Knox Ltd. completed the following transactions during its first month of operations for August 2023. 01 Aug Knox Ltd. began operations by issuing shares for $20,000 cash and a vehicle worth $10,000 01 Aug Borrowed $15,000 from the bank 01 Aug Prepaid $1,800 for 9-month insurance policy effective until 30 April, 2024. 08 Aug Performed consulting services for a customer and invoiced the customer $5,000, terms (3/14, n/60) 12 Aug Received $8,000 in advance for services to be performed from August to December 22 Aug Collected $5,000 cash balance from a customer on 08 Aug account 31 Aug Paid $2,000 cash dividend Knox Ltd. – Chart of accounts Assets Liabilities Equity Revenues Expenses 100 Cash 202 Salaries payable 300 Share capital 400 Service revenue 500 Salaries expense 105 Accounts receivable 203 Unearned service revenue 305 Retained earnings 505 Insurance expense 111 Prepaid insurance 205 Bank loan 310 Dividends 510 Interest expense 112 Vehicle 210 Interest payable 330 Income summary Prepare adjusting journal entries based on the following additional information (12 marks): (1) Salaries amounting to $3,000 were not paid and not recorded as of 31 August. (2) Interest of $500 has accrued on a bank loan. (3) A month of prepaid insurance has been expired by 31 August. (4) Service was performed during the month in relation to 15% of revenue received in advance on 12 Aug 520 Discount allowed

Several years ago, Knox Industries issued 200,000 of its $2 par value stock for a total of $1,600,000. This is the only time that it has sold stock. This year it purchased 2,000 shares of its own stock for $20 a share. As a result of acquiring treasury stock:Multiple Choiceits stockholders' equity decreases by $40,000.it will recognize a loss of $40,000.its common stock account decreases by $40,000.its retained earnings decrease by $40,000.

Calculate the Knox Ltd’s total assets, total liabilities, and total equity as at 31 August 2023

On 1 July 2021, Silver Ltd purchased 10 000 exchange traded call options in GoodPay Ltd at a premium of $3 per option. The options had an exercise price of $20 and expired on 30th April 2022. The share price of GoodPay Ltd was $18 on 30th April 2022 and options had nil fair value to the holders on that date.List the journal entries that Silver Ltd likely needs to record on 30th April 2022 in relation to the call options.

On July 9, Mifflin Company receives a $7,800, 150-day, 10% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note and interest. (Use 360 days a year.)Multiple Choice$8,125$7,447$7,930$7,800$7,947

ORANGE Corporation is authorized to issue 250,000 ordinary shares at P 12.00 par value. During 2022, in its first year of operation, the following transactions occurred: • Issued 15,000 ordinary shares at P 18.00 on May 1. • Issued 25,000 ordinary shares at P 25.00 on August 1.• Reacquired 2,000 ordinary shares at P 12 per share on October 1.• Reissued 1,000 ordinary treasury shares at P 20 per share on December 1. Determine the Share Premium – Ordinary Shares balance as of December 31, 2022. Group of answer choicesP891,000P423,000P480,000P415,000