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Paid $50 to owner for personal use. Hauber Drawing Cash 50 50. Paid $75 for supplies. Supplies 75. Cash 75. Bought $40 of supplies on account. Supplies 40. Accounts Payable 40. Established $200 petty cash fund. Petty Cash 200.

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Paid 50 to owner for personal use
Paid $50 to owner for personal use

Hauber Drawing Cash

50 50


Paid 75 for supplies
Paid $75 for supplies

Supplies

75

Cash

75


Bought 40 of supplies on account
Bought $40 of supplies on account

Supplies

40

Accounts Payable

40


Established 200 petty cash fund
Established $200 petty cash fund

Petty Cash

200

Cash

200


Adjust supplies by 30
Adjust supplies by $30

Supplies Expense

30

Supplies

30


Close sales with 2000 balance
Close sales with $2000 balance

Sales

2000

Income Summary

2000


Close rent expense with 700 balance
Close rent expense with $700 balance

Income Summary

700

Rent Expense

700


Close income summary with a net income of 5000
Close income summary with a net income of $5000

Hauber Capital

5000

Income Summary

5000


Close hauber drawing with 300 balance
Close Hauber drawing with $300 balance

  • Hauber Capital

    300

  • Hauber Drawing

    300


Unit 2
Unit 2

Purchased $600 worth of merchandise on account

Purchases

600

Accounts Payable/Vendor Name

600


Paid cash 650 for merchandise
Paid cash $650 for merchandise

Purchases

650

Cash

650


Returned 400 worth of merchandise on account
Returned $400 worth of merchandise on account

Accounts Payable

400

  • Purchases Returns and Allowance

    400


Paid on account 400 with a discount 40
Paid on account ($400) with a discount ($40)

AP/Vendor Cash Purchases Discount

360 40

400


Sold merchandise 1000 on account with tax 70
Sold merchandise ($1000) on account with tax ($70)

AR/Customer Sales Sales Tax Payable

1070 1000 70


Recorded cash and credit card sales 2000 with tax 140
Recorded cash and credit card sales ($2000) with tax ($140)

Cash Sales Sales Tax Payable

2140 2000 140


Paid cash to replenish petty cash fund supplies 20 and advertising 25
Paid cash to replenish petty cash fund: supplies $20 and advertising $25

Supplies Advertising Expense Cash

20 25 45


Granted credit to our customer for merchandise 300 returned plus tax 21
Granted credit to our customer for merchandise ($300) returned plus tax ($21)

Sales Returns

and allowance Sales Tax Payable AR/Customer

300 21 321


Received cash on account 520 with a discount 20
Received cash on account ($520) with a discount ($20) returned plus tax ($21)

Cash Sales Discount AR/Customer

500 20 520


Declared a 5000 dividend
Declared a $5000 dividend returned plus tax ($21)

Dividends

5000

Dividends Payable

5000


Paid previous dividend declared
Paid previous dividend declared returned plus tax ($21)

Dividends Payable

5000

Cash

5000


Adjust merchandise inventory that went down by 10 000
Adjust merchandise inventory that went down by $10,000 returned plus tax ($21)

Income Summary

10,000

Merchandise Inventory

10,000


Adjust uncollectible accounts by 1200
Adjust uncollectible accounts by $1200 returned plus tax ($21)

Uncollectible Accounts Expense

1200

Allowance for Uncollectible

1200


Close purchases discount with a 140 balance
Close purchases discount with a $140 balance returned plus tax ($21)

Purchases Discount

140

Income Summary

140


Close sales returns and allowance with 200 balance
Close Sales returns and allowance with $200 balance returned plus tax ($21)

Income Summary

200

Sales Returns and Allowance

200


Close income summary with a net income 25 000
Close income summary with a net income ($25,000) returned plus tax ($21)

Income Summary

25,000

Retained Earnings

25,000


Close dividends with 5000 balance
Close Dividends with $5000 balance returned plus tax ($21)

Retained Earnings

5000

Dividends

5000


Paid the Payroll ($2000) less deductions: Social Security Tax($100) Medicare Tax($100) Employee Income Tax($100)

Salary Expense SSTP MTP

  • 100 100

    EITP Cash

    100 1700


Record the employer’s income taxes: Social Security Tax($100) Medicare Tax($100) Federal Unemployment Tax($25) State Unemployment Tax($75)

Payroll Tax Expense SSTP MTP

  • 100 100

    FUT SUT

    25 75


Paid the federal social security tax 1300
Paid the Federal Social Security Tax $1300 Tax($100) Medicare Tax($100) Federal Unemployment Tax($25) State Unemployment Tax($75)

Social Security Tax Payable

1300

Cash

1300


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