Question

The following are the transactions of BENI’s business during her first month of trading. Record each...

The following are the transactions of BENI’s business during her first month of trading. Record each transaction in t-accounts.

(a) BENI starts a business and pays in $5,000 as capital

(b) The business buys a car for $1,000 cash

(c) They buy goods for resale for $500 cash

(d) They buy more goods for resale for $600 on credit from Mr Stone

(e) They pay rent of $200 cash

(f) They sell half the goods for $800 cash

(g) They sell the remaining goods on credit for $900 to Mrs Kerl

(h) They pay $400 cash on account of the amount owing to Mr Stone

(i) They receive $500 from Mrs Kerl

(j) Kristine withdraws $100 cash from the business

Homework Answers

Answer #1
SNO. PARTICULARS DEBIT CREDIT
1. CASH A/C 5000
TO CAPITAL A/C 5000
2 FIXED ASSET (CAR) 1000
TO CASH A/C 1000
3 PURCHASE A/C 500
TO CASH 500
4 PURCHASE A/C 600
TO MR. STONE 600
5 RENT A/C 200
TO CASH 200
6 CASH A/C 800
TO SALE 800
7 MRS. KERL 900
TO SALE 900
8 MR. STONE 400
TO CASH 400
9 CASH A/C 500
TO MRS. KERL 500
10 CAPITAL A/C 100
TO CASH 100
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
3- Iris Smith has a salon. During the first month of the operation of her business,...
3- Iris Smith has a salon. During the first month of the operation of her business, the following events and transactions occurred. 1- April 1 Invested $50,000 cash in her business. 2- Hired an assistant at a salary of $900 per week payable monthly. 3- Paid office rent for the month $1,500. 4- Purchased supplies on account from Zera Company $5,000. 5- Performed services and received in cash $6,300. 6- Received $500 cash advance from Moora as a deposit. 7-...
Jill Smith starts an apartment locator business that has the following transactions in the first month:...
Jill Smith starts an apartment locator business that has the following transactions in the first month: a) Smith invests $35,500 of personal funds to start the business. b) She purchases on account office supplies costing $345. c) She pays cash of $29,500 to acquire a lot next to the campus. This will be the future home of the business. d) Smith locates apartments for client and receives cash of $1910. e) Smith pays $110 of the account payable she created...
Identify the books of prime entry used to record the following transactions. Transactions Books of Prime...
Identify the books of prime entry used to record the following transactions. Transactions Books of Prime Entry/Special Journals Example: Purchased goods of RM4,000 on credit from Rekka Enterprise. Purchase Journal i. Kaison Bhd bought a piece of land worth RM70,000 on credit. ii. Received payment from customer for goods delivered amounting to RM12,500. iii. A credit customer returned goods of RM900 due to wrong specification. iv. Paid insurance premium amounting RM3,000 cash. v. Issued cheque to Alken Enterprise for goods...
3- Linda Smith has a business. During the first month of the operation of her business,...
3- Linda Smith has a business. During the first month of the operation of her business, the following events and transactions occurred. 1- April 1 Invested $25,000 cash in her business. 2- Hired an assistant at a salary of $450 per week payable monthly. 3- Paid office rent for the month $750. 4- Purchased supplies on account from Zera Company $2,500. 5- Performed services and received in cash $3,150. 6- Received $250 cash advance from Moora as a deposit. 7-...
Blossom Company had the following transactions during the first week of May. Record the following transactions...
Blossom Company had the following transactions during the first week of May. Record the following transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Purchased supplies on account for $440. 2. Performed services and billed the customer $1,500. 3. Received cash of $770 for services to be performed in June. 4. Collected $500 on account. 5. Paid...
Robinson starts a plumbing service named Crusoe Waterworks,Transactions of Cruose Waterworks during the first year of...
Robinson starts a plumbing service named Crusoe Waterworks,Transactions of Cruose Waterworks during the first year of operations are given below : a)Robinson deposited 7,000 dollars into a new cheking accounts for the business and recorded the capital contribution. b)Paid 4,000 dollars cash for equipment to be used for plumbing repairs c)Borrowed 30,000 dollars from a local bank and deposited the money in the checking account. d)Paid 800 dollars rent for the year. d)Purchased 900 dollars of office supplies on account....
Emily Valley is a licensed dentist. During the first month of the operation of her business,...
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $21,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $500 per week payable monthly. 2 Paid office rent for the month $1,200. 3 Purchased dental supplies on account from Dazzle Company $4,500. 10 Performed dental services and billed insurance companies $5,100. 11 Received $1,200 cash advance from Leah Mataruka for an...
On April 1, Vaughn Travel Agency began operations. The following transactions were completed during the month....
On April 1, Vaughn Travel Agency began operations. The following transactions were completed during the month. 1. Owner invested $22,000 in the business. 2. Obtained a bank loan for $8,600 by issuing a note payable. 3. Paid $13,000 cash to buy equipment. 4. Paid $1,100 cash for April office rent. 5. Paid $1,500 for supplies. 6. Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $3,000 was received from customers, and the...
Concord Repair Shop had the following transactions during the first month of business as a proprietorship....
Concord Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. Aug. 2 Invested $12,320 cash and $2,710 of equipment in the business. 7 Purchased supplies on account for $480. (Debit asset account.) 12 Performed services for clients, for which $1,193 was collected in cash and $722 was billed to the clients. 15 Paid August rent $580. 19 Counted supplies and determined that only $296 of the supplies purchased on August 7...
Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are...
Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are shown below Jan. 2 Stockholders invested $15,000 cash in the business in exchange for common stock. 3 Purchased used car for $8,200 cash for use in the business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed. 16 Paid $200 cash for advertising. 20 Received $780 cash from customers billed on January 11. 23 Paid creditor $300 cash on...