(12 Marks) On 1 May 2021, Rebecca start up a business trading home appliances. She deposits...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(12 Marks) On 1 May 2021, Rebecca start up a business trading home appliances. She deposits £14,000 of her own money into a business bank account (transaction A). In her first month of trading, the following transactions occurred. Transaction B C D E F G H I J K L Description Paid rent of warehouse for May 2021 Purchased inventories (refrigerators, dishwashers) on credit Loan from Halifax bank Purchase of warehouse furniture (for cash) Sales of refrigerators: cash Sales of dishwashers : on credit Payment for accounts payable (discount received £200) Receipt from accounts receivables (discount allowed £100) Interest on bank loan (accrued) Salaries and wages (cash paid) Paid insurance premium £ 7,000 10,000 2,000 4,000 8,000 9,000 9,800 8,900 500 1,000 200 Requirement Show all of the transactions (A - L) by means of journal entries (both debit and credit). (12 Marks) On 1 May 2021, Rebecca start up a business trading home appliances. She deposits £14,000 of her own money into a business bank account (transaction A). In her first month of trading, the following transactions occurred. Transaction B C D E F G H I J K L Description Paid rent of warehouse for May 2021 Purchased inventories (refrigerators, dishwashers) on credit Loan from Halifax bank Purchase of warehouse furniture (for cash) Sales of refrigerators: cash Sales of dishwashers : on credit Payment for accounts payable (discount received £200) Receipt from accounts receivables (discount allowed £100) Interest on bank loan (accrued) Salaries and wages (cash paid) Paid insurance premium £ 7,000 10,000 2,000 4,000 8,000 9,000 9,800 8,900 500 1,000 200 Requirement Show all of the transactions (A - L) by means of journal entries (both debit and credit).
Expert Answer:
Answer rating: 100% (QA)
Journal Figures in Date Particulars of Business Transaction Folio Debit Credit Bank Ac Dr 14000 To Capital Ac 14000 Being capital invested by Rebecca in her business Warehouse Rent AC Dr 7000 To Bank ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
In the mid-1990s, Value Jet wanted to enter the market serving routes that would compete head to head with Delta Airlines in Atlanta. Value Jet knew that Delta might respond in one of two ways: Delta...
-
Historically, the pharmaceutical industry has been a profitable one. Between 2002 and 2006 the average rate of return on invested capital (ROIC) for firms in the industry was 16.45%. Put differently,...
-
The Evolution of the Fashion Industry: Consider the market for clothes and suppose there exist 100 different styles that can be produced and can be arranged (and equally spaced) on a circle. Among...
-
7. Arrange the following nitrogen containing compounds in decreasing order of basicity NH NH -H (P) (a) S>R>Q> P NO (R) (2) (b) P>Q>S>R -H (S) (c) P>Q>R>S (d) R>Q> P > S
-
The controller of Lafayette Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation in the company's income statement for...
-
Determine The amount of heat necessary to raise the temperature of 1 kg of aluminum from 30oC to 100oC.
-
Leaving the water running when washing your hands consumes about 4 gal of water, whereas turning the water off when lathering reduces the water used to 1 gal. How much water is saved in an apartment...
-
Reporting Cash Basis versus Accrual Basis Income Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in 2012: a....
-
Determine whether the series converges, and if so find its sum. Enter the exact answer as an improper fraction if necessary. If the series diverges, indicate that using the checkbox. (k + 4) (k +5)...
-
Glen Pool Club, Inc., has an installment loan outstanding with a current balance of $150.000. The company makes monthly installments of $1,543, which include interest computed at an annual rate of 6...
-
Discuss the functions of the United States government. Point out at least THREE Functions of the American government and give precise examples of each. Be specific. Which of the three that you have...
-
Dave Derelict puts on a suit and tie and ventures into a neighborhood to represent himself as a city building inspector. He knocks on the front doors of different homes and tells residents that he is...
-
Suppose that the corporate tax rate is 34%, and that individuals are taxed at 10% interest income and at 50% equity income. How much value will a dollar of (permanent) debt add to an unlevered firm?...
-
Determine the current price of a share of common stock for the following scenario. The last annual common dividend payment was $1.5. Assume a required rate of return of 15%. There is no dividend...
-
Simplify (w'x+w'x')+(wy'+wy) to 1 1. Select a property from the right to apply (w'x+w'x')+(wy'+wy) Distributive Properties ab+ac = a(b+c) (a+b)(a+c) = a+bc Identity a-1 = a a+0 = a Commutative Null...
-
The websites www . kbb . com and www . edmunds.com provide information about a . creditworthiness of individuals. b . cars for sale. c . homes for sale. d . realtor grades. e . the Executive Director...
-
1. If tan x = 4 then tan(-x) =2. If sin x = 0.7 then sin(-x) =3. If cos x = 0.5 then cos(-x)=4. If tan x 0.5 then tan(? + x) =
-
Economic feasibility is an important guideline in designing cost accounting systems. Do you agree? Explain.
-
How does a price consumption curve differ from an income consumption curve?
-
Joe has a utility function over hamburgers and hot dogs given by U = x + y , where x is the quantity of hamburgers and y is the quantity of hot dogs. The marginal utilities for this utility function...
-
What does the sign of the cross-price elasticity of demand between two goods tell us about the nature of the relationship between those goods?
-
Explain how GDP, the categories of economic development, and the business cycle influence marketers decisions in entering global markets. What are the BRIC countries? What is the Group of Eight (G8)?
-
Explain what world trade means. What is the role of the WTO and economic communities in encouraging free trade? What is protectionism? Explain import quotas, embargoes, and tariffs.
-
Adjustment for Depreciation CORNERSTONE 3.6 LaGarde Company has a machine that it purchased for \(\$ 125,000\) on January 1. Annual depreciation on the machine is estimated to be \(\$ 14,500\)....
Study smarter with the SolutionInn App