Reference no: EM132592739
Question - On August 1, 2019, Rafael Masey established Planet Realty, which completed the following transactions during the month:
1. Rafael Masey transferred cash from a personal bank account to an account to be used for the business, $17,500.
2. Purchased supplies on account, $2,300.
3. Earned fees, receiving cash, $13,300.
4. Paid rent on office and equipment for the month, $3,000.
5. Paid creditor on account, $1,150.
6. Withdrew cash for personal use, $1,800.
7. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
8. Paid office salaries, $2,800.
9. Determined that the cost of supplies used was $1,050
Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Rafael Masey, Capital; Rafael Masey, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. For a compound transaction, if an amount box does not require an entry, leave it blank.
With T accounts, using the account titles in (1). Post (in chronological order) the journal entries to these accounts, selecting the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.
What will be an unadjusted trial balance as of August 31, 2019. For those boxes in which no entry is required, leave the box blank.
Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Amount of net income for August.
d. Determine the increase or decrease in owner's equity for August.
How much service revenue will be reported on the income
: How much service revenue will be reported on the income statement for the accounting period ending December 31, 2021
|
Find out funds from operations
: Find out funds from operations.Loss on sale of equipment 9000, premium on redemption of 1500, Discount on issue of debentures 2000
|
Examine quality and credibility in qualitative research
: For this Discussion, you will examine quality, trustworthiness, and credibility in qualitative research and provide specific techniques and strategies.
|
Explain the three primary goals of the evaluation
: Explain the three (3) primary goals of the evaluation. Analyze three (3) major cultural or political issues that might be encountered and explain how.
|
What will be an unadjusted trial balance as of August
: What will be an unadjusted trial balance as of August 31, 2019. For those boxes in which no entry is required, leave the box blank
|
Calculate the depreciation expense and the book value
: Calculate the depreciation expense, the accumulated depreciation, and the book value of the equipment under both methods for each of the five years
|
How financial recognition considering ifrs
: How financial recognition considering IFRS 15.?Company also charging 25% commission on each order value to the restaurant.
|
What amount of gross profit should it recognize
: CF normally sells for $27 per unit, and 3B for $9 per unit. If Robertson sells 1,200 units of CF, what amount of gross profit should it recognize
|
How has technology influenced consumer choices
: How has technology influenced consumer choices? Provide specific examples. How may they enable you to be or live unhealthy?
|