< Due 9:59 AM Assignment 4 (Submit to google classroom) 10 points Add class comment 1. You are the account officer in your organization and your superior have asked you to explain the following information to a new staff that has no accounting background. Explain the following and show the steps to effect actions in sage 50. a. Make payment to credit card accounts b. Prepare and submit tax remittances c. Apply sales tax to Interprovincial sales d. Enter purchases and payments for foreign suppliers e. Prepare bank deposits f. Review transaction reports for bank accounts g. Reverse a cheque deposit
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Journalize the following transactions in the books Mr. Akbar, post them in ledgers, and prepare the trial balance and Financial Statements. 2020 January 1 Owner started business with Cash $ ___________ January 3 Bought supplies for Cash $ 5,000. January 4 Bought Equipment of $ ___________ through cheque. January 5 Purchased goods for cash $ 90,000 January 7 Paid rent of office $ 1,000 with a cheque. January 10 Bought goods from Hamid on Credit $ _________ January 11 Paid wages for $ 2,000. January 12 Sold goods for Cash for $ ________ January 18 Sold goods to Ahmed $ __________ January 19 Paid cash to Hamid $ _________ January 20 Paid internet bill $ 500 in cash. January 24 Received Cash from Ahmed $ 5,000. January 29 Money withdrawn $ 5,000 for personal use. January 30 Deposited $ 3,000 cash in to business bank account.
Izxy T.
You are working in the accounting department at a landscaping company. Your company has recently received a very large job at a new apartment complex. The job has been paid for in full, but the work has not yet been completed at the time you begin balancing the quarterly books. a. What is the name for this type of transaction? b. How should this type of transaction be recorded? 2. Shortly before the quarter ends, the job is completed and the company has earned the $15,000 charge. Now you must perform an adjustment on this transaction. a. What should be your first step in making the adjustment? b. How should the adjusted entry be journalized? c. How should this transaction be posted to the ledger?
Brooke B.
Problem 5-3A: Recording Transactions Related to Accounts Receivable (LO5-3, 5-4, 5-5) The following information applies to the questions displayed below. The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021: Provided services to customers on account for $37,400. September 17, 2021: Received $22,000 from customers on account. December 31, 2021: Estimated that 45% of accounts receivable at the end of the year will not be received. March 4, 2022: Provided services to customers on account for $52,400. May 20, 2022: Received $10,000 from customers for services provided in 2021. July 2, 2022: Wrote off the remaining amounts owed from services provided in 2021. October 19, 2022: Received $42,000 from customers for services provided in 2022. December 31, 2022: Estimated that 45% of accounts receivable at the end of the year will not be received.
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Principles of Accounting Volume 1: Financial Accounting
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