Transaction Analysis: Exercise 2:On April 20XX, J. Doff decided to open a painting business called J. Doff Painting Services. Thefollowing transactions took place during the first month of April.1. Owner contributed $20,000 cash to commence business.2. Billed customers for services performed, $9,000.3. Purchased painting supplies on credit for $400.4. Received $4,000 from customers from (2) above.5. Purchased a van for $8,000, paying $2,000 in cash and obtaining a loan for theremainder.6. Paid $100 of amount due for supplies from (3) above.7. J. Doff withdrew $1,000.8. Used $100 worth of painting supplies.9. Paid expenses in cash (advertising $300, telephone $400, electricity $300).10. Paid $2,000 off loan for van in (5) above.REQUIRED:Record the transactions in an accounting equation table (transaction analysis).

Transaction Analysis: Exercise 1:Mark Jones, an engineering graduate, experienced the following business events in the month ofSeptember:1. He started an engineering consulting business with a cash investment of $10,000 andoffice equipment worth $5,000.2. Purchased office supplies (stationery, pens, paper etc.). $800 cash was paid.3. Bought a scanner/printer for $500 on account from IBM.4. Paid $400 salary to staff.5. Received electricity bill for $300.6. Earned consulting fees of $20,000 for services completed. Of this, $12,000 was receivedin cash and $8,000 was owed by clients.7. Paid $300 to IBM as repayment.8. Withdrew $100 for own use.9. Received $1,000 from one of the clients who owed him money.10. As at September 30, there was $600 of office supplies on hand.Required:Analyze these transactions according to the accounting equation using transaction analysis.Transaction Analysis: Exercise 2:On April 20XX, J. Doff decided to open a painting business called J. Doff Painting Services. Thefollowing transactions took place during the first month of April.1. Owner contributed $20,000 cash to commence business.2. Billed customers for services performed, $9,000.3. Purchased painting supplies on credit for $400.4. Received $4,000 from customers from (2) above.5. Purchased a van for $8,000, paying $2,000 in cash and obtaining a loan for theremainder.6. Paid $100 of amount due for supplies from (3) above.7. J. Doff withdrew $1,000.8. Used $100 worth of painting supplies.9. Paid expenses in cash (advertising $300, telephone $400, electricity $300).10. Paid $2,000 off loan for van in (5) above.REQUIRED:Record the transactions in an accounting equation table (transaction analysis)

On 1 June, $12,900 is received from customers in advance (recorded as a liability) for painting services to be provided over the next three months. The adjusting journal entry required on 30 June at the end of the accounting cycle is (narrations not provided):

DonCo, Inc. sold merchandise on January 14, and accepted a 90-day, 5% promissory note in the amount of $5,000. On January 14, the entry to record this transaction would include a debit to:Multiple choice question.Cash in the amount of $5,000Notes Receivable in the amount of $5,000Accounts Receivable in the amount of $5,000Sales in the amount of $5,000

XYZ Co. purchased merchandise on June 10 at a $5,000 invoice price with terms of 2/10,n/30 and paid for the merchandise on June 25. Illustrate the required entries to record and pay for this purchase under both the gross method and the net method by matching the action on the left with the method on the right. (Assume a perpetual inventory system is used.)InstructionsDrag and drop application.Cash would be credited for $5,000 on June 25.Cash would be credited for $5,000 on June 25. drop zone empty.Cash would be credited for $4,900 on June 25.Cash would be credited for $4,900 on June 25. drop zone empty.Discounts lost would be debited for $100 on June 25.Discounts lost would be debited for $100 on June 25. drop zone empty.Merchandise inventory would be debited for $5,000 for June 10.Merchandise inventory would be debited for $5,000 for June 10. drop zone empty.

1-(A) Journalise the following business transactions in general journal form. 1 Jun Borrowed $40,000 from ANZ Bank. 5 Jun Purchased inventory for $85,000, paying $10,000 in cash and the remainder is due in 30 days. 8 Jun Credit sales made for $30,000. The inventory had cost of $17,000. 10 Jun Received $7,500 in advance from a customer for merchandise that will be delivered in September. 17 Jun Received an inquiry about a product worth $4,000 from an old customer. 21 Jun Paid $10,000 of salary expenses Notes: (i) The firm has adopted the perpetual inventory recording method; (ii) If you believe no journal is required, explain the reason(s); (iii) Ignore the effects of GST; (iv) Account numbers and narrations are not required.