Question

he following information is available about the entity’s business transactions in May 2019. May 1 Borrowed...

he following information is available about the entity’s business transactions in May 2019.

May

1

Borrowed $300,000 from a bank.

2

Purchased inventory on credit from a supplier A/K, n/20, $5,000.

4

Paid insurance for the next 12 months $6,000.

8

Paid the supplier A/K the full amount for inventory purchased on 2 May.

9

Owner withdrew $2,000 for personal use.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following information is available about the entity’s business transactions in May 2019. May 1 Borrowed...
The following information is available about the entity’s business transactions in May 2019. May 1 Borrowed $300,000 from a bank. 2 Purchased inventory on credit from a supplier A/K, n/20, $5,000. 4 Paid insurance for the next 12 months $6,000. 8 Paid the supplier A/K the full amount for inventory purchased on 2 May. 9 Owner withdrew $2,000 for personal use. Required: Prepare general journal entries to record the transactions. Ignore GST.
May 1 Borrowed $300,000 from a bank. 2 Purchased inventory on credit from a supplier A/K,...
May 1 Borrowed $300,000 from a bank. 2 Purchased inventory on credit from a supplier A/K, n/20, $5,000. 4 Paid insurance for the next 12 months $6,000. 8 Paid the supplier A/K the full amount for inventory purchased on 2 May. 9 Owner withdrew $2,000 for personal use.vvv
you are an accountant of Rapid Transport Service. The following information is available about the entity’s...
you are an accountant of Rapid Transport Service. The following information is available about the entity’s business transactions in June 2019. June 1 Owner invested $50,000 in the business 5 Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days 7 Paid office rent for the next six months 10,000 12 Sent an invoice to a client for the service provided 2,500 14 Received an advance payment of $8,000 from a client for...
XYZ Company began operations in 2019 and entered into the following transactions during the year: May...
XYZ Company began operations in 2019 and entered into the following transactions during the year: May 1: Sold common stock to owners for $200,000 cash. May 10: Purchased inventory costing $40,000 on account. June 1: Purchased equipment for $48,000 cash. The equipment was assigned a 10-year life and a $6,000 residual value. August 1: Purchased a two-year insurance policy for $24,000 cash. October 3: Sold one-half of the inventory that was purchased on May 10 to a customer for $49,000;...
Selected transactions for Star Company in the first month of business, are as follows. Oct.     1...
Selected transactions for Star Company in the first month of business, are as follows. Oct.     1          Invested $60,000 cash in business.             4          Purchased furniture for $15,600 cash for use in business.             10        Purchased supplies on account for $1,500.             13        Billed customers $6,300 for services performed.             18        Paid $1,350 salaries in cash.             20        Received $3,900 cash from customers billed on October 13.             24        Paid supplier $900 cash for supplies...
The given transactions were completed by Juliet's Delivery Services during May 2019. Indicate the effects of...
The given transactions were completed by Juliet's Delivery Services during May 2019. Indicate the effects of each transaction by placing the appropriate letter in the space provided. Letter Result A Increase in asset, decrease in another asset B Increase in asset, increase in liability C Increase in asset, increase in owner's equity D Decrease in asset, decrease in liability E Decrease in asset, decrease in owner's equity Response Transaction Received cash for providing delivery services. Paid amount owing that was...
On March 1 2020 Joe started a new sole trader business. During March he carried out...
On March 1 2020 Joe started a new sole trader business. During March he carried out the following businesses-related transactions: Deposited $20,000 cash in a business bank account Purchased fixtures and fitting for $6000 cash, and inventory valued at $8000 on credit Borrowed $5000 from a relative, repayable in 2 years time, and deposited it in the bank Purchased a van for $7000 cash and withdrew $200 for his own use Won $2000 in a lottery and paid it all...
DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $30,000 in cash to start the firm. 4...
DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $30,000 in cash to start the firm. 4 Purchased office equipment for $3,250 on credit from Den, Inc.? received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients? issued Check 1001 for $15,000 in full payment. 20 Purchased supplies for $260? paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $85. 30 Issued Check 1003 for $2,100 to Den,...
Lesters’ Jewelry company completed these transactions during November of the current year: Nov. 1 Began a...
Lesters’ Jewelry company completed these transactions during November of the current year: Nov. 1 Began a the business by investing $3,000 in cash and Precious stones with  a $10,000 fair value. Nov. 2 Purchased on credit office equipment, $1,500, and office supplies, $500. Nov. 4 Completed a custom braclet for client and immediately received a payment of $1,200 cash. Nov. 8 Nov. 9 Completed a necklace for a client and charged his account $3,400. Hired a new employee to begin work...
Mr. Abdulla started business with cash OMR 60000 on 1st January 2019. Purchased furniture on credit...
Mr. Abdulla started business with cash OMR 60000 on 1st January 2019. Purchased furniture on credit from Greens Furniture OMR 1000 Took a bank loan of OMR 12,000 from Bank Muscat Owner withdrew cash for his personal use OMR 7000. Purchased goods on credit from Oman Traders OMR 5,100 Purchased Machinery on credit from Salim OMR 20,000 Paid Greens Furniture OMR 150 Sold goods on Credit OMR 1900 (costing OMR 1500) to Mr. Asim Received the money due for goods...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT