Question
The following transactions of Jaker Ltd. occurred in the month of January: Date: 1 Borrowed $10,500...
The following transactions of Jaker Ltd. occurred in the month of January:
| Date: | ||
| 1 | Borrowed $10,500 from the bank. | |
| 3 | Issued 1,800 common shares for $18,000. | |
| 5 | Purchased inventory on account totalling $20,700. | |
| 9 | Bought computer equipment costing $6,700 for $3,400 cash and the balance on account. | |
| 15 | (a) Made sales totalling $21,000, of which $7,600 were on account. (b) The cost of the products sold from inventory was $11,800. | |
| 19 | Made payments on accounts owing to suppliers totalling $12,600. | |
| 25 | Collected on accounts from customers totalling $6,600. | |
| 27 | (a) Made sales totalling $8,800, all on account. (b) The cost of the products sold from inventory was $6,400. | |
| 28 | Employees earned wages of $2,000 during the month, of which $1,800 was paid. | |
| 28 | Incurred $700 of utilities expenses during the month. |
Analyze and record these transactions. (Enter amounts that decrease account balance using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Indicate whether it is Revenues, Expenses or Dividends declared in the last column. In case if there is no effect then select "Not Applicable". Post entries in the order presented in the problem statement.)
| Assets | Liabilities | Shareholders’ Equity | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Cash | Accounts Receivable | Inventory | Equipment | Accounts Payable | Wages Payable | Loan Payable | Common Shares | Retained Earnings | Revenues/Expenses/ Dividends Declared | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableRevenuesExpensesDevidends Declared RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableRevenuesDevidends DeclaredExpenses RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesNot ApplicableDevidends DeclaredExpenses RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Devidends DeclaredRevenuesExpensesNot Applicable RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (a) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesDevidends DeclaredNot ApplicableExpenses RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (b) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesExpensesDevidends DeclaredNot Applicable RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableExpensesDevidends DeclaredRevenues RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesExpensesNot ApplicableDevidends Declared RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (a) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableExpensesRevenuesDevidends Declared RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (b) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Devidends DeclaredRevenuesExpensesNot Applicable RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableDevidends DeclaredRevenuesExpenses RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
| Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableDevidends DeclaredExpensesRevenues RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
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Answers
Date Assets = Liabilities + Equity Cash + Accounts receivable + Inventory + Equipment = Accounts payable + Wages payable + Loan payable + common stock + Retained earning 1 10500 10500 3 18000 18000 5 20700 20700 9 -3400 6700 3300 15(a) 13400 [21000-7600] 7600 21000 Revenue (b) -11800 -11800 expense 19 -12600 -12600 25 6600 -6600 27 (a) 8800 8800 Revenue (b) -6400 -6400 Expense 28 -1800 200 -2000 Expense 28 700 -700 Expense Total 30700 + 9800 + 2500 + 6700 = 12100 + 200 + 10500 + 18000 + 8900
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