3. The following is extracted trial balance of Bibi Florist, drawn up on conclusion of her first year in business. Bibi Florist Trial Balance as at 31 December 2019 Debit (RM) Credit (RM) 305 2,400 910 Particulars General expenses Business rates Motor expenses Salaries Insurance Purchases Sales Car Account payable Accounts receivable Premises Cash at bank Cash in hand Capital Drawings 39,560 1,240 121,040 235,812 4,300 11,200 21,080 53,000 2,715 325 23,263 23,400 270.275 ТОTAL 270,275
Q: On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed…
A: Accounting equation in accounting says that total assets in the business should be equal to total…
Q: Instruction: From the following partial worksheet of Atty. Villanueva for six-month period ended…
A: Balance sheet refers to the financial statement of the business entity. It is divided into two parts…
Q: The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Journalize the following transactions, Post them in the ledger and prepare a trial balance with the…
A: Journal is a book of original entry in which transactions are recorded in a chronological order i.e.…
Q: The following Trial Balance was extracted from the books of EMGEE Sdn Bhd, an accounting firm as at…
A: The balance sheet and income statement are the part of financial statements that shows the position…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on 1 April 2019. During May, Kelly…
A: Journal entries indicate the reporting of the day to day business operating transactions related to…
Q: On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: The accounting practice of George Ongkeko, CPA opened on December 1, 2019. It had the following…
A: Journal Entries are primary record prepared by an entity for the occurrence or non-occurrence of an…
Q: Sonya Jared opened a law offi ce on July 1, 2020, On July 31, the Balance Sheet showed Cash $5,000,…
A: (a) The statement of tabular analysis of the August transaction Particulars Amount $ Amount $…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…
Q: Journal entries and trial balanceOn January 1, 2019, Sharon Matthews established Tri-City Realty,…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat…
A: The accounting equation describes the total of all assets are equals to total liabilities and…
Q: trial balance
A: Balance of Cash is the balancing figure in trial balance.
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: Trial Balance= It represents the balances which may be debit and credit of ledger accounts. The…
Q: Prepare a trial balance from the ledger accounts of ACME Co. on January 31, 2021. Accounts…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: Analyze these transactions and prepare a table to show their effect on the accounting equation.…
A: The accounting equation is the fundamental equation of the double-entry bookkeeping system.…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on 1 April 2019. During May, Kelly…
A: The adjusting entries are required to be made at the end of the year in order to adjust the accrued,…
Q: 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year's trading. Ali Mamat…
A: Introduction: Profit or loss statement: All revenues and expenses are recorded in profit or loss…
Q: The following selected transactions were completed during July of the current year: 1. Billed…
A: Introduction: Journals: Recording of a Business transactions in a chronological order. Each and…
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: Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019.During May, Kelly…
A:
Q: M. Gonzales has the following transactions during August of the current year. Aug 1 Opens an office…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…
Q: Establish the following Accounts. Write your answers on a separate sheet of the paper. Cash Accounts…
A:
Q: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle…
A: Journal entries refer to the systematic documentation of all the financial transactions of a company…
Q: On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic. Transactions…
A: Assets=Liabilities+Owner's Equity
Q: Co. performed services for Client Kay in December and billed Kay $4,000 with terms of net 30 days.…
A:
Q: The following transactions occurred during July: Received $1,020 cash for services provided to a…
A: Revenue means the income earned or generated by a business by carrying out the business activity. It…
Q: On October 01 2021, Gina Jose opened Self-Service Laundry. During October, the following…
A: Journal entries recording is the first step, after that journal entries are posted into ledger…
Q: Directions: Establish the T-Accounts for the following accounts. Write your answers on a separate…
A: in the given data we need to pass the entries
Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…
A: ExpectedTransaction 1. Incorrect 2. Correct 3. Incorrect 4. Incorrect 5. Incorrect
Q: The following transactions occurred during April: Received $900 cash for services provided to a…
A: Revenue represents the sales earning of the company. It is presented in the income statement of the…
Q: Analyze these transactions and prepare a table to show their effect on the accounting equation.…
A: The accounting equation forms the basis of the double-entry system of equation. The equation is…
Q: Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The…
A: Debit and credit are two aspects of a business transaction. These are used in double entry system of…
Q: The following selected transactions were completed during July of the current year 1. Billed…
A: Journal entries are used to record the transactions.following are the journal entry for the above…
Q: The following is a trial balance of Mrs. Arlene So, CPA for the month of December 20A. Mrs. Arlene…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: 3. The following is extracted trial balance of Bibi Florist, drawn up on conclusion of her first…
A:
Q: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle…
A: As Exhibit 9 is not provided in the question, we have used the general chart of accounts. As you…
