counts Receivable 5,100 Service Revenue 5,100 (Billed for services performed) sh 4,400 ccounts Receivable 4,400 (Received cash in payment of account) sh 3,800 ervice Revenue 3,800 (Received cash for services performed)
Q: Revenue and Cash Receipts Journals Lasting Summer Inc. has $1,840 in the October 1 balance of the…
A: Step 1 Journal is the part of the bookkeeping.
Q: Received $4,000 in cash from credit clients on their accounts. Which account is ?debited Cash…
A: "Debit what comes in, Credit what goes out" is the second golden rule of accounting which is to be…
Q: The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Required: Prepare the following for the month of February 2015 Income Statement Statement of…
A: Financial statements present the financial position and strength of the company. There are primarily…
Q: pts completed by Crowne Business Services Co. during the pe Apr. 2. Issued Invoice No, 793 to Ohr…
A: General ledger states the system of record keeping which is maintained by company for its financial…
Q: Payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary…
A: Date Account Debit Credit DD\MM\YYYY Salaries expenses $1,900 Cash $1,900…
Q: pplies, $500; credit Accounts payable, $500. b. Debit Cash, $500; credit Office supplies, $500. c.…
A: The right answer is option c. Debit Accounts payable, $500; credit Cash, $500.
Q: Performing service of $500 with receiving half of the balance as cash and the remaining on account…
A: Journal entry is a set of economic events which can be measured in monetary terms. These are…
Q: a. Prepare a single-column revenue journal to record these transactions. Enter transactions in…
A:
Q: Saved Help Sa The fotowing account balances come from the records of Ourso Company. Accounts…
A: Cash collected from accounts receivables refers to cash to be collected from debtors when credit…
Q: "Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this…
A: In the given situation, the net balance of both accounts receivable and accounts payable has been…
Q: Record the entry: Paid $774 cash in supplies
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: Consider the recorded transactions below. Debit Credit 1. Accounts Receivable 7,800 Service Revenue…
A: PLEASE LIKE THE ANSWER when asset is debited, it will increase when asset is credited, it will…
Q: Star Search billed clients P 3,600 for services rendered. Which of the following reflects the proper…
A: Journal entries recording is the initial step in accounting cycle. Under this, atleast one account…
Q: Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 5,300 Service…
A: Cash is an asset and normally has a debit balance. Accounts receivable is an asset and normally has…
Q: a. Cash received from a customer on account was debited for 4,700 pesos and Accounts Receivable was…
A: Correcting Entries - Correcting entries are those that correct the mistake made at the time of…
Q: Journalize the following transactions, using the direct write-off method of accounting for…
A: Under the direct write-off method for uncollectible receivables, the specific accounts receivable…
Q: Consider the recorded transactions below.…
A: T Accounts are used in accounting to check and track the debits and credits of the financial…
Q: * On November 28, JT's Consulting Services purchased supplies for $3,000, Check ?1002. Which account…
A: The different balances in the accounts have debit and credit balance. The journal entries are…
Q: Cajegas Trucking Services Trial Balance June 30, 208 Debit Credit Cash in Bank Petty Cash Fund…
A:
Q: Debit Credit Cash Accounts receivable $ 42,000 11,300 14,800 Prepaid insurance Accounts payable…
A: Formula: Net income = Revenues - expenses
Q: Required Record each of the following Fred Co. events in T-accounts: a. Received $10,500 cash by…
A: a. Cash Common Stock Debit Credit Debit Credit $10,500 $10,500
Q: The following transactions occurred during July: 1. Received $1,010 cash for services provided to a…
A: Revenue is the amount of money earned by an entity by providing services or selling goods.
Q: Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as…
A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Journal entry is the first step to record the transactions in the books of account. Journal entry…
Q: Provide the journal entries needed.
A: Date Particulars Ref Dr Amount P Cr Amount P 2 Advance to Riders-Dr To Bank [Adv paid check no…
Q: Adjustments: A. A collection per OR#1032 amounting to P345 was recorded as P435 in the books. But…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: On November 30 JT's Consulting Services paid Office Plus $5,000 in partial ?payment of Invoice 2223,…
A: When inventory is purchased on credit , accounts payable is credited and inventory account is…
Q: 20 Accounts Payable 30,000 Cash 30,000 Payment to creditors Cash 21 Gasoline Expense 6,000 Cash…
A: Trial balance is inclusive of all the ledger accounts prepared from the journal entries. The total…
Q: On November 30 JT's Consulting Services paid Office Plus $5,000 in partial ?payment of Invoice 2223,…
A: A journal entry records a transaction in the accounting system for an organization. Generally There…
Q: The following selected transactions were taken from the records of Rustic Tables Company for the…
A: Answer a:
Q: On November 28, JT's Consulting Services purchased supplies for $3,000, Check 1002. Which account is…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Business paid in Cash of $ 4,480. Using the information, find out the totals of the balances of the…
A: 1. Assets have a debit balance. 2. Liabilities have a credit balance. 3. Capital has a credit…
Q: MONTH June DATE AMOUNT ($) 200 $ $ 350 33,600 30,000 36,000 65 4,200 25,000 85 1,000 320 1,000 1,400…
A: In the context of the given question, we are required to prepare the journal entry. Journal entry:…
Q: Transactions related to revenue and cash receipts completed by Sterling Engineering Services during…
A: 1&5. Prepare general ledger.
Q: The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits…
A: Financial Position is the balance of recorded assets, Liabilities and Equity of the Entity.
Q: Effects of transactions on accounting equation
A: Accounting Equation: Assets = Liabilities + Stockholders Equity
Q: The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for…
A: Journal entries are used to record the financial transactions in the books of accounts. These are…
Q: Account Title: Cash Date Dec 1 Dec 2 Particulars Capital Professional Fees Dec 8 Loan Payable Dec 31…
A: The trial balance is prepared to record the final balance of each account of the business in debit…
Q: for each entry. (Record debits first, then credits Seled the explanation on the last line of the…
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
Q: ZEALOUS COMPANY ESTABLISHED A PETTY CASH FUND. 1. ESTABLISHED A PETTY CASH FUND OF P10,000 ON…
A: Journal entries Date…
Q: Grover Inc. uses the allowance method to account for uncollectible acco accounting events in Year 1:…
A: Uncollectible accounts expense When a customer misses on a payment, an uncollectible accounts…
Q: Record the entry for services provided to customers for cash, $52,000, and on account, $47,000.
A: Required journal entry is as follows:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsOn January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444
- Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). A. provided legal services to customers for cash, $5,600 B. provided legal services to customers on account, $4,700 C. collected cash from customer accounts, $3,500For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanBrief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. ToolsCASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method. 1. Office Equipment Cash Purchased equipment for cash 2. Office Equipment Accounts Payable Purchased equipment on account 3. Cash Revenue Cash receipts for week 4. Accounts Receivable Revenue Services performed on account 5. Prepaid Insurance Cash Purchased prepaid asset 6. Supplies Accounts Payable Purchased prepaid asset 7. Phone Expense Cash Paid phone bill 8. Wages Expense Cash Paid wages for month 9. Accounts Payable Cash Made payment on account Adjusting Entries: 10. Supplies Expense Supplies 11. Wages Expense Wages Payable 12. Depreciation ExpenseOffice Equipment Accumulated DepreciationOffice Equipment
- Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230 are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?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.The revenue and cash receipts journals for Mirage Productions Inc. follow. The accounts receivable control account has a August 1, 2016, balance of 4,230 consisting of an amount due from Celestial Studios Inc. Prepare a listing of the accounts receivable customer balances and verify that the total agrees with the ending balance of the accounts receivable controlling account.