transactions. Note that she made no withdrawals during the month. The following isglory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 asTransactions in a Completed Worksheeterates a repairAsuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPAequity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment)at the right of each increase or decrease in owner's equity. On the lines labeled "Bal."For each transaction, identifyhe following(i.e.Balance) show the new equation resulting from the transaction.OECorpuz,CapitalProblem #9glory, established the AA Tutorial Services On May 1, 2021, she contributed P70,000 asinvestment to start the business.During the month, she entered into severalthe transaction worksheet prepared by her student-assistant:NotesAlcala,AccountsOfficeAccountsCashPayableCapitalReceivableEquipmentPayable%3D+70,000+70,000-45,0001.+45,0002.3.+10,000+20,000+30,000+18,0004. .+18,000-5,0005.-5,000+7,0006.+7,0007.-10,000-10,0008.+15,000-15,000-7,0009.-7,000Required:1.Describe each of the above transactions.2. If these transactions represent the operations of AA Tutorial Services during themonth of May, what was the amount of profit or loss before depreciation?

Name: transactions. Note that she made no withdrawals during the month. The
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Description: transactions. Note that she made no withdrawals during the month. The following isglory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 asTransactions in a Completed Worksheeterates a repairAsuncion Alcala, to be able

Accounting equation of the business says that total assets will be always equal to total liabilities…

Business

Accounting

Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?

Asuncion Alcala, to be able to guide the accountancy students in their pursuits for.CPA glory, established the AA Tutorial Services. On May 1, 2021, she contributed P70,000 as rksheet investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Alcala, Capital Accounts Office Accounts Notes Cash Receivable Payable Payable Equipment + %3D +70,000 +70,000 -45,000 1. +45,000 2. 3. +10,000 +20,000 +30,000 +18,000 -5,000 000 ,ר+ 4. +18,000 -5,000 +7,000 5. 6. 7. -10,000 -10,000 8. +15,000 -15,000 -7,000 9. -7,000 Required: 1. Describe each of the above transactions. 2. If these transactions represent the operations of AA Tutorial Services during t month of May, what was the amount of profit or loss before depreciation?

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

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On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
Review the following transactions, and prepare any necessary journal entries for Juniper Landscaping Services. A. On November 5, Juniper receives advance cash payment from a customer for landscaping services in the amount of $3,500. Juniper had yet to provide landscaping services as of November 5. B. On December 11, Juniper provides all of the landscaping services to the customer from November 5. C. On December 14, Juniper receives advance payment from another customer for landscaping services in the amount of $4,400. Juniper has yet to provide landscaping services as of December 14. D. On January 19 of the following year, Juniper provides and recognizes 80% of landscaping services to the customer from December 14.
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?
Juana dela Cruz, to be able to guide the accountancy students in their pursuits for passing the CPA exam, established the AA Tutorial Services. On May 1, 2013, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant.
For the past several years, Jolene Upton has operated a part-timeconsulting business from her home. As of July 1, 2019, Jolene decided tomove to rented quarters and to operate the business, which was to beknown as Gourmet Consulting, on a full-time basis. Gourmet Consultingentered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000;accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900.There were no liabilities received.1. Paid three months' rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $4,500.4. Received cash from clients as an advance payment for services to be providedand recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., $5,100.6. Received cash from clients on account, $12,750.10. Paid cash for a newspaper advertisement, $500.12. Paid Office Necessities Co. for part…
Post the transactions to “T” accounts for this For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: Cash, $19,000; Accounts Receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. Paid three months rent on a lease rental contract, $6,000 Paid the premiums on property and casualty insurance policies, $4,500 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. Purchased additional office equipment on account from Office Necessities Co., $5,100. Received cash from clients on account, $12,750. Paid cash for a newspaper advertisement,…
cary signed up and paid $960 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accounting records would indicate: A. $320 of revenue, $640 of accounts receivable B.$320 of revenue, $640 of deferred revenue C. $960 of revenue, $960 of cash D. $640 of revenue, $320 of accounts receivable
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1,750. 5 Earned fees, receiving cash, $18,250. 6 Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, $420. 7 Paid office salaries, $5,000. 8 Determined that the cost of supplies used was $1,400. 9 Withdrew cash for personal use, $2,000. Required: 1. Journalize entries for transactions Jan. 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 account…
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000. b. Paid rent on office and equipment for the month, $6,000. c. Purchased supplies on account, $3,200. d. Paid creditor on account, $1,750. e. Earned fees, receiving cash, $18,250. f. Paid automobile expenses (including rental charge) for month, $1,880, and miscel- laneous expenses, $420. g. Paid office salaries, $5,000. h. Determined that the cost of supplies used was $1,400. i. Withdrew cash for personal use, $2,000. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Draw- ing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted.…
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40,000.b. Paid rent on office and equipment for the month, $6,000.c. Purchased supplies on account, $3,200.d. Paid creditor on account, $1,750.e. Earned fees, receiving cash, $18,250.f. Paid automobile expenses (including rental charge) for month, $1,880, and miscellaneous expenses, $420.g. Paid office salaries, $5,000.h. Determined that the cost of supplies used was $1,400.i. Withdrew cash for personal use, $2,000. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing;Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted.2. Prepare T…
For the past several years, Jolene Upton has operated a part-time consulting businessfrom her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operatethe business, which was to be known as Gourmet Consulting, on a full-time basis.Gourmet Consulting entered into the following transactions during July:July 1. The following assets were received from Jolene Upton: cash, $19,000;accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900.There were no liabilities received.1. Paid three months’ rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $4,500.4. Received cash from clients as an advance payment for services to be providedand recorded it as unearned fees, $8,000.5. Purchased additional office equipment on account from Office Necessities Co., $5,100.6. Received cash from clients on account, $12,750.10. Paid cash for a newspaper advertisement, $500.12. Paid Office Necessities Co. for part…
Scot Brothers reports the following transactions for June, 2020: June 1 Purchased a two-year insurance policy for cash, $1800.9 Performed a service on credit, $800.16 Paid wages to employees, $950.18 Completed a job for a customer and collected $600 cash.23 Collected $500 of an amount owing from May.30 Accrued wages of $650.Show the amount of revenue and expense recognised for each transaction for the month of June 2020 under both the cash basis and the accrual basis of accounting by completing the following table. Enter amounts without punctuation and symbols. If there is no impact enter 0. Cash Basis Date Revenue Expense 01/06/20 Answer Answer 09/06/20 Answer Answer 16/06/20 Answer Answer 18/06/20 Answer Answer 23/06/20 Answer Answer 30/06/20 Answer Answer Accrual Basis Date Revenue Expense 01/06/20 Answer Answer 09/06/20 Answer Answer 16/06/20 Answer Answer 18/06/20 Answer Answer 23/06/20 Answer Answer 30/06/20 Answer Answer