financial statements. During September 2023, Simba Jones completed the following transactions related to the business. September 1 September 8 September 19 September 27 Began the business with a cash investment of $40,000. Purchased furniture for $6,200 cash Completed services of $5,900 for Vito Inc. and billed them. Received $2,600 on the balance related to the transaction of September 19. Requirement: a. Journalize the transactions. b. Prepare the ledger account for Accounts Receivable. On 1 September 2023, Simba Jones started a consulting service business, The Lion King Inc. The business prepares monthly financial statements. During September 2023, Simba Jones completed the following transactions related to the business. September 1 September 8 September 19 September 27 Began the business with a cash investment of $40,000. Purchased furniture for $6,200 cash Completed services of $5,900 for Vito Inc. and billed them. Received $2,600 on the balance related to the transaction of September 19. Requirement: a. Journalize the transactions. b. Prepare the ledger account for Accounts Receivable.
Expert Answer:
Answer rating: 100% (QA)
Without a doubt Ill help you journalize the exchanges and set up the record represent Records Receiv... View the full answer
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
Students also viewed these accounting questions
-
Harry owned a 250 acre tract of unimproved land near Comfort in the Texas Hill Country. The property was fenced but local young people kept cutting the fence so they could ride their All Terrain...
-
How do you determine the purpose and context of a memorandum, and what key elements should be included to ensure the memo effectively communicates its intended message?
-
On 1 September 2023, Simba Jones started a consulting service business, The Lion King Inc. The business prepares monthly financial statements. During September 2023, Simba Jones completed the...
-
Let Z[] be the following set of rational numbers { a Z, k N} (and recall that N = {0, 1, 2,...} in this class). Let the addition and multiplication for Z[] be the usual addition and multiplication...
-
As a manager, what would you do? 1. Tell the mortgage company your friend is still employed by the company. Your friend needs a break, and you're confident that he'll find a job in the near future....
-
You are buying a house and will borrow $200,000 on a 30-year fixed rate mortgage with monthly payments to finance the purchase. Your loan officer has offered you a mortgage with an APR of 4 percent....
-
Explain what the expected frequencies represent in a goodness-of-fit test.
-
The American Express Company is a major financial services company, noted for its American Express card. Below are some of the performance measures used by the company in its balanced scorecard....
-
Book Hin Print eferences Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours $15 per...
-
Vessels A and B contain water under pressures of 276 kPa and 138 kPa, respectively. What is the deflection height of the mercury, h, in the differential manometer gauge in Figure 5?
-
Provide a 300- to 500-word substantiated summary on how your research question(s) align with the studys purpose and place the references in the reference section. Purpose Statement The purpose of...
-
Assignment 2 This assignment/project will cover the length of the entire course with a portion of the project due each module. You will select a role and address the assignment each week from that...
-
18. On January 15, 2005 Raymonda spent $600,000 to purchase a new warehouse that she used in her business. At the time of purchase, the value of the land was $100,000. On September 2, 2023 Raymonda...
-
Imagine that you have just been tasked with directing a major marketing campaign initiative in the rollout of the new local Reproductive Health Center. Although historically the medical center had...
-
Let f(x) = cos x. Determine the x-value(s) where the function has a maximum or minimum value on [0, 2). To enter , type Pi (with a capital P) The fields below accept a list of numbers or formulas...
-
(f) We have established Work-Energy theorem: m 0 v = W 2 where the left-hand side becomes the change in kinematic energy and the right-hand side is the work done by artificial gravitational force....
-
Define coral bleaching and describe its effects. [10 points]
-
Time Travel Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $25,000 to help organize the corporation. Time Travel also issued...
-
ZIM Inc. (ZIM) is a high-technology company that develops, designs, and manufactures telecommunications equipment. ZIM was founded in Year 5 by Dr. Alex Zimmer, the former assistant head of research...
-
A parent company rents a sales office to its wholly owned subsidiary under an operating lease requiring rent of $2,000 a month. What adjustments to income tax expense should accompany the elimination...
-
All facts about this NFPO are identical to those described in Problem 2, except that the association wants to use the deferral method of accounting for contributions. The centre will continue to use...
-
As an SE, why should you be expected to understand the contents of this chapter?
-
Who owns a specification and what is their authority to implement changes?
-
What are the basic types of specifications?
Study smarter with the SolutionInn App