Please use the workbook page, it has the steps on how to solve the problems. 4-M Mastery Problem: Journalizing transactions and posting to a general ledger Lo3,4,5Brian Ford owns a service business called Ford Lawn and Garden. Ford Lawn and Garden's general ledgercounts are given in the Working PapersTransactions:Feb.Received cash from owner as an investment, $11,000.00, R1.anolbuond3. Paid cash for supplies, $800.00. C1.5. Received cash from sales, $1,800.00. T5.6 Sold services on account to Clara Walthers, $560.00. S1.9. Paid cash for rent, $1,200.00. C2.11. Paid cash for miscellaneous expense, $100.00. C3.13. Bought supplies on account from Corner Supplies, $480.00. M1.13. Received cash from sales, $860.00. T13.16. Paid cash for advertising, $286.00. C4.18. Paid cash on account to Corner Supplies, $280.00. C5.20. Paid cash for electric bill, $460.00. C6.0 Received cash on account from Clara Walthers, $300.00. R2. bs25. Paid cash for supplies, $300.00. C7.27. Paid cash for supplies, $160.00. C8.27. Received cash from sales, $4,200.00. T27.28. Paid cash to owner for personal use, $1,000.00. C9.28. Received cash from sales, $220.00. T28.opbol o le l monsled vodooA vitsInstructions:Onen an account for Utilities Expense. Use the 3-digit numbering system described in the chapter., lournalize the transactions completed during February of the current year. Use page 1 of a journal. Sourceincuments are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, I., Post from the general journal to the general ledger.Prove cash. The balance on the next unused check stub is $13,794.00.ORSage 50 Accountina 4-M MASTERY PROBLEM (concluded)GENERAL LEDGER510ACCOUNT NO.ACCOUNT Advertising ExpenseBALANCEPOST.DEBITCREDITDATEITEMREF.DEBITCREDITACCOUNT Miscellaneous ExpenseACCOUNT NO, 520BALANCEPOST.REF.DATEITEMDEBITCREDITDEBITCREDITACCOUNT Rent ExpenseACCOUNT NO. 530POST.REF.DATEITEMBALANCEDEBITCREDITDEBITCREDITACCOUNTACCOUNT NO.DATEITEMPOST.REF.DEBITBALANCECREDITDEBITCREDITChapter 4 Posting to a General Ledger • 77A014 Cengage Learning, All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

dSh to öwner for personal use, $1,000.00. C9. 28. Received cash from sales, $220.00. T28. Instructions: . 0pen an account for Utilities Expense. Use the 3-digit numbering system described in the chapter. , ournalize the transactions completed during February of the current year. Use page 1 of a journal. Source ncuments are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Post from the general journal to the general ledger. Prove cash. The balance on the next unused check stub is $13,794.00.

dSh to öwner for personal use, $1,000.00. C9. 28. Received cash from sales, $220.00. T28. Instructions: . 0pen an account for Utilities Expense. Use the 3-digit numbering system described in the chapter. , ournalize the transactions completed during February of the current year. Use page 1 of a journal. Source ncuments are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Post from the general journal to the general ledger. Prove cash. The balance on the next unused check stub is $13,794.00.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.4: Starting A New Journal

