Name: Nguyễn Phương Minh vnu student id: 21051658


Require: Calculate John Parker’s company capital as at 1 August 2020 Write down the double entries



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Fall 2022 - Midterm USF - 4
Require:

  1. Calculate John Parker’s company capital as at 1 August 2020

  2. Write down the double entries all transactions.

  3. Posting to Ledger T-account for all account and closing balance the account



Answer question 3:



  1. Calculate John Parker’s company capital as at 1 August 2020




Assets




Cash

10,000 $

Inventory

2,000 $

Trade receivables

1,000 $

Van

3,000 $

Fixture and fittings

2,200 $

Total assets

18,200 $


Liabilities




Trade payables

2,500 $

Loan

5,000 $



















Total liabilities

7,500 $


Company capital = Assets – Liabilities = $18,200 - $7,500 = $10,700



  1. The double entries all transactions


Balance sheet


Income Statement

Transaction

Cash Asset

+ Noncash Asset

= Liabilities

+ Contrib. Capital

+ Earned Capital




Revenue

- Expenses

= Net Income

Contribute $9000 cash into business bank account

+9000
Cash



+9000
Capital








Purchase $800 goods on time


+800
Inventory

+800
Accounts payable









Bought a van by cheque

-5000
Cash

+5000
Van










Purchase $500 goods by cash

-500
Cash

+500 Inventory










Sold good for $1000 on time


+1000
Account receivable



+1000 Retained earnings




+1000 Sales revenue


+1000

Record $200 for cost of merchandise 


 -200 Inventory



 -200 Retained earnings





 +200 Cost of goods sold

 -200

 John took $300 goods for his own use


 -300 Inventory


 -300 Drawings








 Received $1000 loan from D. Watson

+1000
Cash


+1000 Loan payable






 Sold good for cash $1200

+1200
Cash




+1200
Retained earnings

 +1200 Sales revenue


 +1200

Bought $1500 fixture and fitting




+1500
Fixture and fittings

+1500 Account payable
















Paid $300 wages to employees

-300 cash










-300 Retained earnings




+300 wages expense

-300



  1. Posting to T-account



Cash




Beg balance

10000

(5)

5000

(2)

 9000

(7)

 500

(12)

 1000

(30)

 300

(19)

1200







End balance

15400

















Capital





(11)

300

Beg balance

10700







(2)

 9000





End balance

19400































Inventory






Beg balance

2000

(10)

200

(4)

 800

(11)

300

(7)

 500







End balance

2800



























Trade payable












Beg balance

2500







(4)

 800





(22)

 1500





End balance

4800
























Van




Beg balance

3000







(5)

5000







End balance

8000







































Trade receivable

Beg balance

1000







(10)

1000







End balance

2000





































Cost of goods sold















(10)

200







End balance

200













































Sales revenue







(10)

1000







(19)

1200





End balance

2200

































Loan










Beg balance

5000







(12)

1000





End balance

6000













Fixture and fitting




Beg balance

 2200







(22)

 1500







End balance

3700





























Wages expense




(30)

 300







End balance

300






























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