1. A woman stopped in at the hotel lobby to see if there was room for her tonight and the next night. The hotel manager, Barbara, confirmed that she did have a vacancy. The total cost for the two nights totaled $225.00. The customer paid the total balance using cash. Which T-Account or T-Accounts listed below correctly show how a cash sale should be recorded?
Q: Calculate the following: 1. The revenue per Mix of X and Z 2. The Contribution per mix 3. Average…
A: Under CVP Analysis, Variable Costs, Fixed Costs and Revenues are analyzed and the Impact on Profit…
Q: Perez Company is considering an investment of $30,485 that provides net cash flows of $9,000…
A: Internal Rate of Return: In the field of financial analysis, a statistic known as the internal rate…
Q: Units sold Total variable costs for above units Total fixed costs Per unit sell price Determine Cost…
A: Given that, Total variable costs = $2,500 Total fixed costs = $4,500 Selling price per unit = $105…
Q: Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Journal entry worksheet
A:
Q: Nature of the entity's business: For example, if the entity is a huge retailer having several…
A: Management accountant are those accountant who works within the company in order to present as well…
Q: P11-77. (Learning Objectives 2, 3: Prepare a balance sheet from a statement of cash flows) The…
A: Notes for Preparing Balance sheet : 1. Cash balance as on 31 December 2018 will be taken from the…
Q: Question Three The following balances were obtained from the books of Tim Curry plc as at December…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Julio produces two types of calculator, standard and deluxe. The company is currently using a…
A: The traditional method of costing uses a single cost pool to allocate the entire overhead cost…
Q: A manufacturing company that produces a single product has provided the following data concerning…
A: Gross Margin - Gross Margin is computed as dividing gross profit by sales. It shows the margin…
Q: The business grants 25% discounts to senior citizen customers. During the taxable period, total…
A: The correct answer is option - b) 75,000
Q: Craftmore Machining reports the following budgeted overhead cost and related data for this year.…
A: Overhead Rate: A cost that is allotted to the manufacturing of a product or service is referred to…
Q: A manufacturing company that produces a single product has provided the following data concerning…
A: Under the variable costing, fixed manufacturing overhead cost is considered as a period cost.…
Q: Prepare the Statement of Financial Position as of 31 December 2019, for TT Resources Berhad. Account…
A: Balance sheet is also known as the statement of financial position. It shows the assets, liabilities…
Q: Standard Materials 6 unit $ 2 per unit Labor 1/4 hour 8 per hour Variable factory overhead 3/4 hour…
A: Introduction: A journal entry is documentation of a commercial transaction in a company's accounting…
Q: On 30 June 2021 Bee acquired 800,000 of Cee’s 1 million shares Bee issued 3 shares for every 4…
A: As per the given information: Shares acquired by Bee - 800,000 of Cee's 1 million shares Bee issued…
Q: Can you please help me with part C
A: Here discuss about the details of Price change the cost of the production which was lead to increase…
Q: sales 4000 at 10% pet unit. Break even point 1500 units. fixed cost 3000 so what is the variable…
A: As per the given information: Sales - 4000 Price - 10 per unit Break-even point - 1500 units Fixed…
Q: QUESTION 1 1. An invoice of RM 10,000 including service charges RM 500 dated 26 June 2020 was…
A: In case trade discounts are given to the customers, then it is provided on the invoice value…
Q: Required information [Use the information provided below to answer the indicated questions.] On June…
A: Bank Reconciliation Statement:- It is the statement which is prepared to reconcile the differences…
Q: insurance company reported a total gross premium of P2,100,000 and 100,000 cancellations. The…
A: Reserve Fund : It is the amount which is set aside from the profit and loss appropriation account to…
Q: Question 28 The COSO model for internal control lists five specific areas encompassed by the control…
A: Lets understand the basics. Under coso framwork, one of the component of internal control is control…
Q: Strikers, Inc. sells soccer goals to customers over the Internet. History has shown that 2% of…
A: Answer: Option A 16000 is correct
Q: Why are budgets so important for all organizations, and what are some advantages and disadvantages…
A: Budget Meaning: Budgeting allows you to plan the finances of your organization. Budgeting is one of…
Q: Problem 8-4A Part 2 2. Prepare the journal entries necessary to make the company's book balance of…
A: Preparation of bank reconciliation statement
Q: Can you explain with examples a couple of standards of the Code of Ethics that accountants must…
A: Code of Ethics is set of rules and guidelines that professional should have to follow. Following is…
Q: Aunt Molly's Old Fashioned Cookies bakes cookies for retail stores. The company's best-selling…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: LITTwing van appics won your display U ULIUN.J The following transactions apply to Walnut…
A: Financial Statements - The financial Statement includes Income Statement, Balance Sheet, and Cash…
Q: The selected accounts from the Monty Corp.'s accounting records are presented Advertising expense…
A: The multi-step income statement is prepared to segregate income and expenses into different…
Q: Santana believes that sales will total 180 desks and 129 chairs for the next quarter if selling…
A: Budget :— Computation of Cost before the Commencement of any event. Estimation of Cost before the…
Q: The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job…
A: Job order costing is the method of recording cost for each job separately. It is used where the jobs…
Q: Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7. Harry's Pottery is a merchandising…
A:
Q: During the planning phase of an audit client, Ana Alitick (auditor) utilises analytical procedures.…
A: 4-Categories of financial ratios a- Gross profit ratio-given gross profit to sales ratio, gross…
Q: Should the company buy or manufacture?