Problem 1OYO

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Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet checking account. 1.Instead of continuing to share office space with a local real estate agency. Peyton decided to rent office space near a local musk store, Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft and fire. The policy covers a one year period. 2.Received 1,000 on account 3. On behalf of PS Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 2SO on account 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart. 7,500. 8.Paid for a newspaper advertisement 200. 11.Received 1.000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Pane 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account 850 21.Paid 620 to Upload Musk for use of its current musk demos in making various musk sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500 Received 750, with the remainder due August 4.20YS. 27.Paid electric Ml 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500, Received S00 with the remainder due on August 9. 20Y5. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1.400 royalties (musk expense) to National Musk Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.
Comprehensive Problem 1 8 Net income. 31,425 Kelly Pitney began her consulting business. Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter During May, Kelly Consulting entered into the following transactions: May 3.Received cash from clients as an advance payment for services to be provided and recorded it as unearned tree 4,500 5.Received cash from clients on account 2,450. 9.Paid cash for a newspaper advertisement 225. 13.Raid Office Station Co for part of the debt incurred on April , 640. 15.Recorded services provided on account for the period May 1-15, 9,180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17.Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the Journal 20.Purchased support on account 735. 21.Recorded services provided on account for the period May 1620. 4,820 25.Recorded cash from cash clients for fees earned for the period May 1723, 7,900 27.Received cash from clients on account 9,520. 28.Paid part-time receptionist for two weeks salary. 7S0. 30.Raid telephone bill for May. 260 31.Paid electricity bill for May, 810. 31.Recorded cash from cash clients tor lees earned for the period May 2031. 3,300. 31.Recorded services provided on account for the remainder of May, 2,650. 31.Paid dividends 10,500 Instructions 1.The chart of accounts foe Kelly Consulting is shown us Exhibit 9. and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. for each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1. 20Y8. and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting cm Page of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 5.Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a)Insurance expired during May is 275. (b)Supplies on hand on May II are 715. (c)Depreciation of office equipment for May is 330. (d)Accrued receptionist salary on May 31 is 325. (e)Rent expired during May is 1600. (f)Unearned fees on May 31 are 3,210 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.
Mastery Problem Journalizing transactions and posting to a generalledger LO3, 4, 5, 6Brian Ford owns a service business called Ford Lawn and Garden. FordLawn and Garden's general ledger accounts are given in the WorkingPapers. Transactions:Feb. 1. Received cash from owner as an investment, $11,000.00. R1. 3. Paid cash for supplies, $800.00. C1.5. Received cash from sales, $1,800.00. T5.6. Sold services on account to Clara Walthers, $560.00. $1. 9. Paid cash for rent, $1,200.00. C2.11. Paid cash for miscellaneous expense, $100.00. C3.13. Bought supplies on account from Corner Supplies, $480.00. MI.13. Received cash from sales, $860.00. T13.16. Paid cash for advertising, $286.00. C4. 18. Paid cash on account to Corner Supplies, $280.00. C5.20. Paid cash for electric bill, $460.00. C6.20. Received cash on account from Clara Walthers, $300.00. R2. 25. Paid cash for supplies, $300.00. C7.27. Paid cash for supplies, $160.00. C8. 27. Received cash from sales,$4,200.00. T27.28. Paid cash to…
Application Problem Journalizing transactions that affect owner’s equity and receivingcash on account in a multicolumn journal LO3, 4, 5, 6, 7Use the chart of accounts given in Problem 3-1 and the journal from Problem 3-2.Transactions:Mar.12. Paid cash for rent, $400.00. C6.13. Received cash from sales, $250.00. T13Mar.14. Sold services on account to Scott Company, $225.00. S1.15. Paid cash for telephone bill, $190.00. C7.15. Paid cash to owner as withdrawal of equity, $1,400.00. C8.18. Received cash from sales, $130.00. T18.19. Paid cash for postage (Miscellaneous Expense), $32.00. C9.21. Received cash on account from Scott Company, $125.00. R2.22. Received cash from sales, $350.00. T22. 22. Paid cash for heating bill, $165.00. C10.25. Bought supplies on account from Supply Mart, $170.00. M2.Instructions:1. Journalize the transactions completed during March of the current year. Sourcedocuments are abbreviated as follows: check, C; memorandum, M; receipt, R;2. Save your work to complet
Parrish 3-4 Pg. 61 Please prepare the transactions listed below in 1) the general journal entries and 2) transfer these to the proper general ledger account. Cash In Bank #120 Accounts Receivable #130 Repair Parts Inventory #135 Equipment #150 Accounts Payable #210 Rex Jones, Capital #310 Ronald Jones, Capital #320 Rex Jones, Drawing #330 Ronald Jones, Drawing #340 Lawn Mowing Revenue #420 Landscape Designe Revenue #430 Gasoline and Oil Expense #520 Transactions 1) 6/1 Rex Jones and his son Ronald start their partnership. Rex contributes $5000 cash and Ronald contributes $3000 cash. They open a partnership checking account at Community Bank 2) 6/2 The partnership buys $2000 in equipment at King Lawnmower Co. King gives the partnership 30 days' credit. The partnership assigns King Account #52 in the accounts payable subsidiary ledger 3) 6/3 The partnership buys $100 of repair parts and pays cash 4) 6/4 Rex meets with Jan Jackson and prepares a landscape plan. He gives the client an…
II. Accounting Vouchers EntriesEnter the following transactions in the same company created above.(Create ledger accounts wherever necessary)DateTransactions10 – 4 – 2021Mr. Salman invested additional Capital 15,000 to develop his business.18 – 4 – 2021He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1)22 – 4 – 2021The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1)25 – 4 – 2021The business returned RO 2,000 worth of phones27 - 4 – 2021Mr. Salman received an invoice for RO 500 from Akbar Travels.This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days29 – 4 – 2021Grand Phones returned RO 800 worth of phones30 – 4 – 2021The owner received cash from Grand phones RO 11,150 in full settlement of their account.