Chapter 3 Practice Pt

Knowledge Check 01Equinox is a local boutique that sells gift cards especially before holidays. At November 30, the company’s Deferred gift card revenue account had a balance of $400. During December, the company sold additional gift cards in the amount of $5,000, customers redeemed $1,000 of gift cards, and unused gift cards in the amount of $300 expired. What is the balance of Deferred gift card revenue that will be reported at December 31?

sd subject-Accounting

Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $30 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:Entertainment for office party (petty cash) $170Lawn maintenance (credit card) 420Postage (credit card) 575Fuel for deliveries (credit card) 285Required:1. Record the establishment of the petty cash fund on September 4.2. Record credit card expenditures during the month. The credit card balance is not yet paid.3. Record petty cash expenditures during the month.

Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $30 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:           Entertainment for office party (petty cash) $ 170   Lawn maintenance (credit card)   420   Postage (credit card)   575   Fuel for deliveries (credit card)   285       Required: Record the establishment of the petty cash fund on September 4. Record credit card expenditures during the month. The credit card balance is not yet paid. Record petty cash expenditures during the month   THere should be a journal entry for the 4th, 30th and 30th

PROBLEM 1: Bob Sample opened the Campus Laundromat on September 1, 2010. During the first month of operations the following transactions occurred. Sept 1. Bob invested $20,000 cash in the business 2. The company paid $1,000 cash for store rent for September 3. Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10. Received a bill from the Daily News for advertising the opening of the laundromat $200. 20. Bob withdrew $700 cash for personal use. 30. The company determined that cash receipts for laundry services for the month were $6,200. REQUIRED: • Journal Entry • Ledger • T- accounts (format provided)

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Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $280 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:           Entertainment for office party (petty cash) $ 70   Lawn maintenance (credit card)   100   Postage (credit card)   55   Fuel for deliveries (credit card)   65       Required: Record the establishment of the petty cash fund on September 4. Record credit card expenditures during the month. The credit card balance is not yet paid. Record petty cash expenditures during the month.

a. On April 1, Mary Rich, at the solicitation of Super Fur Company, delivered a $13,000 mink coat to the company at its place of business for storage in its vaults until November 1. On the same day, she paid the company its customary charge of $50.00 for such storage. After Mary left the store, the general manager of the company, on finding that its storage vaults were already filled to capacity, delivered Mary’s coat to Swift Trucking Company for shipment to Fur Storage Company. En route, the truck in which Mary’s coat was being transported was badly damaged by fire caused by the driver’s negligence, and Mary’s coat was totally destroyed. Is Super Fur Company liable to Mary for the value of her coat? Why? b. Would your answer be the same if Mary’s coat had been safely delivered to Fur Storage Company and had been stolen from the company’s storage vaults without negligence on its part? Why?

Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $273 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Repairs and maintenance (credit card) Postage (credit card) Delivery cost (credit card) Required: 1. Record the establishment of the petty cash fund on September 4. 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet ere to search F2 2 W 1 S 2 Record the establishment of the petty cash fund on September 4. F3 #m 3 3 E D 100 Et F4 $ 4 F5…

Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $315 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:           Entertainment for office party (petty cash) $ 85   Lawn maintenance (credit card)   115   Postage (credit card)   70   Fuel for deliveries (credit card)   80       Required: Record the establishment of the petty cash fund on September 4. Record credit card expenditures during the month. The credit card balance is not yet paid. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Tasks 8-9. Application. Prepare the journal entries of the transaction below and post them to the necessary ledger books. Write your answer on a separate sheet of paper. Olson Sala Company completed the following sales transactions during the month of June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at the transaction date. June 1 Olson Sala invested Php 52,000 of his funds in the business. 1 Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377 Sold merchandise on account to A. Perdales, Php 54,000. Invoice no. 378 3 4 Sold merchandise for cash, Php 46,000. 7. Received payment from R. Bltuin less discounts. Received payment from A. Perdales less discounts. 9. Required: 1. Record the transactions in the general journal. 2. Post to the accounts receivable ledger. 3. Prepare a schedule of accounts receivable.

Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $42,000 in cash. 2. January 5 Purchase land for $24,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $9,000 cash. 4. January 12 Hire three employees for $3,000 per month. 5. January 18 Receive cash of $13,000 in rental fees for the current month. 6. January 23 Purchase office supplies for $3,000 on account. 7. January 31 Pay employees $9,000 for the first month’s salaries. Required: 1. Record each transaction. Green Wave uses the following accounts: Cash, Supplies, Land, Equipment, Common Stock, Accounts Payable, Notes Payable, Service Revenue, and Salaries Expense. 2. Post each transaction to T-accounts and compute the ending balance of each account. Since this is the first month of operations, all T-accounts have a…

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4 The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2024, the program had unrestricted cash of $7,000.   Cash Basis 12 months Cash receipts:   Registration fees $96,500 Borrowing from bank 75,000 Total deposits 171,500 Cash disbursements:   Wages 44,000 Payroll taxes and employee benefits 9,575 Insurance (paid monthly) 8,000 Purchase of bus 80,000 Interest on bank note 2,250 Total checks 143,825 Excess of receipts over disbursements $27,675 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2024. The bus was purchased on April 1 with the…

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Current Attempt in Progress Crane's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,800 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $3,000. The cost of the books sold was $1,500. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,400. The cost of the merchandise sold was $1,440. 222 20 Purchased books on account for $2,400 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 30 220 Sold boo on account to Baeten Bookstore for $1,400. The cost of the merchandise sold was $970. Granted Baeten Bookstore $130 credit for books returned…

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Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below. Sept. 5 Purchased a Chevrolet truck for $38,900 cash. 8 Purchased inventory for $4,200 on account. 10 Purchased $1,250 of office supplies on credit. 11 Rented sound equipment to a traveling stage play for $13,600. The producer of the play paid for the service at the time it was provided. 12 Rented sound equipment and lights to a local student organization for a school dance for $2,400. The student organization will pay for services within 30 days. 18 Paid employee wages of $4,750 that have been earned during September. 22 Collected the receivable from the September 12 transaction. 23 Borrowed $20,000 cash from a bank on a 3-year note payable. 28 Issued common stock to new stockholders for $35,000. 30 Paid a $3,250 cash dividend to stockholders. Prepare a journal entry for each transaction.

Roben Cruse opened the Campus Laundromat on September 1, 2020. During the first month ofoperations, the following transactions occurred. Sept.1 Roben invested $20,000 cash in the business.2 The company paid $1,000 cash for store rent for September.3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month,12% note payable.4 Paid $1,200 for a one-year accident insurance policy.10 Received a bill from the Daily News for online advertising of the opening of the laundromat $200.20 Roben withdrew $700 cash for personal use.30 The company determined that cash receipts for laundry services for the month were $6,200. Instructionsa. Journalize the September transactions.b. Open ledger accounts and post the September transactions.c. Prepare a trial balance at September 30, 2020.

Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $87,600, $82,200, $102,000, and $62,400. Amber secured this amount by signing a note bearing 10% interest on June 1. Required: Question Content Area 1.  Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. blank   - Select - - Select -     - Select - - Select -   Question Content Area 2.  Determine how much interest Crowne will receive if the note is repaid on December 1.$fill in the blank 59d6dd028fbe01b_1   Question Content Area 3.  Prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. blank   - Select - - Select…

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Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101.   3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102.   5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103.   8 Cash sales for the week were $2,332.45 plus tax of $139.95.   10 Received cash for boarding and grooming services, $625 plus tax of $37.50.   11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…

Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101.   3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102.   5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103.   8 Cash sales for the week were $2,332.45 plus tax of $139.95.   10 Received cash for boarding and grooming services, $625 plus tax of $37.50.   11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…

Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $55,200, $49,800, $69,600, and $30,000. Amber secured this amount by signing a note bearing 10% Interest on June 1. Required: 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. 188 2. Determine how much interest Crowne will receive if the note is repaid on December 1. 3. Prepare Crowne's journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. ED

MANAGEMENT DEPARTMENT, FACULTY PROBLEM On January 1 of the current year, Juan David opened the “ J.D Men's Wear Shop", and during the month, the following transactions were completed: Jan. 1 Juan David invested cash P 80,000 in the business. He bought two sewing machines amounting P 30,000 each from Patio Merchandising, the he gave P15,000 down and the balance is payable within 60 days. Paid a three month rental of the shop, P30,000. This was charged to 1 1 prepaid Rent account. 1 Paid a one year insurance policy, P 5,700. Bought sewing tools P 5,900 and sewing supplies P 2,700 from Jomar Trading on credit. Received P 1,200 from customer for a short delivered. Billed to Maricris Acosta, P 5,000 for two-pair of pants and polo barong 7 delivered. 10 Purchased clothing materials from Baclaran Market and paid P 15,000 cash. 13 Received P 12,500 from various customers for pants and barong made and delivered. 14 Gave Patio Merchandising P 15,000 and issued a 60-day, 6% note for the balance.…

Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporateda company that sells de - motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.a. Received $40,000 cash from the investors who organized Down, Incorporatedb. Borrowed $19,000 cash and signed a note due in two years.c. Ordered equipment costing $22,000.d. Purchased $10,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance.e. Received the equipment ordered in (c), pald for half of it, and put the rest on account. Pleaae tell me the cash and equipment

Scenario 1: On December 1, the balance of supplies totals $400. On December 15, the company purchases an additional $200 of supplies with cash. By the end of December, only $100 of supplies remains. Scenario 2:  On November 4, Company receives $6,000 cash from a local moving company in agreement to provide truck maintenance of $1,000 each month for the next six months beginning in December. Scenario 3: Employees have worked the final four days in December, earning $600, but have not yet been paid. Company plans to pay its employees on January 2 Scenario 4: Customers receiving $250 of maintenance services from Midas on December 29 have not been billed as of the end of the month. These customers will be billed on January 3 and are expected to pay the full amount owed on January 6. Scenario 5: At the beginning of the year, AdShop’s depreciable equipment has a cost of $28,0000, a four year life, and no salvage value. The equipment is depreciated $7,000 yearly over the four years service…