9:10 O %9Y N O 41 docs.google.com/forms 13- Received $4,000 from credit clients on their accounts. Which account is debited? * Accounts Receivable Cash Supplies Equipment bank On November 10 JT's Consulting Services purchased office equipment on account for $12,000. Which account is credited? Equipment Investment Capital creditor Accounts Payable O O

9:10 O %9Y N O 41 docs.google.com/forms 13- Received $4,000 from credit clients on their accounts. Which account is debited? * Accounts Receivable Cash Supplies Equipment bank On November 10 JT's Consulting Services purchased office equipment on account for $12,000. Which account is credited? Equipment Investment Capital creditor Accounts Payable O O

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 4.1AP

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Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: 101Cash $65,000 111Accounts receivable 35,860 121 Supplies 9,100 131 Prepaid insurance 23,500 141Equipment 103,000 142 Accumulated depreciation—Equipment 39,820 202 Accounts payable 11,500 301 Aretha Hinkle, Capital 115,000 302Aretha Hinkle, Drawing 11,500 401Fees income 311,000 510Depreciation expense—Equipment 19,660 511Insurance expense 9,900 514Rent expense 31,500 517Salaries expense 151,000 518Supplies expense 4,100 519Telephone expense 5,300 523Utilities expense 7,900 Required: Prepare the closing entries. Post the transactions into the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
4 Broadway, Incorporated’s trial balance was in balance at the end of the period and showed the following accounts: Account Balance Accounts Payable $ 20,800 Cash 41,600 Common Stock 20,100 Equipment 9,100 Land 30,700 Notes Payable 40,500 What is the balance of the credit column on Broadway's trial balance? rev: 03_16_2018_QC_CS-121922 Multiple Choice $81,400. $163,100. $60,600. $61,300.
5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank account
Pg 37 T- Accounts Please find the missing amount on the follwoing T-Account. and explain CLEARLY and indepth (showing formula or method) on how you found the amount. Accounts Payable DRs 6/4 Transaction A 1500 6/8 Transaction C 2000 CRs Beginning Balance 3000 6/6 Transaction B UNKOWN 6/29 Transaction D 3,400 Ending Balance 6,700
PA5. Review the following transactions and prepare any necessary journal entries.A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier,on credit. The terms of the purchase are 4/10, n/50 from the invoice date of July 16.B. On August 10, Hondo Inc. receives an advance cash payment from a client for legal services in the amountof $9,000. Hondo had yet to provide legal services as of August 10.C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%.D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
Hereunder is the Unadjusted Trial Balance of the DOT as of December 31, 2015 Account Title Debit Credit Cash – Treasury/Agency Deposit, Reg 100,000 Cash - MDS, Regular 180,000 Cash – TRA 70,000 Due from Officers and Employees 20,000 Office Supplies Inventory 450,000 Prepaid rent 360,000 Prepaid insurance 120,000 Building 11,000,000 Office equipment 4,000,000 Accum. Dep’n – Building 1,500,000 Accum. Dep’n – Equipment 450,000 Accounts Payable 1,500,000 Guaranteed/Deposit…
On November 10, JumpStart Co. provides $2,210 in services to clients. At the time of service, the clients paid $630 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select - b. On November 20, JumpStart Co. clients paid an additional $570 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 - Select - - Select - - Select - - Select - c. Calculate the accounts receivable balance on November 30.$fill in the blank dedf17fb1073fb3_1
3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019