A: Make or buy is a strategical decision making process about benefit a company can make by make the…
Q: What was the economic profit or loss of Julian’s online clothing store in 2019? E. Evaluate the…
A: Economic Profit is the Profit earned by any Person after subtracting the actual costs incurred to…
Q: Delta company is adopting a Zero budgeting system. However, due to recent dynamic conditions such as…
A: The difficulties that Delta Company will face when they change their budgetary practice are…
Q: A taxpayer employs a qualified PWD for a total salary of P50,000. Assuming taxpayer meets all…
A: IN ACCORDANCE TO SECTION 8 OF RA 7277 STATES THAT THERE IS A SPECIAL DEDUCTION OFFERED TO TAXPAYERS…
Q: What is EE Taxable Wages FUTA in quater 3? Emloyee Q1 Q2 Q3 Q4 EE 3500 3500 3200 3200
A: FUTA is an abbreviation for Federal Unemployment Tax Act. FUTA Tax is a United States federal tax…
Q: Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on…
A: Journal Entry: In the accounts of your company, a record of a commercial transaction is referred to…
Q: Which of the following financial statements shows the changes in Owners' equity during a period of…
A: Option A :— It is Incorrect. Because Income Statement :— It is one of the financial statements of a…
Q: Can you please help me to find solution to question 2
A: Here asked for multi sub part question we will solve for first three sub part question for you. If…
Q: H has a 75% owned subsidiary S. During the year ending 31 December 2021 H sold inventory to S for…
A: Lets understand the basics. When transaction of inventory happen between inter company then there is…
Q: The fiscal year of the business is June 1 to May 31
A: FUTA- The Federal Unemployment Tax Act (FUTA) is a regulation that applies to professions or…
Q: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: Journal entry worksheet < 1 2 Record the payment of the note and interest on the maturity date. Date…
A:
Q: January 1, 2021, Rainbow Company paid cash to purchase an automobile. The car dealer gave Rainbow a…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ABC Enterprises entered into a five-year lease agreement on 1 November 2020, paying £10,975 per…
A: Lease : It is a contract in which one party agrees to rent an asset to the another party for a…
Q: Delta company is adopting a Zero budgeting system. However, due to recent dynamic conditions such as…
A: There are 2 types of budgets can help an organisation , a Rolling budget and a zero-based budget.…
Q: At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three…
A: Solution: Finished goods inventory refers to those inventory items which has been finished all its…
Q: Chabon Corp. had a beginning "Supplies" account balance of $500 on December 1, 20X1. It had the…
A: Financial statements are the reports that are prepared to show the financial health and…
Accounting
1. A woman stopped in at the hotel lobby to see if there was room for her tonight and the next night. The hotel manager, Barbara, confirmed that she did have a vacancy. The total cost for the two nights totaled $225.00. The customer paid the total balance using cash.
Which T-Account or T-Accounts listed below correctly show how a cash sale should be recorded?
A
B
C
D
2. John owns an apartment complex and hires a roofing contractor to replace a section of a roof on one of the buildings.
Which entry correctly shows John paying the contractor $1,500 cash for the future expense of replacing a section of the roof?
A
B
C
D
3. A business purchases office supplies with cash in the amount of $15,000 on January 1.
What would the
A
B
C
D
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
- On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. b. Bought tables and chairs for cash, 725, Ck. No. 1200. c. Paid the rent for the current month, 1,750, Ck. No. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. No. 1203. h. Paid on account to Ferber Equipment, 700, Ck. No. 1204. i. Received and paid the electric bill, 438, Ck. No. 1205. j. Paid on account to Wigginss Distributors, 315, Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. No. 1207. m. Paid wages to an employee, 1,200, Ck. No. 1208. n. Resser withdrew cash for personal use, 700, Ck. No. 1209. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20--. 6. Prepare an income statement for July 31, 20--. 7. Prepare a statement of owners equity for July 31, 20--. 8. Prepare a balance sheet as of July 31, 20--. LO 1, 2, 3, 4, 5, 6In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 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.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Domingo Company started its business on January 1, 2019. The following transactions occurred during 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 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 $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.B. Kelso established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month: a. Kelso deposited 45,000 in a bank account in the name of the business. b. Paid the rent for the current month, 1,800, Ck. No. 2001. c. Bought office desks and filing cabinets for cash, 790, Ck. No. 2002. d. Bought a computer and printer from Cyber Center for use in the business, 2,700, paying 1,700 in cash and placing the balance on account, Ck. No. 2003. e. Bought a neon sign on account from Signage Co., 1,350. f. Kelso invested her personal computer software with a fair market value of 600 in the business. g. Received a bill from Country News for newspaper advertising, 365. h. Sold services for cash, 1,245. i. Received and paid the electric bill, 345, Ck. No. 2004. j. Paid on account to Country News, a creditor, 285, Ck. No. 2005. k. Sold services for cash, 1,450. l. Paid wages to an employee, 925, Ck. No. 2006. m. Received and paid the bill for the city business license, 75, Ck. No. 2007. n. Kelso withdrew cash for personal use, 850, Ck. No. 2008. o. Kelso withdrew cash for personal use, 850, Ck. No. 2008. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance, with a three-line heading, dated November 30, 20--.
- Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. No. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Received and paid the bill for utilities, 150, Ck. No. 2017. j. Received a bill for gas and oil for the truck. 80. k. Paid wages to the employees, 1,400, Ck Nos. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.