Question 1The transactions of Samson Company for the month of March, 2023 are given below:a. Samson, owner, invested $100,750 cash in the company.b. The company purchased supplies for $1,550 cash.C. The company purchased $15,000 of equipment on credit.d. The company received $15,500 cash for services provided to a customer.e. The company paid $15,000 cash to settle the payable for the equipment purchasedin transaction c.f.The company billed a customer $7,200 for services provided.g. The company paid $1,200 cash for the monthly rent.h. The company collected $5,200 cash as partial payment for the account receivablecreated in transaction f.i.Samson withdrew $5,000 cash from the company for personal use.1. Prepare general journal entries to record the transactions of Samson Company by usingthe following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable;Samson Capital; Samson Withdrawals; Services Revenue; and Rent Expense.2. Post entries to T-accounts3. Prepare the Trial Balance. Use March 31 as its report date.

Journal Entry :— It is an act of recording transaction in books of account when transaction…

1. Prepare general journal entries to record the transactions of Samson Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Samson Capital; Samson Withdrawals; Services Revenue; and Rent Expense. 2. Post entries to T-accounts 3. Prepare the Trial Balance. Use March 31 as its report date.

1. Prepare general journal entries to record the transactions of Samson Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Samson Capital; Samson Withdrawals; Services Revenue; and Rent Expense. 2. Post entries to T-accounts 3. Prepare the Trial Balance. Use March 31 as its report date.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

See similar textbooks

Similar questions

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.
Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 40,000 Finished Goods 48,000 Income tax payable 9,000 Work in process 36,000 Share Capital 500,000 Raw materials 52,000 Retained Earnings 207,000 Property and Equipment 480,000 The following transactions occurred during October: Materials purchased on account, P150,000 Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000…
Use the following information for questions The following information is available for Cuyi Company for the year ended December 31, 2021 Accounts Payable P2,700 Accumulated Depreciation-Equipment 4,000 Cuyi, Capital 7,800 Intangible Asset 2,500 Notes Payable (Due in 5 years) 7,500 Accounts Receivable 1,500 Cash 2,600 Short-Term Investment 1,000 Equipment 7,500 Long-Term Investment 6,900 Use the above information to prepare a balance sheet for the year ended December 31, 2021.
CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 balances 455,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. Employees are due P 28,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 31,700. It is estimated that your 2022 fee for accounting services that have not been billed will be P 5,000. QUESTIONS: What is the…
Question 1: Following amounts have been Extracted from the records of Monday Limited. Description 2019 2018 - Rs. In 000- Sales 32,875 31,390 Gross profit 16,880 14,310 Profit for the year 3,300 2,700 Account receivable 3,860 2,510 Account payable 4,660 2,890 Inventory 430 445 Cash at bank 12 37 Bank overdraft 280 40 Monday Limited secured a large new contract to supply goods to a large departmental store across a two year period from 1st July 2019. Monday Limited normally offers wholesale customers 30 days’ credit, but department store would only agree to the contract with 90 days credit terms. The directors of Monday Limited agreed to this as they believed it was worth it to have their products placed with this department store. Monday Limited has an average 45 day credit from its suppliers. The bank overdraft is used to fund working capital and currently has a limit of Rs.300,000.…
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material…
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material purchases…
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material purchases…
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material…
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material…
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material…
Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cash