Prepare the trial balance as at july

Assignment Help Accounting Basics
Reference no: EM132765831

Lee Ann opens a music store. During the month of July 2020, he completed the following transactions.

Jul 1 Deposit cash from his personal account to business account, $10,000.

Jul 3 Purchase supplies on account, $2,000.

Jul 5 Received cash from clients, $8,300.

Jul 7 Paid rent for store, $3,400.

Jul 9 Purchase computer equipments on account $1,200.

Jul 11 Paid cash for store and equipment annual insurance, $600.

Jul 13 Paid cash to supplies on account, $1,800.

Jul 20. Received cash from client for music albums delivered, $340.

Jul 21. Purchased a delivery van for $22,000, paying $3,000 in cash and giving a note payable for the remainder.

Jul 27. Paid salary for staff, $2,200.

Jul 30. Paid cash for miscellaneous expenses, $520

Problem a) Show the above transactions directly in the following T accounts;

Problem b) Close the accounts and prepare the Trial Balance as at 31 July 2020.

Reference no: EM132765831

Questions Cloud

Which is not a major title in the federal rules of civil : Which is not a major title in the Federal Rules of Civil Procedure? All of the above are major titles in the federal rules of procedure.
Identify some good and bad job and person specifications : Conduct your own research (online job boards or newspaper job advertisements would be good places to start) to identify some good and bad job and person
What are the challenges in the financial accounting : What are the challenges in the financial accounting and reporting during the pandemic Covid19, whether global or domestic issues
Explain any entitlements that john should consider : John, George and Jenice are old school friends. They have been thinking about the possibility of opening their own café in a busy city location.
Prepare the trial balance as at july : Close the accounts and prepare the Trial Balance as at 31 July 2020. Jul 1 Deposit cash from his personal account to business account, $10,000.
What is their qbi deduction : Tammy has $220,000 of net income from her neighborhood clothing store (a sole proprietorship). The $220,000 includes $20,000 of interest income from business.
Should this plan be extended to pressers : Should this plan be extended to pressers in the other stores and Should other employees (cleaners, spotters, and front counter staff) be put on a similar plan
How can the information be useful to the public : Charity Navigator (CN), founded in 2001, evaluates and rates individual charitable organizations (nonprofits). The two key areas of performance it considers.
Find how should mettle account for the tax effect : Find how should METTLE account for the tax effect of the share options? On January 1, 20x1, Franklin Co. issued share options to its employees.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the tax consequences to lebron in the year of sale

LeBron owns undeveloped land worth $300,000. What are the tax consequences to LeBron in the year of sale? Disregard Interest Income

  What amount should be reported as gain on extinguishment

The bonds are retired on January 1, 2020 at 88 excluding accrued interest. What amount should be reported as gain or loss on extinguishment?

  Review the case of andrews and co ltd

Andrews and Co. Ltd has been invited to tender for a contract. It is to produce 10,000 metres of an electrical cable in which the business specialises.

  Prepare a horizontal and vertical analysis

prepare a horizontal and vertical analysis for the period ending June 30, 2017. You only need to complete one vertical analysis using the June balance sheet

  Corporate scandals involving undisclosed liabilities

We often hear of corporate scandals involving undisclosed liabilities, artificially inflated earnings statements, ethics violations, etc. The results of some of the more notorious misdeeds have had a very unfavorable impact on some shareholders' ..

  What is the largest dollar item in the operating activities

locate the 2009 financial statements for the walt disney company on the internet and consider the following1.does

  Describing the various revenue recognition methods

Question: Accounting in Practice: C&M - Prepare a brief memo describing the various revenue recognition methods acceptable for C&M

  Estimated taxable income for Judy and Walter

Consider the most beneficial way for Judy and Walter to file their federal income tax return. Estimated taxable income for Judy and Walter

  How much is the compensation expense for the year ended

On January 2, 2019, ABC Corporation granted 150 share options to each of its 250 employees. How much is the compensation expense for the year ended

  Prepare all the necessary journal entries to be recorded

Muscat Corp. acquired a 30% interest in ABC Inc. for $250,000 in cash. Prepare all the necessary journal entries to be recorded by Muscat Corp for 2009

  Explain one researched accounting position

Explain one researched accounting position, and explain the essential skills that would make a candidate successful in the position.

  ACC 206 Principles of Accounting Assignment

ACC 206 Principles of Accounting Assignment Help and Solution - Ashford University, USA. Provide cash flow statement for the company using the direct method

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd