Create a General Journal. 19202124252729$5,000 as down payment and the balance due when installed.Received bill for advertising form Buy and Sell Newspaper, $3,230.Bought print paper and stationery on account, P2,290.Received and paid electric bill, P1,240.Paid bill for advertising recorded previously in transaction.Received cash for service rendered, P10,900.Paid salaries to employees, P8,400.Mulles withdrew cash for personal use, P4,500. Using your columnar paper, prepare a General Journal and Ledger and Trial Balancegiven the transaction below.Nancy Mulles established the Mulles data encoders in September 2020, The followingtransaction occurred during the month:Acc. No.AssetsAcc. No.Revenue110Cash410Service revenue120Account ReceivableAcc. No.Expenses130Supplies510alaries Expense140Office Equipment520Advertising Expense150Computer Software530Rent Expense160Signage540Utilities ExpenseAcc. No.Liability550Miscellaneous Expense210Account PayableAcc. No.Owner's equity310Mulles, Capital320Mulles, WithdrawalsSeptember 1Mulles investment P157,000 cash to establish the business.Bought office desk and filling cabinet for cash, > 15,150.35Mulles investment in the business her personal computer with a fairmarket value of $57,500.8Bought computer software for use in the business from San Josecomputer center for $39,000, paying P15,000 down; the balance is duein thirty days.10Paid rent for the month, P5,300.15Received cash for service rendered, P5,160.17Ordered a panaflex sign for $9,000 from Royal Bright Enterprises, with

When the transactions take place in an entity they are first recorded in the General Journal. From…

Answered: Create a General Journal.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 10PA: Prepare journal entries to record the following transactions. Create a T-account for Interest...

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Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
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.
For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue
Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500
Prepare the assets section of the balance sheet as of December 31 for Hoopers International using the following information:
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Supplies
Using the following data for Sentinel Travel Service as well as the statement of owners equity shown in Practice Exercise 1-5B, prepare a report form balance sheet as of August 31, 2019:
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.
Based on the data presented in Exercise 6-25, journalize the closing entries. On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended March 31, 2019. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2016, follows: The following business transactions were completed by Elite Realty during April 2016: Instructions 1. Record the April 1, 2016, 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 April 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 April 30, 2016. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?
Laras Landscaping Service has the following chart of accounts: The following transactions were completed by Laras Landscaping Service: Required 1. Journalize the transactions in the general journal. Provide a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. (Skip this step if you are using CLGL.) 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated March 31, 20. If you are using CLGL, use the year 2020 when recording transaction! and preparing reports.

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