3) Omani Company's ledger showed an ending accounts payables balance of RO 10,000 on October 31, 2020. During the next month, the company made purchases of supplies paying cash 5,000 and the remaining purchases were on account of RO 20,000. The Company made payment on this account of RO 20,000. The balance in the trail balance for the accounts payable at the end of November 30, 2020 would be: RO 25,000 Debit RO 5,000 Credit RO 10,000 Credit RO 30,000 Debit
Q: On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account…
A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…
Q: FAITH Company presented the following information pertaining to accounts that will need adjustments…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: Sadaf Oman Company's ledger showed an ending accounts receivable balance of RO 25,000 on April 30,…
A: Accounts receivable: It can be defined as the amount owed by the customers from the business for the…
Q: On March 1, a company received P3,000 cash from a client as an advance for 12 months’ worth of…
A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…
Q: Classic Customs began operations on December 1, 2020. In setting up the bookkeeping procedures, the…
A: Adjusting entry means where some adjustment need to be made at the end of specified period for…
Q: The adjusted trial balance of Carla Vista Company for the year ended December 31, 2022, is as…
A: Multiple income statement is prepared to segregate the income and expenses into different…
Q: The following are the transactions of Taki traders for the month of June 2020: June 01: The business…
A: It is the list of all the ledger posting accounts prepared by the accountant. Each account will be…
Q: Prepare adjusting journal entries for transactions (a)-(g). Prepare the adjusted trial balance as at…
A: fffffccc
Q: The December 31. 2021 adjusted trial balance for the Blueboy Cheese Corporation is presented below.…
A: Answer - Part 1 - Date Account title and Explanation Debit Credit December Sales revenue…
Q: On June 1, 2019, Portugal Inc. reported a cash debit balance of $12,00. During June, Portugal made…
A: Given, Beginning cash balance = $12,000 Deposits = $5,000 Disbursements = $14,000
Q: On January 17th 2021, Muscat Company Paid OMR .5,000 for a one-year insurance policy :The Journal…
A: Prepaid expenses represent expenditure that have not yet been recorded by a company as an expense,…
Q: Yukon Inc. has the following adjusted trial balance with accounts listed in alphabetical order at…
A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the…
Q: Ashley Bakes has concluded its first year of operations. You are required to prepare a trial balance…
A: The trial balance seems to be an accounting spreadsheet record whereby all ledger balances are…
Q: At October 31, 2022, the Accounts Payable balance is
A: Solution:-Option $91,200 credit is the right answer Accounts…
Q: Pandar Ltd prepares accounts to the end of February each year. The accrual for electricity brought…
A: As per the accrual concept income and expense should be recorded in the period for which it relates…
Q: On 1 January 2020, Mamin Mali started a business by bringing in cash amounting to RM110,000. The…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The following are the transactions of Taki traders for the month of June 2020: June 01: The business…
A: Given: June 01: The business owner paid €40,000 into the business account. June 01: Bought goods for…
Q: 1) Omani Company's ledger showed an ending accounts payable balance of OR 25,000 on June 30, 2020.…
A: The ending balance of accounts payable can be calculated by adding up credit purchase and deducting…
Q: 3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the…
A: Solution:- Introduction:- The following basic information as follows:- company receives a $50,000,…
Q: On 31/12/2020, the balances of the Adjusted Trial Balance of KLM were the following: Balance (in…
A:
Q: he Gloria Dimen Company presented the following information pertaining to accounts that will need…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: The account balances for Bill Bradley and Associates at December 31, 2020 are shown by the following…
A: Trial balance is a statement which is prepared to check if the debits in the accounts are equal to…
Q: On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one:…
A: Prepaid expenses are the expenses that must be accounted for over multiple reporting periods.…
Q: Record the following transactions for the month of November 2020 in the general journal and post to…
A: Bookkeeping means recording the transactions which have any monetary value. It is the business…
Q: The following events occur for The Underwood Corporation during 2021 and 2022, its first two years…
A: Requirement 1: Prepare the journal entries for each date.
