BE2-7 Selected transactions for the Glasson Company are presented in journal entry for below. Post the transactions to T accounts. JI May 5 GENERAL JOURNAL Account Titles and Explanation Accounts Receivable Service Revenue Accounts Receivable Service Revenue Debit 3,200 2,000 3,200 2,400 2,000
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- 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).Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Briefly explain how multiple-step and single-step income statements differ.E3-15 Inferring Transactions and Computing Effects Using T-Accounts [LO 3-1, LO 3-2, LO 3-3]A company’s accounting records included the following accounts.Accounts Receivable (A)1/1 5062,855 a12/31 420Prepaid Rent (A)1/1 6484 b12/31 42Deferred Revenue (L)408 1/1c 496392 12/31Required:For each T-account, describe the typical transactions that cause it to increase and decrease.Compute the missing amounts.
- DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a multiple-step income statement.Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
- Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.Selected accounts of Urdu Company are shown below. Supplies Accounts Receivable Beg. Bal. 800 10/31 470 10/17 2,400 10/31 1,650 Salaries and Wages Expense Salaries and Wages Payable 10/15 800 10/31 600 10/31 600 Unearned Service Revenue Supplies Expense 10/31 400 10/20 650 10/31 470 Service Revenue 10/17 2,400 10/31 1,650 10/31 400 Instructions From an analysis of the T-accounts, reconstruct (a) the October transaction entries, and (b) the adjusting journal entries that were made on October 31, 2020. Prepare explanations for each journal entry.
- P2-4A The trial balance of Avtar Sandhu Co. shown below does not balance.AVTAR SANDHU CO.Trial BalanceJune 30, 2017 Debit CreditCash $ 3,340Accounts Receivable $ 2,812Supplies 1,200Equipment 2,600Accounts Payable 3,666Unearned Service Revenue 1,100Owner’s Capital 8,000Owner’s Drawings 800Service Revenue 2,480Salaries and Wages Expense 3,200Utilities Expense 810 $12,522 $17,486Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer in payment of its account was debited for $580, and Accounts Receivable was credited for the same amount. The actual collection was for $850.2. The purchase of a computer on account for $710 was recorded as a debit to Supplies for $710 and a credit to Accounts Payable for $710.3. Services were performed on account for a client for $980. Accounts Receivable was debited for $980, and Service Revenue was credited for $98.4. A debit posting to…Prepare Journal Entries in a Revenue Journal Shannon Consulting Company had the following transactions during the month of October: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $380. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $540. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $190. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $790. 29. Collected Invoice No. 321 from Pryor Corp. Question Content Area a. Record the October revenue transactions for Shannon Consulting Company in the following revenue journal format: REVENUE JOURNAL DATE Invoice No. Account Debited Post. Ref. Accounts Rec. Dr.Fees Earned Cr. Oct. 2 fill in the blank 17ef77fadf92f97_1 fill in the blank 17ef77fadf92f97_3 3 fill in the blank 17ef77fadf92f97_4 fill in the blank 17ef77fadf92f97_6 14 fill in the blank…prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100