Q: Can you help me with 2 and 4? Seth Feye established Reliance Financial Services on July 1, 2019.…
A: The equity statement is prepared to record the changes to the beginning capital and estimate the…
Q: Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services…
A: Answer 1: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded…
A: Revenue can be defined as the amount earned from daily business transactions, sale of goods and…
Q: Q3. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: Journal entry is defined as recording of business transactions into the books of accounts of the…
Q: The Trial Balance of Song Hae Kyo Service Center on July 1 2009, list the entity assets, liabilities…
A: The given problem can be solved by posting the relevant balances to the ledger accounts and passing…
Q: Sonya Jared opened a law office on July 1, 2022 On July 31, the balance sheet showed Cash$5.000,…
A: The shareholders' equity statement records the changes that effected the capital of owners such as…
Q: The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a…
A: An income statement is a financial statement that shows the income and expenses of a company. It…
Q: Kolly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle…
A: In every journal entry that is recorded, the debits and credits must be equal to ensure that the…
Q: The transactions completed by PS Music during June 2019 were described at the end ofChapter 1. The…
A: Bookkeeping refers to the process of recording the financial transactions in the books of account on…
Q: The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a…
A: Financial statements are those statements which are prepared at the end of accounting period in…
Q: Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;…
A: A journal entry is record of the business transactions in the accounting books of accounts. A…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle…
A: As Exhibit 9 is not provided in the question, we have used the general chart of accounts. As you…
i) staement of
ii)
Step by step
Solved in 2 steps
- The 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.For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accounts Payable B. Accounts Receivable C. Cash D. Dividends E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. SuppliesThe transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500
- Which transaction would require adjustment at December 31? a. The sale of merchandise for cash on December 30. b. Common stock was issued on November 30. c. Salaries were paid to employees on December 31 for work performed in December. d. A I-year insurance policy (which took effect immediately) was purchased on December 1.For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent RevenueFor each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Supplies
- Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Provided services on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, 750. 17. Received cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Provided services on account for the period May 1620, 4,820. 25. Received cash from cash clients for fees earned for the period May 1723, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks' salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Received cash from cash clients for fees earned for the period May 2631, 3,300. 31. Provided services on account for the remainder of May, 2,650. 31. Kelly withdrew 10,500 for personal use. Instructions 1.The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column Journalize each of the May transactions in a two column Journal starting on Page 5 of the journal and using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 3Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a.Insurance expired during May is 275. b.Supplies on hand on May 3 1 are 715. c.Depreciation of office equipment for May is 330. d.Accrued receptionist salary on May 31 is 325. e.Rent expired during May is 1,600. f.Unearned fees on May 31 are 3,210. 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owner's equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2019, follows: The following business transactions were completed by Valley Realty during August 2019: Aug. 1. Purchased office supplies on account, 3,150. 2.Paid rent on office for month, 7,200. 3.Received cash from clients on account, 83,900. 5.Paid insurance premiums, 12,000. 9.Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. Analyzing Transactions Aug. 17. Paid advertising expense, 8,000. 23.Paid creditors on account, 13,750. Enter the following transactions on Page 19 of the two-column journal: 29.Paid miscellaneous expenses, 1,700. 30.Paid automobile expense (including rental charges for an automobile), 2,500. 31.Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 31.Paid salaries and commissions for the month, 53,000. 31.Recorded revenue earned and billed to clients during the month, 183,500. 31.Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. 31.Withdrew cash for personal use, 1,000. 31.Rented land purchased on August 31 to a local university for use as a parking lot during football season (September, October, and November); received advance payment of 5,000. Instructions 1. Record the August 1 balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for August in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of August 31, 2019. 5. Assume that the August 31 transaction for Cindy Getmans cash withdrawal should have been 10,000. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?Considering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber prepays cash in May for insurance that only covers the following month, (June). b. Matthews and Dudley Attorneys uses the accrual basis of accounting. Matthews and Dudley Attorneys receives cash from customers in June for services to be performed in July. c. Eckstein Company uses the accrual basis of accounting. Eckstein prepays cash in October for rent that covers the following month, (October). d. Gerbino Company uses the cash basis of accounting. Gerbino makes a sale to a customer in February but does not expect payment until March.