Q: 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year's trading. Ali Mamat…
A: Profit and loss and other comprehensive statement is a statement which the net profit earned or loss…
Q: The ledger of Sheffield Corp, on March 31, 2020, includes the following selected accounts before…
A: Supplies expense = Supplies beginning balance - supplies on hand = 2500 - 1000 = $1,500
Q: Let us assume that the Adjusted Trial Balance of Masagana Tailoring Shop as of December31,2018 is as…
A: Financial Statement - Financial statements are a collection of statements that convey to interested…
Q: The trial balance for Amy Enterprise for the year ended 31 December 2019 is as follows:…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: 1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti.…
A: Net sale=Sale-Return=RM 503,520-RM 1,340=RM 502,180
Q: On April 1, 2025, Orbit Services received $5,800 in advance of performing the services from a…
A: Service completed for April and May = 2 months completed. Amount of revenue earned = $5,800 x 2/3 =…
Q: In the income statement what will the figure for rent be? a) £4,200 b) £4,500 c) £5,300 d) £5,000
A: Rent Accrued refers to the outstanding/unpaid rent as on date, which is payable in the future. It is…
Q: Using accrual accounting rules, ABC Co. receives a deposit of $2,000 on January 1, 2022, for…
A: There are two type of basis which are used in accounting. One is cash basis of accounting and other…
Q: Milburn Motors received a P 75 telephone bill that is due next month. Which of the following…
A: The correct journal entry for telephone expense received in advance is to record the prepaid entry…
Q: Prepare an adjusted trial balance. On December 1, 2020, Sheridan Distributing Company had the…
A: Prepare the adjusting entries:
Q: Dell Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The…
A: Accounts payable is the balance of the amount which are owed by the business entity to the supplier…
Q: On October 1, 2020 the company borrows $20,000 from a local bank and signs a note. Principal and…
A:
Q: At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month,…
A: Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid…
Q: On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) 2400…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Listed below are transactions made by the Jessica Selisana Consulting during 2020- Received a check…
A: Adjusting entries: These are the journal entries passed to rectify or record the transactions that…
Q: PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing…
A: Trial balance is a statement showing the summary of ledger accounts and their balances. Generally it…
Q: 2. The following accounts and their balances appear in an unadjusted trial balance of BT21 Company…
A: The working capital is calculated as current assets minus current liabilities
Q: The ledger of Yoon lumber supply on July 31, 2020, includes the selected accounts below before…
A: Adjusting entries are made at the end of the period so that the transactions reflected after…
Q: 2021 are as follows: Accounts receivable P 29,250 Unearned Fees P 26,500 Supplies 2,700 Fees Earned…
A: The trial balance is prepared to record the balances of each account as debit and credit balance.
Q: The Midoriya Security Services began operation on January 1, 2020. At the end of the first year of…
A: Adjusting entries are those journal entries which are prepared in order to adjust income, expenses,…
Q: 1. From the following Trial balance, you are require to prepare the final accounts for the year…
A: Balance sheet: A balance sheet is an accounting record that tells about the company's overall…
Q: On Sept. 1, 2021, Christopher Abelinde establ Find six errors that were made in recording the…
A: General explanation - for every transaction, there will be debit and credit. If we pay any expenses…
Q: The following is a list of month-end account balances on October 31, 2020 Accounts Payable $4,800…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Summarized transaction for January 2020 were as follows 1.advertising cost paid in cash TZS…
A: Journal entry is a primary entry that records the transactions initially.
Step by step
Solved in 2 steps
- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerIf the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
- Each of the following independent situations relates to the recognition of revenue: a. On June 2, 2019, a customer books travel on an airline, paying 500 for a round-trip ticket that departs July 15, 2019, and returns July 20, 2019. In addition, once the round-trip ticket is used, the airline credits the passengers frequent-flier account for 500 miles. The airline determines that each frequent-flier point has a value of 0.01. b. On May 1, 2019, a retailer enters into a contract with a construction company. The construction company will build a new warehouse for the retailer at a price of 2 million. The retailer will make four equal payments to the construction company over the 1-year construction period, starting on May 1, 2019, and then every 4 months. The retailer can cancel construction at any time and will own any construction to date; however, it must pay the construction company for work done up to the cancellation date. The building is completed on April 30,2019. c. Morning Donut agrees to supply donuts and coffee on a daily basis to a local business. The contract starts on January 1, 2019, and runs for 1 year. Morning Donut charges 400 per week for the donuts and coffee. d. The Raleigh Knights sell four season tickets to a customer. The Knights play 10 regular season games, and the cost of one season ticket is 250. Required: For each situation, use the 5-step process to determine when revenue can be recognized. Determine (1) if a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) how the transaction price is allocated to the performance obligations, and (5) when revenue is recognized.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.