CH 6 case study CS-1 TEMPLATE V5

ACCT2401Instructions for CompletingComprehensive ProblemThe comprehensive problem provides an illustration of the basic accounting cycle. Studentsmust complete the following items for the first month of operation (January) and the secondmonth of operations (February). Hint: Complete all items listed below (#1-#11) for Januaryprior to starting February.1. Record transactions with journal entries in the General Journal.2. Post journal entries to the General Ledger.3. Prepare the trial balance before adjustment (on the worksheet).4. Prepare the adjusting journal entries.5. Post the adjusting entries to the General Ledger.6. Prepare the adjusted trial balance (on the worksheet).7. Complete the worksheet.8. Prepare closing journal entries.9. Post the closing entries to the General Ledger.10. Prepare the post-closing trial balance.11. Prepare the following financial statements:

PDE IM-MODULE-3-Account X file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf M3 - Exercises 2 For each of the following accounts, state in column A the classification of the account (Whether the account is an asset, liability, capital, revenue, or expense), in Column B if debit or credit for increase in the account and in column C if debit or credit for decrease, and in column D, the normal balance of the account. Column D. Coluinn Column Column C A Normal Classification Increase Decrease balance Example: Utilities Expense Еxpense Debit Credit Debit 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Carlo Calma, Capital | 5. Carlo Calma, Drawing 6. Commission Income 7. Equipment 8. Interest Receivable 9. Insurance Expense 10. Notes Payable 11. Notes Receivable 12. Prepaid Rent 13. Prepaid Insurance 14. Rent Expense 15. Rent Revenue 16. Salaries Expense 17. Salaries Payable 18. Service Revenue 19. Supplies 20.…

Prepare journal entries to record the July transactions

3 ces Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 2 Record materials purchases. Transaction 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal

On April 30, a team sold a twelve-game pack of advance courtside tickets for $61,200 cash. On August 14, the team played the first game of the twelve-game pack (this represented one-twelfth of the advance ticket sales). Record the entries for the April 30 and August 14 transactions. View transaction list Journal entry worksheet 1 2 Record the entry for the April 30 transaction. Note: Enter debits before credits. Date April 30 General Journal Debit Credit >

Identify each Record the following transaction for April in a two-column journal using this tab entry letter (Enter the letter in the date column): (a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash and giving a note payable for the remainder. (b) (c) Paid $1,800 for rent for April Purchased $9,800 of supplies on account. Recorded $2,250 of fees earned on account (d) (e) (f)Received $9,000 in cash for fees earned (g) Paid $300 to creditors on account (h) Paid wages of $1,650 (i) Received $1,190 from customers on account. (j) Recorded owner's withdrawal of $2,350

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable! Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 $212,600 Credits $7,600 6,700 Pay property taxes, $9,400. Pay on accounts payable, $12,300. 152,000 46,300 $212,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800.. Purchase supplies on account, $11,000. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…

! Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department View transaction list 27,000 151, 13 95,500 113,000 ? The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 in conve cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,900 units were started into production. The June 30 work in process inventory consisted of 8,800 units that were 100%…

A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $21,000 cash as an owner investment in exchange for common stock. December 2 Pays $6,120 cash for equipment. December 3 Pays $3,660 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,020 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,150 cash. December 8 Pays $205 cash in wages for part-time help. December 9 Provides training services for $2,420 and rents training equipment for $610. The customer is billed $3,030 for these services. December 19 Receives $3,030 cash from the customer billed on Dec. 9. December 20 Purchases $2,010 of supplies on credit from a supplier. December 23 Receives $1,620 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,305 cash as a partial payment toward the accounts…

Identify Transactions in Accounts Receivable Subsidiary Ledger The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger: Mission Design NAME 1319 Elm Street ADDRESS Post. Ref. Date Item Debit Credit Balance 20Υ7 Apr. 3 R44 740 740 Apr. 6 J11 60 680 Apr. 24 CR81 680 Describe each transaction and identify the source of each posting. Describe each transaction Identify the source Apr. 3 Apr. 6 Apr. 24

Requirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000

X S D.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch cel-Extra Credit i Question 1 - Ch 02 Excel-Extra Cr x D+Z 32 33 34 35 36 37 38 39 40 41 42 43 ^^ Trial Balance A B C D 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 21 to select account titles and amounts to be included on the income statement. 22 Note: List revenues and expenses in order of largest to smallest dollar amounts. 23 READING READINESS Company Income Statement For the Month Ended January 31, 20X1 Revenues: Test Prep Revenue Tutoring Revenue Other Revenues Total Revenues Expenses: Operating Expense Salaries Expense Rent Expense Other Expenses Insurance Expense Total Expenses 24 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or 25 "Net Loss" as appropriate based on the value calculated in cell C42. 26 27 28 29 30 31 $ $ O Saved Prev Url=https%253A%252F%252Fnewconnect.mheducation.com%25 O…

Quality of initial posting 15 Frequency of responses to classmates 2.5 Quality of responses to classmates 2.5 Reference to supporting readings 2.5 Language and grammar 2.5 Total 25

Required: • General Journal • Ledger (Pls follow the format)

Prepare journal entries to record the transactions reflected in items a through g.

Blue Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 50,000 issued and outstanding Class A common shares, 250,000 issued and outstanding Class B common shares, 460,000 issued and outstanding Retained earnings Total shareholders' equity $617,500 1,362,500 2,438,000 3,290,000 $7,708,000 On June 10, Blue reacquired and cancelled 2,000 Class A common shares at a cost of $4.65 per share. On August 26, 2020, Blue issued 4,000 Class A common shares for $8.60 each. On September 30, the company reacquired and cancelled another 2,000 Class A common shares at $8.60 per share. Prepare the journal entries required to record these transactions. (Round per share value to 4 decimal places, e.g. 1.2512 and final answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.…

Journal entry worksheet 1 23 Note: Enter debits before credits. Transaction d. Annual depreciation on the professional library is $7,993. 4 Record entry 5 6 7 8 General Journal Clear entry Debit Credit View general journal >

Record the transactions on page 14 of the journal. The abbreviation for memorandum is M.

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Question 7 Which 4 transaction types can be made into recurring templates? Transfer Deposit Bill Inventory quantity adjustment Pay bills Paycheck Receive payment Invoice

← 8:45 a. Trial balance b. General journal c. General ledger Accounting Records Label each of the examples below with the appropriate accounting record title and describe what each is used for: Date Date Totals Description Explanation HA2-1 a Debit P.R. DEBIT Debit Name CREDIT e Credit Credit ACCOUNT NO. BALANCE Done 3 A

Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventaries Raw materials Mork in process Finished goods Beginning of period $ 35,000 9,200 53,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,900 18,100 33,200 $ 197,000 150,000 14,000 34,500 91,500