FNSACC321_322_421 Assignment-part-7

36 Sanyu Sony started a new business and completed these transactions during December. Dec. 1 2 3 5 6 8 15 18 20 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. The company rented office space and paid $1,000 cash for the December rent. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. The company purchased office supplies by paying $800 cash. The company completed electrical work and immediately collected $1,200 cash for these services. The company purchased $2,530 of office equipment on credit. The company completed electrical work on credit in the amount of $5,000. The company purchased $350 of office supplies on credit. The company paid $2,530 cash for the office equipment purchased on December 8. 24 28 29 30 The company paid $540 cash for this month's utility bill. 31 The company paid $950 cash in…

6 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252 Tp Inventor Training D. CHAP2 HOMEWORK A Saved 1 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 10 April 1 Tanner invested $8e,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. 2 The company prepaid $9, c00 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,60e in office supplies. Payment is due within 10 days. 6 The company completed services for a client and imnediately received $4,000 cash. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 13 The company paid $11,600 cash to settle the account payable crented on April 3. 19 The company paid $2,400 cash for the…

TB 03-70 Company A receives $10,000 in advance this m... Company A receives $10,000 in advance this month for work to be performed next month. This month, the company should: Multiple Choice Debit Accounts Payable $10,000 and credit Cash $10,00. Debit Inventory $10,000 and credit Sales Revenue $10,000. Debit Cash $10,000 and credit Deferred Revenue $10,000. Debit Inventory $10,000 and credit Accounts Payable $10,000.

Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note for the remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on account. The Cost of Goods Sold was $300,000. GENERAL JOURNAL Page Date Description Post Debit Credit 1 4 4 6. 7 8. 8. 9. 9. 10 10 11 11 12 12 13 13 14 14 15 15 16 17 17 18 18 1 23 5678 23A 567

Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.

DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015.   2 Purchased a one-year insurance policy for $16,800.   7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January.   12 Collected a total of $8,000 on account from credit customers during the first week of January.   12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month.   13 Collected a total of $9,000 on account from credit customers during the second week of January.   14 Returned supplies that were damaged for a cash refund of $1,500.   15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January.   20 Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days.   20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January.   20 Collected a total of $11,200 on account from…

DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015.   2 Purchased a one-year insurance policy for $16,800.   7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January.   12 Collected a total of $8,000 on account from credit customers during the first week of January.   12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month.   13 Collected a total of $9,000 on account from credit customers during the second week of January.   14 Returned supplies that were damaged for a cash refund of $1,500.   15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January.   20 Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days.   20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January.   20 Collected a total of $11,200 on account from…

10 Date Transaction Description     July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.     July 1 Paid the premium on a 1-year insurance policy, $4,800.     July 1 Paid the current month's store rent expense, $3,600.     July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.      July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.     July 10 Paid telephone bill, $300.     July 11 Cash pool service revenue for the first third of July, $2,650.     July 18 Made payment to Mary's Repair Company, $300.     July 20 Cash pool service revenue for the second third of July, $4,000.     July 31 Cash pool service revenue for the last third of July, $2,250.     July 31 Paid the current month's electric bill, $500.…

Year 1         Apr.   20   Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. May   19   Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with paying $11,750 in cash. July   8   Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10%, $102,000 note payable. Aug.   17   Paid the amount due on the note to Nguyen at the maturity date. Nov.   5   Paid the amount due on the note to NMR Bank at the maturity date. Nov.   28   Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6%, $60,000 note payable. Dec.   31   Recorded an adjusting entry for accrued interest on the note to Chicago Bank.           Year 2         Jan.   27   Paid the amount due on the note to Chicago Bank at the maturity date. 1. Prepare a Calculation of Interest     Gonzalez Co. Calculation of interest expense August 17 - Nguyen note:   Principal   Interest rate   Number of days' interest to be recorded…

ATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015.   2 Purchased a one-year insurance policy for $16,800.   7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January.   12 Collected a total of $8,000 on account from credit customers during the first week of January.   12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month.   13 Collected a total of $9,000 on account from credit customers during the second week of January.   14 Returned supplies that were damaged for a cash refund of $1,500.   15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January.   20 Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days.   20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January.   20 Collected a total of $11,200 on account from credit…

DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year insurance policy for $16,800. Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20 Purchased supplies 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January. for $10,000 from White's, Inc.; received Invoice 2384 payable in 30 days. 20 Collected a total of $11,200 on account from credit customers during the third week of…

10 January Ronald introduced $13,000 cash as capital11 January Ronald bought a machine for $10,000 by cash10 January Pays a rent bill of $3,600 for the 18 months12 January Purchased merchandise inventory for $1,800 cash12 January Paid transportation expenses for merchandise inventory, $5014 January Sold inventories on credit for $1,222. Cost of these sales are $839.16 January Cash received from trade receivables amounted to $19231 January Cash sales during January were $1,956. Cost of these sales is 1,60031 January Depreciation is to be calculated on a straight line basis and recorded as $100RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).

