hw 1 acct

The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?A. 33,350 B. None of the other answers C. 31,450 D. 29,000 E. 35,350

On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $3,010. c. Paid creditor on account, $1,900. d. Earned sales commissions, receiving cash, $30,690.

The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?

Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400.  A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.

Domingo Company started its business on January 1, 2019. The following transactions occurredduring the month of May. Prepare the journal entries in the journal on Page 1.A. The owners invested $10,000 from their personal account to the business account.B. Paid rent $500 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,000 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30days.G. Received $800 cash for services rendered.H. Paid wages $600, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77,miscellaneous expense $55. Cash on hand $11. Check #106.J. Increased petty cash by $30, check #107.

Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $41,600 face value note with annual interest based on an 11 percent discount. During Year 1, Parish provided services for $34,850 cash.   Required Answer the following questions. (Hint: Record the events in T-accounts prior to answering the questions.)   What is the amount of total liabilities on the December 31, Year 1, balance sheet?   What is the amount of net income on the Year 1 income statement?   What is the amount of cash flow from operating activities on the Year 1 statement of cash flows?   Provide the general journal entries necessary to record issuing the note on April 1, Year 1; recognizing accrued interest on December 31, Year 1; and repaying the loan on March 31, Year 2.

On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:a. Opened a business bank account with a deposit of $25,000 from personal funds.b. Purchased office supplies on account, $1,850. c. Paid creditor on account, $1,200.d. Earned sales commissions, receiving cash, $41,500.e. Paid rent on office and equipment for the month, $3,600.f. Withdrew cash for personal use, $4,000.g. Paid automobile expenses (including rental charge) for the month, $3,050, and miscellaneous expenses, $1,600.h. Paid office salaries, $5,000.i. Determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.

S. Waweru starts business on 1st July 2020, when he deposits  Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3              He purchases shop fittings for sh. 2,500 and pays by cheque. July 4              He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6              He buys stock for Sh. 1,500 and pays through bank. July 8              He sells goods for cash Sh.1,000. July 10            Buys goods on credit from XY & Co. for Sh. 1,200 July 12            Sells goods to A. Smith for Sh. 900 on credit July 13            Pays wages Sh. 120 by cash July 14            A. Smith returns goods worth Sh. 200 July 15            Pays to AB & Co. Sh. 3,000 by cheque July 17            Goods returned to XY & Co. amounting to Sh. 350 July 21            Receives from A. Smith a cheque for Sh. 700 July 25            Sells goods for cash Sh. 300. July 30…

S. Waweru starts business on 1st July 2020, when he deposits  Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3              He purchases shop fittings for sh. 2,500 and pays by cheque. July 4              He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6              He buys stock for Sh. 1,500 and pays through bank. July 8              He sells goods for cash Sh.1,000. July 10            Buys goods on credit from XY & Co. for Sh. 1,200 July 12            Sells goods to A. Smith for Sh. 900 on credit July 13            Pays wages Sh. 120 by cash July 14            A. Smith returns goods worth Sh. 200 July 15            Pays to AB & Co. Sh. 3,000 by cheque July 17            Goods returned to XY & Co. amounting to Sh. 350 July 21            Receives from A. Smith a cheque for Sh. 700 July 25            Sells goods for cash Sh. 300. July 30…

The following transactions occurred during a recent year: a. Paid wages of $1,450 for the current period (example). b. Borrowed $7,250 cash from local bank using a short-term note. c. Purchased $2,900 of equipment on credit. d. Earned $580 of sales revenue; collected cash. e. Received $1,160 of utilities services, on credit. f. Earned $2,450 of service revenue, on credit. g. Paid $435 cash on account to a supplier. h. Incurred $100 of travel expenses; paid cash. i. Earned $580 of service revenue; collected half in cash, with balance on credit. j. Collected $160 cash from customers on account. k. Incurred $420 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first…

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent$650 with check #101. C. Initiated a petty cash fund $650 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days. G. Received s1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: office supplies $250, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $137. Check #106. J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance Deposits Checks A. $9,000 101 $650 G. 1,200 102 650 103 180 106 513 Bank service charges 150 Total $10,200 $2,143 Ending balance $8,057…

On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:a. Opened a business bank account with a deposit of $24,000 from personal funds.b. Paid rent on office and equipment for the month, $3,600.c. Paid automobile expenses (including rental charge) for the month, $1,350, and miscellaneous expenses, $600.d. Purchased office supplies on account, $1,200.e. Earned sales commissions (revenue) from selling real estate, receiving cash, $19,800.f. Paid creditor on account, $750.g. Paid office salaries, $2,500.h. Withdrew cash for personal use, $3,500.i. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900.

