Write up the asset and liability and capital accounts to record the following transactions in the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Write up the asset and liability and capital accounts to record the following transactions in the records of G. Smith and balance off each account. (4 pts each) 2010 June 1 started business with $25,000 in the bank June 2 Bought office furniture by cheque $1,500 June 3 Bought machinery $7,500 on credit from Bravo Motors June 5 Bought motor van paying by cheque $6,000 June 8 Sold some of the office furniture- not suitable for the firm- for $600 on credit to J. Walker & Sons June 15 Paid the amount owing to Bravo Motors $7,500 by cheque June 23 Received the amount due to J. Walker & Sons $600 in cash June 30 Bought more machinery by cheque $2,800 Write up the asset and liability and capital accounts to record the following transactions in the records of G. Smith and balance off each account. (4 pts each) 2010 June 1 started business with $25,000 in the bank June 2 Bought office furniture by cheque $1,500 June 3 Bought machinery $7,500 on credit from Bravo Motors June 5 Bought motor van paying by cheque $6,000 June 8 Sold some of the office furniture- not suitable for the firm- for $600 on credit to J. Walker & Sons June 15 Paid the amount owing to Bravo Motors $7,500 by cheque June 23 Received the amount due to J. Walker & Sons $600 in cash June 30 Bought more machinery by cheque $2,800
Expert Answer:
Answer rating: 100% (QA)
Assets and liabitlies Liabilties Assets Capital 25000 office furniture 90... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
Students also viewed these accounting questions
-
Record the following transactions in the accounts of a nongovernment VHWO or ONPO. 1. Unconditional pledges made to the organization during the year total $1,500,000, including $500,000 restricted by...
-
Record the following transactions in the basic accounting equation. Treat each one separately. Assets = Liabilities + Owners Equity a. Micheal invests $112,000 in company. b. Bought equipment for...
-
Record the following transactions in the basic accounting equation. Treat each one separately. a. Morgan invests $118,000 in company. b. Bought equipment for cash, $1,100. c. Bought equipment on...
-
Evaluate the limit of the sequence or state that it does not exist. an || u8 n!
-
Clearpoint Inc. was organized on June 5, 2013. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock...
-
What is scope verification?
-
The following production information about quality costs has been gathered for June: Using these data, calculate the following: a. Total cost to rework b. Profit lost from not reworking all defective...
-
Clark and Shiffer LLP perform activities related to e-commerce consulting and information systems in Vancouver, British Columbia. The firm, which bills $140 per hour for services performed, is in a...
-
A B C D E F G H J K L M N 1 Question 1 - 20 Points 2 3 Mean 4 Stdev 5 6 Cov(KO,PEP) 7 Corr(KO,PEP) 8 KO PEP 0
-
The woman A, the captain B, and the sailor C weigh 120, 180, and 160 lb, respectively, and are sitting in the 300-lb skiff, which is gliding through the water with a speed of 1 knot. If the three...
-
Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits...
-
T/F: A traditional analysis pattern has a very limited reuse.
-
T/F: SAPs aid the understanding of the problem, rather than showing how to design a solution.
-
T/F: SAPs model the knowledge of the problem domain.
-
List and describe two scenarios of competition of each of the following areas: a. Culture b. Economy c. Law d. Social life and society
-
Explain some of the known usages of competition pattern in day-to-day life. List a few that are not covered in the chapter.
-
Of a group of 200 persons, 100 are interested in music, 70 are interested in photography, and 40 like swimming. Furthermore, 40 are interested in both music and photography, 30 are interested in both...
-
Interview managers at three companies in your area about their use of ERP. How have their experiences been similar? What accounts for the similarities and differences?
-
At the end of October, the payroll register for Noir Tool Corporation contained the following totals: wages, $371,000; federal income taxes withheld, $94,884; state income taxes withheld, $15,636;...
-
Do adjusting entries involving estimated liabilities and accruals ever affect cash flows?
-
Two of the largest chains of clothing stores in the United States are The Gap, Inc. and Abercrombie & Fitch Co. In fiscal 2011, Gap had net income of $833 million, and Abercrombie & Fitch had net...
-
Part One: Backflush Costing Urban Fit Inc. uses backflush costing to account for production costs of its clothing. During June, the company produced 45,000 units and sold 40,000 units. The standard...
-
Unique Items Inc. has developed a new office product. The firm has conducted significant market research and estimated the following pattern for sales of the new product: The firm wants to net a...
-
Better Buy Inc. produces equipment in a three-department operation: Department 1 is labor intensive and Department 2 and 3 are highly automated. The average output of Department 1 is 56 units per...
Study smarter with the SolutionInn App