PR 2-2A only questions 3-5 Chapter 2 Analyzing Transactions973. Prepare an unadjusted trial balance as of October 31, 20Y6.4. Determine the following:a. Amount of total revenue recorded in the ledger.b. Amount of total expenses recorded in the ledger.c. Amount of net income for October.5. Determine the increase or decrease in retained earnings for October.PR 2-3A Journal entries and trial balanceOn November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Duringthe month, Lexi completed the following transactions related to the business:Obj. 1, 2, 3, 4amn:,550Nov. 1. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange forcommon stock, $50,000.1. Paid rent for period of November 1 to end of month, $4,000.6. Purchased office equipment on account, $15,000.ATE8.Purchased a truck for $38,500 paying $5,0000 cash and giving a note payable for theremainder.10. Purchased supplies for cash, $1,750.12. Received cash for job completed, $11,500.15. Paid annual premiums on property and casualty insurance, $2,400.23. Recorded jobs completed on account and sent invoices to customers, $22,300.24. Received an invoice for truck expenses, to be paid in November, $1,250.Enter the following transactions on Page 2 of the two-column journal:29. Paid utilities expense, $4,500.29. Paid miscellaneous expenses, $1,000. 4. Determine the net income or net loss for January.PR 2-2A Journal entries and trial balanceObj. 1, 2, 3, 40.On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the followingtransactions during the month:a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange forcommon stock, $40,000.b. Paid rent on office and equipment for the month, $4,800.C.Purchased supplies on account, $2,150.d. Paid creditor on account, $1,100.e. Earned sales commissions, receiving cash, $18,750.Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800.f.g. Paid office salaries, $3,5000.h. Determined that the cost of supplies used was $1,300.i.Paid dividends, $1,500.Instructions1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Sup-plies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, OfficeSalaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanationsmay be omitted.2. Prepare T accounts, using the account titles in (1). Post the journal entries to theseaccounts, placing the appropriate letter to the left of each amount to identify the transactions.Determine the account balances after all posting is complete. Accounts containing only a singleentry do not need a balance.

Net income refers to the total sum value of revenue earned by an entity or an individual in a…

Answered: 3. Prepare a 4. Determin- a. Amou: b.…

3. Prepare a 4. Determin- a. Amou: b. Amou: C. Amou 5. Determin PR 2-3A Jc On Novembe the month, L Nov. 1. Lexi com 1. Paid 6. Purc 8. Purc rem- 10. Purc 12. Rece 15. Paid 23. Rece

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 2PA: Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty,...

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On Ontober 1, 20Y6, Jay Crowley estabished Afiordable Reakty, which oompleted the following transactions during the month: 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of Oet 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for account titles. common stock, $31,500. 2 Paid rent on office and equipment for the month, $2,450. PAGE 1 JOURNAL ACCOUNTING EQUATION 3 Purchased supplies on account, $2,200. 4 Paid creditor on account, $860. DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 5 Earned sales commissions, receiving cash, $16,430. 6 Paid automobile expenses (including rental charge) for 2 month, $1,650, and miscellaneous expenses, $690. 7 Paid office salaries, $2,200. 4 * Determined that the cost of supplies used was $1,100. * Paid dividends, $3,600. 1. Joumalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for…
the Journal entries for the November transactions. Use the following accounts : cash , account receivable, prepaid insurance,equipment,account payable,Alfonso capital,Alfonso withdrawal,landscaping revenue,salaries expense,rent expense,gas and oil expense, supplies expense,utilities expense,miscellaneous expense Juanito Alfonso landscaping service has the following transactions: Nov.3- Alfonso deposited 250 000 in a bank in the nme of entity.N Nov.5-alfonso used trailer from Cruz sales 15 000 with down payment 6 500 and the remaining on account. Nov.6- invested personal gardening tools, with a fair market value of 8 000 in the business Nov.7- paid rent for the month 7 000 Nov.10 -acquired a used backhoe from mobile equipment 62 000 paying 34 000 in cash and the balance on account Nov.10- bought liability insurance for one year 18 000 Nov.13- performed landscaping services for flores hospital 28 000 Nov.14 - bought supplies on account from office decor 3 000 Nov.15- performed…
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. 2 Paid rent on office and equipment for the month, $2,250. 3 Purchased supplies on account, $2,300. 4 Paid creditor on account, $840. 5 Earned sales commissions, receiving cash, $14,500. 6 Paid automobile expenses (including rental charge) for month, $1,630, and miscellaneous expenses, $590. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,350. 9 Paid dividends, $2,300. 1. Journalize entries for transactions Oct. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the…
Transactions; financial statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $24,000 in exchange for common stock. Paid rent on office and equipment for the month, $3,600. Paid automobile expenses for month, $1,350, and miscellaneous expenses, $600. Purchased supplies on account, $1,200. Earned sales commissions, receiving cash, $19,800. Paid creditor on account, $750. Paid office salaries, $2,500. Paid dividends, $3,500. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900. Required: Question Content Area 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign.
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 1. Journalize entries for transactions Oct. 1 through 9. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing…
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.
Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $26,000 in exchange for common stock. Purchased supplies on account, $2,620. Paid creditor on account, $1,660. Earned sales commissions, receiving cash, $26,750. Paid rent on office and equipment for the month, $5,240. Paid dividends, $8,000. Paid automobile expenses for month, $2,510, and miscellaneous expenses, $1,200. Paid office salaries, $3,160. Determined that the cost of supplies on hand was $880; therefore, the cost of supplies used was $1,740. Required: Question Content Area 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign. 2. Prepare an income statement for April.
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how do i do a journal entry for the following. received cash from clients on account 21,000.00 recorded revenue earned billed to clients during the 1st half of the month 20,900.00 returned a portion of office supplies 50.00 owner withdrawls 10,000 for personal use
construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 2 Paid monthly office rent of P4,000. 3 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 15 Borrowed P50,000 from the bank, signing a note payable 22 Performed service for patients on account, P3,600 30 Received cash from patients billed on September 3, P2,000 31 Received and paid a utility bill, P200 31 Paid monthly salary to nurses, P3,000 31 Paid interest expense of P200