TB 02-79 Your company buys a $2 million warehouse pay... Your company buys a $2 million warehouse paying $300,000 in cash and issuing $1.7 million in promissory notes. This will be posted as: Multiple Choice O $2 million credited and $300,000 debited to assets; $1.7 million debited to liabilities. $2 million debited and $300,000 credited to assets; $1.7 million credited to liabilities. O $2 million credited to assets and $2 million debited to liabilities. $2 million debited to assets and $2 million credited to liabilities.

July Transactions   Date Transaction Description   July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.   July 1 Paid the premium on a 1-year insurance policy, $4,800.   July 1 Paid the current month's store rent expense, $3,600.   July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.     July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.   July 10 Paid telephone bill, $300.   July 11 Cash pool service revenue for the first third of July, $2,650.   July 18 Made payment to Mary's Repair Company, $300.   July 20 Cash pool service revenue for the second third of July, $4,000.   July 31 Cash pool service revenue for the last third of July, $2,250.   July 31 Paid the current month's electric bill, $500.   July 31 Declared and paid cash dividend of $1,100.…

July Transactions Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.   July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. a) One month's insurance has expired.…

July Transactions   Date Transaction Description   July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.   July 1 Paid the premium on a 1-year insurance policy, $4,800.   July 1 Paid the current month's store rent expense, $3,600.   July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.     July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.   July 10 Paid telephone bill, $300.   July 11 Cash pool service revenue for the first third of July, $2,650.   July 18 Made payment to Mary's Repair Company, $300.   July 20 Cash pool service revenue for the second third of July, $4,000.   July 31 Cash pool service revenue for the last third of July, $2,250.   July 31 Paid the current month's electric bill, $500.   July 31 Declared and paid cash dividend of $1,100.…

July Transactions   Date Transaction Description   July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.   July 1 Paid the premium on a 1-year insurance policy, $4,800.   July 1 Paid the current month's store rent expense, $3,600.   July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.     July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.   July 10 Paid telephone bill, $300.   July 11 Cash pool service revenue for the first third of July, $2,650.   July 18 Made payment to Mary's Repair Company, $300.   July 20 Cash pool service revenue for the second third of July, $4,000.   July 31 Cash pool service revenue for the last third of July, $2,250.   July 31 Paid the current month's electric bill, $500.   July 31 Declared and paid cash dividend of $1,100.…

July Transactions   Date Transaction Description   July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.   July 1 Paid the premium on a 1-year insurance policy, $4,800.   July 1 Paid the current month's store rent expense, $3,600.   July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.     July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.   July 10 Paid telephone bill, $300.   July 11 Cash pool service revenue for the first third of July, $2,650.   July 18 Made payment to Mary's Repair Company, $300.   July 20 Cash pool service revenue for the second third of July, $4,000.   July 31 Cash pool service revenue for the last third of July, $2,250.   July 31 Paid the current month's electric bill, $500.   July 31 Declared and paid cash dividend of $1,100.…

July Transactions   Date Transaction Description   July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.   July 1 Paid the premium on a 1-year insurance policy, $4,800.   July 1 Paid the current month's store rent expense, $3,600.   July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.     July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.   July 10 Paid telephone bill, $300.   July 11 Cash pool service revenue for the first third of July, $2,650.   July 18 Made payment to Mary's Repair Company, $300.   July 20 Cash pool service revenue for the second third of July, $4,000.   July 31 Cash pool service revenue for the last third of July, $2,250.   July 31 Paid the current month's electric bill, $500.   July 31 Declared and paid cash dividend of $1,100.…

General accounting

Mani

accounting question

Financial accounting question

Problem 10-01A On January 1, 2022, the ledger of Cullumber Company contained these liability accounts. Accounts Payable   $45,000 Sales Taxes Payable   9,100 Unearned Service Revenue   21,500 During January, the following selected transactions occurred. Jan. 1   Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5   Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. 12   Performed services for customers who had made advance payments of $12,500. (Credit Service Revenue.) 14   Paid state treasurer’s department for sales taxes collected in December 2021, $9,100. 20   Sold 750 units of a new product on credit at $54 per unit, plus 6% sales tax. During January, the company’s employees earned wages of $52,000. Withholdings related to these wages were $3,978 for Social Security (FICA), $5,686 for federal income tax, and $1,706 for state income tax. The company owed no money related to these earnings for federal or state…

General accounting