Need help answering question 21!
REQUIRED a Post the journal entries to the appropriate T-accounts, assuming Chan starts its business in November. b Prepare a trial balance for the month ending 30 November PROBLEMS billed customers $14680 for services vi paid salaries of $8015 vii received payment of $6023 from customers for bills in transaction (v) viii received $5000 cash for services to be performed in March ix paid $6000 to suppliers for purchase in transaction (1) x received bill for January electricity, $975 xi paid dividends of $900 to shareholders xii borrowed $100 000 from bank on a mortgage xiii paid $400 interest on the bank loan. REQUIRED a Show the effects of each transaction on the accounting equation by preparing a spreadsheet using the following column headings: Cash, Accounts receivable, Supplies, Property and equipment, Accounts payable, Unearned revenue, Mortgage, Contributed equity, and Retained earnings b Record the transactions in the journal. c Post to the ledger (T) accounts. d Extract a trial balance. e Prepare an income statement for the month of January. f Prepare the retained earnings section of a statement of changes in equity for the month of January. g Prepare a balance sheet at 31 January 20 Recording transactions LO3, 4, 5 On 1 November, Geoff Howard started a small amusement park. The park experienced the following transactions during the first month of operations: 1st Shareholders contributed $350 000 in exchange for shares 2nd Hired six employees to staff the park. 3rd Purchased go-carts for $87500 on account (on credit). 3rd Borrowed $90 000 from the bank. 3rd Purchased arcade games for $72000. 4th Paid $3000 to advertise the opening on various websites 7th Purchased 'bumper boats' for $35250 on account. 10th Billed Le Ma $3300 for her son's birthday party on the 10th 11th Received cash of $6600 for entry fees into the park. 15th Paid $45000 towards the go-cart bill (purchase on 3rd). 20th Received $10 200 for entry fees into the park. 25th Received full payment from Le Ma. 28th Paid electricity, $7680. 30th Paid $900 interest on loan. REQUIRED Prepare journal entries for each transaction, including explanations 22 Recording transactions LO3, 4, 5 Madden Consulting was established on 1 March, and during March it entered into the following transactions: 1st Issued $10000 shares in exchange for cash. 3rd Purchased $300 of supplies on account. 7th Prepaid $1500 total for April, May and June rent. 8th Paid $175 towards the 3 March purchase of supplies. 11th Billed customers $5780 for services rendered. 12th Paid $700 for March advertising. 25th Received $4500 from customers billed on 11 March 28th Paid $200 in dividends to shareholders. 29th Paid $1200 for March salaries. 29th Paid $760 for March water usage. REQUIRED a Prepare journal entries for each transaction (omitting explanations). b Post the journal to the appropriate ledger (T-accounts). C Prepare a trial balance at 31 March d Prepare Madden's income statement for the month of March e Prepare the retained earnings section of the statement of changes in equity for the month of March. f Prepare Madden's balance sheet at the end of March. 21 Transaction analysis, journal, ledger, trial balance, financial statements LO2.3, 4 Megan and Sinclair was established on 1 January and entered into the following transactions during its first month of business: i issued shares of $50 000 in exchange for cash ii purchased equipment for $24000 cash iii purchased supplies of $6000 on account iv received $235 bill for January advertising
