At January 31, 2021, the balance in Foster Inc.’s Supplies account was $750. During February, Foster purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the Supplies account should be a $775 debit. b $525 credit. c $975 debit. d $525 debit
Q: FAITH Company presented the following information pertaining to accounts that will need adjustments…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: At January 1, 2020, Zuhoor Muscat Company had supplies on hand of RO 600. During the year, Zuhoor…
A: The supplies balance at end is total of balance on hand and adding purchase and further deducting…
Q: Classic Customs began operations on December 1, 2020. In setting up the bookkeeping procedures, the…
A: Adjusting entry means where some adjustment need to be made at the end of specified period for…
Q: On November 1, a company bought supplies for $200. The $200 was debited to the Supplies account. An…
A: Adjusting entries are made at the end of the period in the books in order to show the correct effect…
Q: In December 2019, Evergreen, a cleaning company, is performing $ 1,500 of service for customers who…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: The ledger accounts of the Pab Eba Accessories for the year ended Dec. 31, 2020 are as follows:…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: At October 31, 2022, the Accounts Payable balance is
A: Solution:-Option $91,200 credit is the right answer Accounts…
Q: On 1 January 2020, Mamin Mali started a business by bringing in cash amounting to RM110,000. The…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 1) Omani Company's ledger showed an ending accounts payable balance of OR 25,000 on June 30, 2020.…
A: The ending balance of accounts payable can be calculated by adding up credit purchase and deducting…
Q: On January 10, 2019, provides 7,500 in services to a customer who pays 2,000 cash and asks to be…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: The ledger accounts of the Pab Eba Accessories for the year ended Dec. 31, 2020 are as follows:…
A: Financial statements are those statements which are prepared at the end of the period in order to…
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…
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: he Gloria Dimen Company presented the following information pertaining to accounts that will need…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: HandiQ Inc. is a hardware store that sells goods and provides services. Analysis of the company's…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…
Q: On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one:…
A: Prepaid expenses are the expenses that must be accounted for over multiple reporting periods.…
Q: During December, Camp David Inc. purchased $5,000 of supplies for use in its business. At the end of…
A: Supplies in Hand and the unpaid amount on December 31 will be shown on the balance sheet.
Q: Faisal Repairs and Services has the following unadjusted balance at the end of the first year.…
A: Supplies used = Beginning supplies - supplies on hand = 15,200-5100 = OMR 10,100
Q: The ledger of Bramble Corp. on March 31, 2020, includes the following selected accounts before…
A: Answer) Journal Date Account Titles and Explanation Debit Credit Mar'31…
Q: The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented b…
A: Income statement: It is one of the financial statements prepared by an organization. This statement…
Q: Faisal Repairs and Services has the following unadjusted balance at the end of the first year.…
A: Sno Account Titles and Explantions Debit Credit 1 Accrued Service Revenue 8,000…
Q: The ledger of Sheffield Corp, on March 31, 2020, includes the following selected accounts before…
A: Supplies expense = Supplies beginning balance - supplies on hand = 2500 - 1000 = $1,500
Q: the following unadjusted trail balance is prepared at month-end for trey company. trey comapny…
A: Lets understand the basics. Income statement can be prepared using two methods which are, (1) Single…
Q: Oriole Company was organized on April 1, 2020. The company prepares quarterly financial statements.…
A: Financial Statements are prepared by the management for reporting purposes. These are the essential…
Q: The following trial balance was extracted from the books of AUGASTINE at 31" December 2021. All…
A: An income statement is a financial statement that shows you the company's income and expenditures.…
Q: On December 31, 2020, the balances of the accounts appearing in the ledger of Home City Funishings…
A: 1) RENT REVENUE = $11000 2) ADMINISTRATIVE EXPENSES = $200000 3) SELLING EXPENSES = $250000 4)…
Q: The following transaction occurred during Dec 31, 2021 for the Microchip Company. On November 1,…
A: Provide the journal entry.
Q: Oriole Company had the following adjusted trial balance. Oriole Company Adjusted Trial Balance For…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Fedora’s Vases experienced all of the following events during the month of September 2020. For each…
A: The revenue and expenses are recognised as and when they are incurred.
Q: Prepare an adjusted trial balance. On December 1, 2020, Sheridan Distributing Company had the…
A: Prepare the adjusting entries:
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: Total Cost of purchase of goods and the opening stock which are sold in the current year are to be…
Q: Sandhill Company had the following adjusted trial balance. Sandhill Company Adjusted Trial Balance…
A: Closing entries means the entries to be made on the closing of any particular period . All revenue…
Q: On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s…
A: A)Prepare journal entry
Q: The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading,…
A: Introduction: Statement of Profit or loss: All revenues and expenses are recorded in profit and loss…
Q: On November 1, 2021, the account balances of Hamm Equipment Repair were as follows: Debit…
A: T-account:The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: On December 31 of the current year, Seo Dal Mi Company's bookkeeper made an entry debiting Supplies…
A: The journal entries are prepared to record daily transactions of the business.
Q: At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month,…
A: Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid…
Q: Catalan Cove Co. has the following balances in selected accounts on December 31, 2020: Accounts…
A: Adjusting entries are those journal entries which are passed at the end of the period in order to…
Q: The following events occur for Morris Engineering during 2021 and 2022, its first two years of…
A: Bad debt expense on December 31,2021 = Uncollected accounts × Bad debt % = (32600-22500)×25% = $2525
Q: On November 1, 2020, the account balances of Hibban Equipment Repair were as follows. Debit ($) 2400…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.…
A: The financial statements of the business includes the income statement and balance sheet. The…
Q: 2021 are as follows: Accounts receivable P 29,250 Unearned Fees P 26,500 Supplies 2,700 Fees Earned…
A: The trial balance is prepared to record the balances of each account as debit and credit balance.
Q: On April 2,2021, X Company purchased supplies of $2,000 on account. The entry to record the purchase…
A: When business purchases supplies for business, it can be for cash or on account. If purchased in…
Q: The ledger accounts of the Pab Eba Accessories for the year ended Dec. 31, 2020 are as follows:…
A: Worksheet in the business shows all changes in the assets, liabilities, revenues and expenses…
Q: You are provided with the following information form the accounts of BBS Ltd for the year ending 30…
A: Calculate the accounting profit: Particulars Amount ($) Cash sales $950,000 Less: Cost of…
Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…
A: Formula: Net sales = Sales - Sales returns and allowances - Sales discount.
Q: On November 1, Cooper Equipment had a beginning balance in the Office Supplies account of 5600..…
A: Journal: Recording of a business transactions in a chronological order.
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…
Q: Prepare the adjusting entries. Prepare the Dec. 1, 2021 entry to record the payment of the…
A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…
Q: On December 31, 2020, the balances of the accounts appearing in the ledger of Home City Funishings…
A: Income statement discuss about the profits and losses of the current period.
At January 31, 2021, the balance in Foster Inc.’s Supplies account was $750. During February, Foster purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the Supplies account should be
a |
$775 debit. |
|
b |
$525 credit. |
|
c |
$975 debit. |
|
d |
$525 debit. |
Trending now
This is a popular solution!
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.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.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?
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
- Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.