Clapton Guitar Company entered into the following transactions during the year. [The transactions were properly recorded in permanent (balance sheet) accounts unless otherwise indicated.] Date Transaction Jan. 25 Purchased $480 of office supplies. Feb. 1 Rented a warehouse from Hendrix Company, paying 1 year’s rent of $3,600 in advance. Recorded the $3,600 payment as rent expense. Mar. 1 Borrowed $10,000 from the bank, signing a 1-year note at an annual interest rate of 12%. The bank insisted on collecting the interest in advance, so it withheld the interest amount from the funds disbursed to Clapton. The company recorded the transaction as a debit to Cash, $8,800, a debit to Interest Expense, $1,200, and a credit to Notes Payable, $10,000. May 1 Purchased office equipment for $15,000, paying $3,000 down and signing a 2-year, 12% (annual rate) note payable for the balance. The office equipment is expected to have a useful life of 10 years and a residual value of $1,500. Straight-line…

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Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $10,000 from their personal account to the business account.B. Paid rent $700 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,100 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,500, paid $1,250 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $600, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $110, postage expense $79, miscellaneous expense $57. Cash on hand $10. Check #106.J. Increased petty cash by $30, check #107. Domingo Company received the following bank statement. Bank Statement Beginning balance $0   Deposits   Checks     A. $10,000   101 $700   D. 1,100   102 500         103 158         106 490         Bank service…

Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $42,800 face value note with annual interest based on an 13 percent discount. During Year 1, Parish provided services for $33,000 cash. Required Answer the following questions. (Hint: Record the events in T-accounts prior to answering the questions.) a. What is the amount of total liabilities on the December 31, Year 1, balance sheet? b. What is the amount of net income on the Year 1 income statement? c. What is the amount of cash flow from operating activities on the Year 1 statement of cash flows? d. Provide the general journal entries necessary to record issuing the note on April 1, Year 1; recognizing accrued interest on December 31, Year 1; and repaying the loan on March 31, Year 2.

Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $12,000 from their personal account to the business account.B. Paid rent $700 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,000 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,100, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $800, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $75, miscellaneous expense $55. Cash on hand $18. Check #106.J. Increased petty cash by $30, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A.   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 B.   fill in the blank 8 fill in the blank 9…

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $9,000 from their personal account to the business account. B. Paid rent $750 with check #101. C. Initiated a petty cash fund $550 with check #102. D. Received $850 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: Office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A. В. E. F. G. Н. II II II 1I I II II I II II 1I I1 III II II D.

Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $12,000 from their personal account to the business account.B. Paid rent $600 with check #101.C. Initiated a petty cash fund $600 with check #102.D. Received $1,100 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $600, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $73, miscellaneous expense $55. Cash on hand $116. Check #106.J. Increased petty cash by $30, check #107. Prepare the journal entries. If an amount box does not require an entry, leave it blank. A.   Domingo, Capital Domingo, Capital     Cash Cash B.   Rent Expense Rent Expense     Cash Cash C.   Petty Cash…

Joel Feliciano has started his own business, Property Appraisals. He inspects property for buyers and sellers of real estate. Feliciano rents office space and has a part-time assistant to answer the phone and to help with inspections. The transactions for the month of September are as follows: a. Feliciano invested cash by making a deposit in a bank account for the business, P150,000. b. Paid rent for the month, P3,000. C. Bought a second-hand service vehicle for cash, P80,000. d. Bought service tools on account, P30,000. e. Paid electricity bill, P500. f. g. h. i. j. Paid a one-year insurance premium on the service vehicle, P6,000. Received cash from clients for service performed, P20,000. Paid salaries to assistant for first half of the month, P2,000. Performed appraisal services for clients on account, P10,000. Paid water bill, P350. k. Bought office supplies for cash, P1,000. 1. Received cash from clients for inspections performed on account in (i), P3,000. m. Paid salaries to…

Natalie opened Natalie Washing co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invests $12,000 cash to start the business. July 3 Purchased used truck for $8,000, paying $2,000 cash and signing a 1-year, 10% note for the remainder. July 5 Purchased clening supplies for $900 on account. July10 Paid $1800 cash on a 1-year insurnace policy effective July 1 July 12 Billed customers $3700 fore cleaning services performed. July 15 Paid $500 on amount owed on cleaning supplies. July 16 Received $2500 for serviced to be performed evenly from July 16 through September 15. July 22 Paid $2000 for employee salaries. July 29 July 30 July 31 Collected $1600 cash from customers billed on July 12. Paid $290 for maintenance of the truck during month. Owner withdrew $600 from the business for personal expenses. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts…

