- MID4022 Legal and Ethical Professional Principle in Midwifery
- ILM Level 3 Planning Workplace Change: Factors, Benefits, and Implementation Strategies
- Governance and Regulatory Processes in Adult Social Care: Legislation, Inspection & Compliance
- UNIT CMI 501 Assessment Brief: Principles of Management and Leadership in an Organisational Context
- CMI level 5 Unit 501:The Principles of Management and Leadership in an Organisational Context| Assignment Guidance
- CMI 515: Creating and Delivering Operational Plans – A Comprehensive Guide
- Unit 8607-522 Becoming an Effective Leader- Evaluating Skills, Emotional Intelligence & Motivation | ILM Level 5
- CMI Unit 510 Managing Workplace Conflict- Resolution Techniques & Organisational Impact
- CMI Unit 505 Assessment- Team Formation, Challenges & Performance Evaluation
- 3CO01 Key Business Influences, Organisational Goals, And Change Management CIPD Level 3
- OTHM Level 4 Resource Management In Health Care
- ILM L 7 Unit 8589-700: Coaching And Mentoring At The Executive Or Senior Level
- CMI Level 5 Unit 502 Principles of Developing, Managing and Leading Individuals and Teams to Achieve Success
- Unit 714 Leadership Development- Personal And Professional Growth CMI Level 7
- QUALIFI level 5 The Impoertance Of Aesthetic Practitioner for Facial Aesthetic
- Unit 4 Resource Management And Workforce planning In Adult Care services BTEC Level 5
- Unit 8607-520 Leadership Style And Their Impact On Organisational Values And Performance ILM Level 5
- Critical Evaluation Of Leadership Challenges And Personal Development In Workplace
- MSCCO01: Managing Innovation and Change Overcoming- Challenges in Cloud and AI Adoption at XYZ Corp
- Unit 509: Managing Stakeholder Relationships strategies, Challenges And Conflict Resolution | CMI Level 5
Unit 10 Journal Entries, Ledgers & Trial Balance Examples
| University | University of South Wales (USW) |
| Subject | Unit 10 Financial Recording And Accounting |
Question 1:
The Barron Company is a merchandising firm. The company also rents out extra office space to Paley
Company. The following events occurred during the month of January 2002, the first month of
operations.
Transactions:
1 Received $100,000 cash as new stockholder investments.
4 Purchased inventory costing $12,000 on account from Elrod Company.
5 Purchased office supplies for $600 cash.
8 Sold merchandise costing $5,000 for $9,000 to Gray Company on account.
9 Paid employee salaries of $3,000.
10 Received payment in full from Gray Company.
11 Purchased inventory for $60,000 cash.
12 Sold inventory for $18,000 cash.
13 Paid Elrod Company the full amount due.
18 Purchased a building for $20,000 cash and a $160,000, 12% mortgage note payable. The first
payment of $1,920 is due in February.
19 The company received $6,000 for 3 months rent from the Paley Company.
20 The company paid $12,000 for a 1-year fire insurance policy.
21 The company sold inventory costing $50,000 to various credit customers on account for
$90,000.
22 Declared and paid dividends of $10,000.
Do You Need Assignment of This Question
Question 2:
Lopez Delivery Service Company has the following chart of accounts:
| Acct. No. | Account Title | Acct. No. | Account Title |
|---|---|---|---|
| 100 | Cash | 310 | Retained Earnings |
| 103 | Accounts Receivable | 320 | Dividends |
| 107 | Supplies on Hand | 400 | Service Revenue |
| 108 | Prepaid Insurance | 507 | Salaries Expense |
| 112 | Prepaid Rent | 511 | Utilities Expense |
| 140 | Buildings | 512 | Insurance Expense |
| 141 | Accumulated Depreciation—Buildings | 515 | Rent Expense |
| 150 | Trucks | 518 | Supplies Expense |
| 151 | Accumulated Depreciation—Trucks | 520 | Depreciation Expense—Buildings |
| 200 | Accounts Payable | 521 | Depreciation Expense—Trucks |
| 206 | Salaries Payable | 568 | Miscellaneous Expense |
| 300 | Capital Stock |
The post-closing trial balance as of 2010 May 31, was as follows:
The transactions for June 2010 were as follows:
June 1 Performed delivery services for customers on account, USD 60,000.
3 Paid dividends, USD 10,000.
4 Purchased a USD 20,000 truck on account.
7 Collected USD 22,000 of the accounts receivable.
8 Paid USD 16,000 of the accounts payable.
11 Purchased USD 4,000 of supplies on account.
17 Performed delivery services for cash, USD 32,000.
20 Paid the utilities bills for June, USD 1,200.
23 Paid miscellaneous expenses for June, USD 600.
28 Paid salaries of USD 28,000 for June.
Buy Answer of This Assessment & Raise Your Grades
Question 3
The “use your first and last name as company name” Company is a merchandising firm. The
company also rents out extra office space to various tenants. The following events occurred
during the month of January 2002, the first month of operations.
1. Record these entries in the general journal and post to ledger.
2. Prepare the adjusting entries and Prepare final Accounts
Transactions:
1. Ten investors formed the company by paying a total of $500,000 cash for common stock.
2. Purchased land by signing a 5-year, 6% note payable in the amount of $100,000.
3. Purchased a building for $200,000 cash.
4. Purchased furniture and fixtures for $10,000 on account.
5. Purchased equipment for $20,000 cash.
6. Purchased inventory for $100,000 on account.
7. Paid $12,000 to rent storage space for 3 months.
8. Paid $3,600 for 3 years insurance.
9. Collected $15,000 from tenants for 3 months’ rent in advance.
10. Sold inventory for $140,000 on account. The inventory originally cost $80,000.
11. Paid $50,000 on accounts payable.
12. Collected $100,000 from customers.
13. Loaned $10,000 to a customer on a 6-month, 12% note.
14. Declared and paid dividends of $2,000.
15. Paid salaries of $10,000 for the month.
16. Purchased supplies for $2,000 on account.
17. Paid $600 cash for repairs on equipment.
18. Paid $1,500 for advertising.
19. Paid $500 for utilities.
Are You Looking for Answer of This Assignment or Essay
Assessment Criteria
P1 Record double entry bookkeeping transactions in a timely and accurate way.
P2 Apply a range of business transactions using double entry bookkeeping, journals and ledgers.
M1 Analyse a range of business transactions using double entry, journals and ledgers in order to provide
accurate and timely accounting information.
P3 Using data provided, extract ledger balances into a trial balance for an organisation to accurately
record transactions.
M2 (For M2 suppose the trail balance has 4 different errors) Interpret, identify and correct accounting
errors through the production of a trial balance to ensure accurate accounting records.
For D1 and D2, you have to visit an actual business and conduct systematic gathering, summarizing
and recording of business transactions for accurate reporting of organisational efficiency and performance
(D1). Also produce a trial balance that is timely, accurate and fully compliant for an organisation to meet
its objectives (D2).
Answer
