Prepare journal entry for the month of Jan Mr. Mohammed Started his new business in 1st of
Fantastic news! We've Found the answer you've been seeking!
Question:
Prepare journal entry for the month of Jan
Transcribed Image Text:
Mr. Mohammed Started his new business in 1st of Jauary 2020 and we extracted the following transactions from his regards. cush Jan 1 Mohammed invested 10000$ to open his company. Jan 5 mohammed purchases an equipment 1000 $ Cash. Jan 8 mohammed withdraws 500 $ cash for personal use. Jan 13 mohammed owes employee salaries of 2000$ and pays them in cash. Jan 16 mohammed received 500 $ from Abdullah company for services provided. Jan 20 mohammed received a bill for 500 $from electricity's company but Cash Suo postpones payment until a later date. Jan 22 Mohammed paid the bill for electricity's company which was postpones in (Jan 20). Jan 24 Mohammed Received 1000$ from Almarai company, for services will be provided by Mohammed on the future. Jan 25 Purchased office supplies costing 15,600 $ on account. Jan 28 Paid 15,600 for the supplies which were purchased on (Jan 25). Mr. Mohammed Started his new business in 1st of Jauary 2020 and we extracted the following transactions from his regards. cush Jan 1 Mohammed invested 10000$ to open his company. Jan 5 mohammed purchases an equipment 1000 $ Cash. Jan 8 mohammed withdraws 500 $ cash for personal use. Jan 13 mohammed owes employee salaries of 2000$ and pays them in cash. Jan 16 mohammed received 500 $ from Abdullah company for services provided. Jan 20 mohammed received a bill for 500 $from electricity's company but Cash Suo postpones payment until a later date. Jan 22 Mohammed paid the bill for electricity's company which was postpones in (Jan 20). Jan 24 Mohammed Received 1000$ from Almarai company, for services will be provided by Mohammed on the future. Jan 25 Purchased office supplies costing 15,600 $ on account. Jan 28 Paid 15,600 for the supplies which were purchased on (Jan 25).
Expert Answer:
Answer rating: 100% (QA)
Jan 1 Dr Bank 10000 Cr Capital 10000 Jan 5 Dr Equipment 1000 Cr Bank 1000 Jan 8 Dr Ba... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Prepare T accounts and a journal entry for the purchase of office supplies on October 14 for $9,000, paying $1,800 cash and the remainder on account. Office supplies has a zero opening balance, cash...
-
For each situation prepare the appropriate journal entry for the redemption of the bonds. (a) Thunder Corporation retired $130,000 face value, 12% bonds on June 30, 2007, at 102. The carrying value...
-
Prepare the necessary general journal entries for the month of October for Stringer Company for each situation given below. Oct 1 Started computer business by selling $50,000 of common stock. Oct. 5...
-
Examine the major components of a marketing plan.
-
An analysis of comparative balance sheets, the current years income statement, and the general ledger accounts of Gygi Corp. uncovered the following items. Assume all items involve cash unless there...
-
In Problems 1-3, find the moments of inertia Ix, Ix, and Iz for the lamina bounded by the given curves and with the indicated density (. 1. y (x, x = 9, y = 0; ((x, y) x + y 2. y = x2, y = 4; ((x, y)...
-
IFRS Framework 2018 states that relevance and faithful representation are the two fundamental qualitative characteristics of financial information. Requirement: (a) Briefly discuss what is meant by...
-
Audit risks for particular accounts and disclosures can be conceptualized in this model: Audit risk (AR) 5 Inherent risk (IR) 3 Internal control risk (CR) 3 Detection risk (DR). Required: Use this...
-
Selected hypothetical financial data of Target and Wal-Mart for 2022 are presented here (in millions). Target Corporation Wal-Mart Stores, Inc. Income Statement Data for Year Net sales $65,000...
-
Garnett Jackson, the founder and CEO of Tech Tune-Ups, stared out the window as he finished his customary peanut butter and jelly sandwich, contemplating the dilemma currently facing his firm. Tech...
-
What are the competitive dynamics of your industry? Can you discuss the external environment within the context of your company's industry and macroeconomic environment? Use the Porter Five Forces...
-
The brakes are applied to a moving car, causing it to uniformly slow down. While slowing, it moves a distance of 40.0 m in 8.15 s to a final velocity of 2.20 m/s, at which point the brakes are...
-
Ross Company makes handbags. Last month, direct materials (leather, thread, zippers, decorative accents) costing $76,000 were put into production. Ross Company had 30 workers, each of whom worked for...
-
1-Explain why a dollar has different values depending on the point in time received and how "present valuing" or "future valuing" cash flow corrects for these differences. 2. Explain how movements in...
-
A construction company signed a loan contract at 7.27% compounded semi-annually, with the provision to pay $575 at the end of each month for four years.(a) What is amount of the loan?(b) How much...
-
1. A creative brief of a smart watch product inculde What is the product or service? Who/What is the competition? Who are we talking to? What consumer needs or problems do we address? What does...
-
What book-tax differences in year 1 and year 2 associated with its capital gains and losses would in the following alternative scenarios? Identify each book-tax difference as favorable or unfavorable...
-
Evaluate each logarithm to four decimal places. log 0.257
-
On August 13, Kyle Co. prepared a voucher for $850 for merchandise purchased from Sanderson Co. On August 17, Kyle Co. decided to return merchandise valued at $110 due to poor workmanship. Record the...
-
Mabels Natural Food Store uses a purchases journal and a general journal to record the following transactions (continued from April): 201X May 8 Purchased $600 of merchandise on account from Aton...
-
The cost of rent of $12,000 for Pryor Co. is appropriated to each department based on its sales. Given the following, assign the cost of rent to eachdepartment: Rent Toys Sales Clothing Sales 12,000...
-
The balance sheets of Parkway plc for 20X7 and 20X8 are given below, together with the profit and loss account for the year ended 30 June 20X8. 1 The freehold land and buildings were purchased on 1...
-
Aspirations Ltd commenced trading as wholesale suppliers of office equipment on 1 January 20X1, issuing ordinary shares of 1 each at par in exchange for cash.The shares were fully paid on issue, the...
-
The historical cost accounts of Smith plc are as follows: 1 Land and buildings were acquired in 20X0 with the buildings component costing 800,000 and depreciated over 40 years. 2 Share capital was...
Study smarter with the SolutionInn App