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $8,500 from their personal account to the business account.B. Paid rent $850 with check #101.C. Initiated a petty cash fund $550 with check #102.D. Received $800 cash for services rendered.E. Purchased office supplies for $180 with check #103.F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days.G. Received $1,200 cash for services rendered.H. Paid wages $560, check #105.I. Petty cash reimbursement: office supplies $200, Maintenance Expense $160, Miscellaneous Expense $65. Cash on Hand $65. Check #106.J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance $0   Deposits   Checks     A. $8,500   101 $850   G. 1,200   102 550         103 180         106 485         Bank service charges 100…

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $850 with check #101. C. Initiated a petty cash fund $550 with check #102. D. Received $800 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $9,500, paid $1,600 with check #104, and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement: office supplies $250, Maintenance Expense $160, Miscellaneous Expense $65. Cash on Hand $17. Check #106. J. Increased Petty Cash by $100, check #107. Inner Resources Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $8,500 101 $850 G. 1,200 102 550 103 180 106 533 Bank service charges 110 Total $9,700 $2,223 Ending balance $7,477…

The following transactions occurred during 2021 for the Beehive Honey Corporation:   Feb.   1   Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022. Apr.   1   Paid $3,600 to an insurance company for a two-year fire insurance policy. July   17   Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,250 remained on hand. Nov.   1   A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2022.     Required:1. Record each transaction in general journal form.2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.

Prepare Journal Entries. Please answer in good form.

On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow.   DATE TRANSACTIONS July 1 Signed a lease for an office and issued Check 101 for $13,050 to pay the rent in advance for six months.   1 Borrowed money from Second National Bank by issuing a four-month, 6 percent note for $36,000; received $35,280 because the bank deducted the interest in advance.       Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 2019. 1) Record the payment of rent. 2) Record the borrowing.     Date General Journal Debit Credit Jul 01, 2019

Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1, 2018.  A cheque for $400 payable to cash was given to Kate, the petty cashier, who went to the bank and brought back $400 and put it in the petty cash box.  The following transactions were completed during January. Jan 1     Purchased business cards for $36 (this business records office supplies as expenses upon purchase) Jan 10   Paid $60 for repairs to the office photocopier Jan 15   Paid $66 COD charges on merchandise to be resold to customers (the business uses the periodic inventory system) Jan 15   Purchased paper for the printer, $37 Jan 20   Paid $45 for an advertisement in the local January newspaper Jan 25   M. Jordan took $90 from the cash box to pay for a personal gift for his mother Jan 26   Paid $40 delivery charges on merchandise inventory sold to a customer Jan 28   Paid $16 for stamps used for mailing cheques to its suppliers. The money in the petty cash box was counted…

Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $9,500 from their personal account to the business account.B. Paid rent $600 with check #101.C. Initiated a petty cash fund $600 with check #102.D. Received $1,100 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,300, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $800, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $115. Check #106.J. Increased petty cash by $30, check #107. A. Cash 9,500         Domingo, Capital   9,500 B. Rent Expense 600         Cash   600 C. Petty Cash 600         Cash   600 D. Cash 1,100         Services Income   1,100 E. Office…

Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $5,000 from their personal account to the business account.B. Paid rent $700 with check #101.C. Initiated a petty cash fund $500 with check #102.D. Received $1,300 cash for services rendered.E. Purchased office supplies for $158 with check #103.F. Purchased computer equipment $2,000, paid $1,350 with check #104, and will pay the remainder in 30 days.G. Received $800 cash for services rendered.H. Paid wages $700, check #105.I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $71, miscellaneous expense $55. Cash on hand $18. Check #106.J. Increased petty cash by $30, check #107. A. Cash 5,000         Domingo, Capital   5,000 B. Rent Expense 700         Cash   700 C. Petty Cash 500         Cash   500 D. Cash 1,300         Services Income   1,300 E. Office…

An auto-body repair shop has been in business for 23 years. Prepare journal entries for the following transactions, which occurred during a recent month, and determine the auto-body shop’spreliminary net income.a. Signed a long-term note and received a $150,000 loan from a local bank.b. Billed a customer $2,000 for repair services just completed. Payment is expected in 45 days.c. Wrote a check for $600 of rent for the current month.d. Received $450 cash from a customer for work done the same day.e. The company incurred $400 in advertising costs for the current month and is planning to paythese costs next month