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- McDonald’s Corporation (NYSE: MCD (Links to an external site.)) is publicly held and issued its financial statements for 2019 at year-end in 2019. To follow is a condensed and adapted trial balance as of December 31, 2019, that was constructed from those financial statements. McDonald's Corporation Trial Balance (adapted for classroom use) For Year Ended December 31, 2019 Balance In millions Debit Credit Cash and cash equivalents $ 1,223.4 Accounts receivable, net 1,474.1 Inventories 58.9 Prepaid and other expenses 2,092.2 Property and equipment, net 21,257.6 Other long-term assets 4,917.7 Accounts payable $ 756.0 Other current liabilities 2,712.3 Long-term debt 25,878.5 Other long-term liabilities 3,881.4 Common stock 16.6 Other stockholders' equity items* 48,443.6 Retained earnings 44,594.5 Net revenues 24,621.9 Expenses 16,877.4 Other expenses and adjustments 3,058.0 Dividends (adjusted) 3,058.3 Total $ 102,461.2 $ 102,461.2 *includes treasury stock and other items Please note that…Accrued but unrecorded admissions revenue earned as of December 31, 2020 amount to $400. Show calculations where necessary. Calculations: Date Debit Credit Db Cr5. 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
- Required :1. Record Journal Entries2. Post them into the ledger accounts3. Prepare the Trial Balance as on 31.12.20207. Using the appropriate window for Computerized Accounting with QuickBooks 2021, record the following transactions for April 2022. The company file was 'CH2 Lynn's Music Studio.QBW.' Apr.2 Received bill for rent of the month of April from Viewhill Realty, $600, paid immediately, Check No.1. Do not print check. Apr.2 Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 1257, $2,500, Net 30 Days. Apr.5 Purchased furniture on account from Mills Family Furniture, Invoice No. 1257, $2,500, Net 30 Days. Apr.6 Purchased a computer system on account from Computer Town, Invoice No. X234, $3,000, Net 15 Days. Apr.9 Purchased music suppliers on account from Strings, Sheets, & Such, Invoice No. 1290, $500, Net 15 Days.Comprehensive ProblemPrepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.Ben and Jerry started his own consulting firm, on June 1, 2021. The trial balance at June 30 is asfollows. Ben & Jerry ConsultantsTrial BalanceJune 30, 2021 Debit Credit Cash $ 6,850Accounts Receivable 7,000Supplies 2,000Prepaid Insurance 2,880Equipment 15,000Accounts Payable $ 4,230Unearned Service Revenue 5,200Common Stock 22,000Service Revenue 8,300Salaries and Wages Expense 4,000Rent Expense 2,000 $39,730 $39,730 1.Supplies on hand at June 30 total $720.2.A utility bill for $180 has not been recorded and will not be paid until next month.3.The insurance policy is for a year.4.Services were performed for $4,100 of unearned service revenue by the end of themonth.5.Salaries of $1,250 are accrued at June 30.6.The equipment has a 5-year life with no salvage value and is being depreciated at $250per month for 60 months.7.Invoices representing $3,900 of services performed during…
- https://www.chegg.com/homework-help/questions-and-answers/q1-let-us-assume-mr-amir-starts-business-called-amir-enterprises-1st-january-2021-invests--q69973974?fbclid=IwAR2P3PvLU-TV9l2c3UJ1L3iqmf2MoRP-lQpp1m2RE9bHkCPdTkYNenUXFPYInformation for the Required Parts are located in the attached image. Thank you! Required 1-a Create a T-account for the Allowance for Doubtful Accounts and enter into it the 2014 amounts from the above schedule. The balance at the beginning of each year in the Allowance for Doubtful Accounts is a credit balance. (Enter your answers in thousands.) Allowance for Doubtful Accounts Beg. Bal. [ ][ ][ ] [ ][ ][ ][ ] [ ][ ][ ][ ] [ ][ ][ ][ ] End. Bal. [ ][ ][ ] Required 1-b Write the T-account in equation format to prove the above items account for the changes in the account. (Enter your answers in thousands.) Beginning Balance + - = Ending Balance [ ] + [ ] - [ ] = $[ ] Required 2 Record summary journal entries for 2015 related to (a)…(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.
- Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Service Revenue 95,200Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.Chandra's bakery business has the following account balances at 30 December 2019: Equipment OR 38000, inventories OR 4100, Account payables OR 2650, loan of OR 5000 bank of OR 1090, purchase return 2500, sale 23040 and capital 10000. The total amount of the trial balance is: Select one: a. OR 38660 b. OR 43190 c. OR 30190 d. Correct answer not available e. OR 35540