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2 years ago

Gateway Ltd sets up a company and in the first nine days of trading the following transactions occurred

Business

1 answer:

valina [46]2 years ago

6 0

1. The completion of the relevant ledger accounts for Gateway Ltd is as follows:

<h3>Cash Account</h3>

Date Account Titles Debit Credit

January 1: Common Stock $10,000

January 2: Inventory $4,000

January 3: Delivery Van $2,000

January 5: Sales Revenue $1,500

January 7: Accounts Payable $800

January 8: Rent Expense $200

Balance $4,500

<h3>Accounts Receivable</h3>

Date Account Titles Debit Credit

January 6 Sales Revenue $5,000

<h3>Inventory</h3>

Date Account Titles Debit Credit

January 2 Cash $4,000

January 4 Accounts Payable 1,000

January 6 Cost of goods sold $5,000

<h3>Delivery Van</h3>

Date Account Titles Debit Credit

January 3 Cash $2,000

<h3>Accounts Payable</h3>

Date Account Titles Debit Credit

January 4 Inventory $1,000

January 7 Cash $800

Balance $200

<h3>Common Stock</h3>

Date Account Titles Debit Credit

January 1 Cash $10,000

<h3>Sales Revenue</h3>

Date Account Titles Debit Credit

January 5 Cash $1,000

January 6 Accounts Receivable 5,000

Balance $6,000

<h3>Cost of goods sold</h3>

Date Account Titles Debit Credit

January 6 Inventory $5,000

<h3>Rent Expense</h3>

Date Account Titles Debit Credit

January 8 Cash $200

2. The extraction of a trial balance for Gateway Ltd is as follows:

<h3>Trial Balance</h3>

As of January 9

Account Titles Debit Credit

Cash $4,500

Accounts Receivable 5,000

Delivery Van 2,000

Accounts Payable $200

Common Stock 10,000

Sales Revenue 6,500

Cost of goods sold 5,000

Rent Expense 200

Totals $16,700 $16,700

<h3>Data Analysis:</h3>

January 1: Cash $10,000 Common Stock $10,000

January 2: Inventory $4,000 Cash $4,000

January 3: Delivery Van $2,000 Cash $2,000

January 4: Inventory $1,000 Accounts Payable $1,000

January 5: Cash $1,500 Sales Revenue $1,500

January 6: Accounts Receivable $5,000 Sales Revenue $5,000

January 7: Accounts Payable $800 Cash $800

January 8: Rent Expense $200 Cash $200

Learn more about extracting a trial balance at brainly.com/question/14604253

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which of the following entries records the adjustment for revenue earned, but not yet collected? multiple choice debit accounts

Yanka [14]

various options Debit receivables from customers, credit sales. Accounts Receivable is debited and Sales Revenue is credited. Sales revenue is debited and deferred revenue is credit. Debit receivables and credit deferred revenue are the two balances.

<h3> What are debit and credit?</h3>

An accounting entry that decreases an asset or cost account is known as a debit. or reduces an equity or liability account. In an accounting entry, it is placed on the left. An accounting item known as a credit raises a liability or equity account's balance. or lowers an account for an asset or expense.

The money that is placed into your checking account is a credit to the bank even if it is a debit to you (an increase in your asset) because it is not their money. It is your money, and the bank owes it to you, so it is a liability on their books. A credit is an increase in a liability account.

Explain debit and credit with an example:

Debit what comes in, credit what leaves, first. Second, credit all gains and revenue while debiting all expenses. Thirdly, debit the sender and credit the recipient.

<h3>Can you credit revenue and debit accounts receivable?</h3>

An accounts receivable transaction in journal entry form debits accounts receivable and credits a revenue account. Credit accounts receivable (to eliminate the receivable) and debit cash (to show that you have been paid) when your customer pays their invoice.

Debit or Credit Account: As a business owner, your equity grows as a result of your revenue. Revenues must be reported as credits rather than debits because your equity typically has a credit balance.

Revenue from sales is it an accounts receivable?

When a business sells anything, it reports the revenue from the transaction on its income statement. They list the amount owed as accounts receivable on their balance sheet if the consumer hasn't yet paid them for the purchase. The amount indicated on the income statement is offset by accounts receivable.

To know more about Debit or Credit , visit:

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7 0

1 year ago

HElp I'll give brainliest

Savatey [412]

What r u supposed to be figuring out?

7 0

3 years ago

Pharoah Company reported net income of $184,850 for 2017. Pharoah Company also reported depreciation expense of $33,700 and a lo

Dominik [7]

Answer:

$219,700

Explanation:

Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.

These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $184,850

Adjustment made:

Add : Depreciation expense $33,700

Add: Loss on the disposal of plant assets $4,690

Less: Increase in accounts receivable -$15,150

Add: Increase in accounts payable $15,640

Less: Increase in prepaid expenses -$4,030

Total of Adjustments $34,850

Net Cash flow from Operating activities $219,700

4 0

3 years ago

Working women experienced new freedoms in the Progressive era because: a. young immigrant factory workers gained independence fr

Triss [41]

Answer:

The correct answers are: a. young immigrant factory workers gained independence from the traditional control of their fathers. and b. employment opened up to married white women.

Explanation:

The progressive era was a period of widespread social activism and political reform throughout the United States, spanning from the 1890s to the 1920s. The main objectives of the progressive movement were to eliminate the problems caused by industrialization, urbanization processes, immigration and political corruption.

Across the nation, middle-class women organized themselves in the name of social reform during the progressive era. Women were able to promote reforms such as the prohibition of alcohol, female suffrage, childcare and public health.

They formed local clubs, which after 1890 were coordinated by the General Federation of Women's Clubs (GFWC).

Women during the progressive era were often unhappy and did not enjoy their sexual intercourse, middle-class women known to bring about changes, specifically in cities like New York City, questioned the approach to marriage and sexuality. After the Victorian era, women craved more sexual freedom after the repression of the previous stage. Dating became a new form of relationship during the progressive era and introducing into the United States a more romantic way of seeing marriage and personal relationships. Within many commitments and marriages, both parties would exchange love notes as a Way to express your sexual feelings. The division between passionate and aggressive love generally associated with men and the most spiritual romantic love of women became evident in the middle class as women were judged on how they should be respected according to how they expressed these feelings. Therefore, women frequently expressed emotions without passion towards love, as a way of establishing their status among men in the middle class.

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2 years ago

1. What is an annual percentage rate?

Maksim231197 [3]

A credit card's interest rate<span> is the price you pay for borrowing money. For credit cards, the interest </span>rates <span>are typically stated as a yearly </span>rate. This is called the annual percentage rate<span> (</span>APR<span>). On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date.

Hope this helps! :)</span>

6 0

3 years ago