During March the activities of evergreen landscaping included the following transactions and events. Which of these items represent expensing in March? Explain. 1. Purchase copying machine for 275 cash. 2. Paid 192 for gasoline purchase for a delivery truck during march 3. Paid 220 salary to an employee for time worked during march 4. Paid an attorney 560 for legal services rendered in January 5. The owner withdrew 1800 from the business for personal use 6. Supplies used up during the month of march has cost of approximately 725 no supplies were purchased during march as the company has several months requirement on hand at the end of February.

During March the activities of evergreen landscaping included the following transactions and events. Which of these items represent expensing in March? Explain. 1. Purchase copying machine for 275 cash. 2. Paid 192 for gasoline purchase for a delivery truck during march 3. Paid 220 salary to an employee for time worked during march 4. Paid an attorney 560 for legal services rendered in January 5. The owner withdrew 1800 from the business for personal use 6. Supplies used up during the month of march has cost of approximately 725 no supplies were purchased during march as the company has several months requirement on hand at the end of February.

Name: Question 2Part iDuring March the activities of evergreen landscaping
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Question 2Part iDuring March the activities of evergreen landscaping included the followingtransactions and events. Which of these items represent expensing in March?Explain.1. Purchase copying machine for 275 cash.2. Paid 192 for gasoline purchase

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 49E: Exercise 2-49 Journalizing Transactions Kauai Adventures rams and sells surfboards, snorkeling, and...

See similar textbooks

Similar questions

Exercise 3-40 Revenue and Expense Recognition Electronic Repair Company repaired a high-definition television for Sarah Merrifield in December 2019. Sarah paid $80 at the time of the repair and agreed to pay Electronic Repair $80 each month for 5 months beginning on January 15, 2020. Electronic Repair used $120 of supplies, which were purchased in November 2020, to repair the television. Assume that Electronic Repair uses accrual-basis accounting. Required: In what month or months should revenue from this service be recorded by Electronic Repaid? In what month or months should the expense related to the repair of the television be recorded by Electronic Repair? CONCEPTUAL CONNECTION Describe the accounting principles used to answer the above questions.
Exercise 2-38 Events and Transactions The following economic events related to K the bill need not be paid until March 1, 2019. On February, 15, Kqualify and does not qualify. indicate whether each of the above events would qualify as a transaction and be recognized and recorded in the accounting system on the date indicated. 2. CONCEPTUAL CONNECTION For any events that did not qualify as a transaction to be recognized and recorded, explain why it does not qualify.
Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a new payable. Purchased $25,000 of equipment for cash. (Continued) Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $31000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model.
Problem 2-603 Journalizing and Posting Transactions Findlay Testing Inc. provides water testing and maintenance services for owners of hot tubs and swimming pool. During September the following transactions occurred: Sept. 1 Issued common stock for $20,000. 2 Purchased chemical supplies for $1,880 cash. 5 Paid office rent for October, November, and December; the rent is $800 per month. 8 Purchased $12.90 of advertising for September on account. 13 Billed the city of Bellefontaine $2,100 for testing the water in the citys outdoor pools during September, 18 Received $3250 from Alexander Blanchard upon completion of overhaul of his swimming pool water circulation system. Since the job was completed and collected for on the same day, no bill was sent, to Blanchard. Sept. 25 Received $835 from the city of Bellefontaine for water testing that was previously billed. 30 Recorded and paid September salaries of $3,970. Required: 1. Prepare a journal entry for each transaction. 2. Post the journal entries to the appropriate T-accounts.
Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January. Jim Trotter owns C**S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S’s financial statements. Moseley Inc. recorded land at its purchase price of $50,000. In future periods, the land is reflected in the financial statements at $50,000. Mack Company purchases inventory in March. However, it does not expense that inventory until it is sold in April. Mueller Inc. prepares quarterly and annual financial statements. Required: Identify the amounting principle or assumption that best describes each practice
Brief Exercise 2-32 Journalize Transactions Galle Inc. entered into the following transactions during January. January, 1: Borrowed $50,000 from First Street Bank by signing a note payable. January, 4: Purchased $25,000 of equipment for cash. January, 6: Paid $500 to landlord for rent for January. January, 15: Performed services for customers on account. $10,000. January, 25: Collected $3,000 from customers for services performed in Transaction d. January, 30: Paid salaries of $2,500 for the current month. Required: Prepare journal entries for the transactions.
Exercise 2-44 Transaction Analysis OBJECTIVE 9 During December, Cynthiana Refrigeration Service engaged in the following transactions: On December 3, Cynthiana sold a 1-year service contract to Cub Foods for $12,000 cash. On December 10, Cynthiana repaired equipment of the A liabilities, and stockholders equity using the formal below.
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.
Exercise 3-50 Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: Prepaid building rent for I year on April I by paying $6,600. Prepaid rent was debited for the amount paid. Prepaid 12 months' insurance on I by paying Prepaid insurance was debited. Purchased $5,250 of office supplies on 15, debiting supplies for the full amount. There were no office supplies on hand as of October 15. Office supplies costing $1,085 remain unused at December 3 1, 2019. Paid $600 for a 12-month service contract for repairs and maintenance on a computer. The contract begins November 1. The full amount of the payment was debited to prepaid repairs and maintenance.
Exercise 3-43 Recognizing Expenses Treadway Dental Services gives each of its patients a toothbrush with the name and phone number of the dentist office and a logo imprinted on the brush. Treadway purchased 15,000 of the toothbrushes in October 2019 for $3,130. The toothbrushes were delivered in November and paid for in December 2019. Treadway began to give the patients the toothbrushes in February 2020. By the end of 2020, 4,500 of the toothbrushes remained in the supplies account. Required: How much expense should be recorded for the toothbrushes in 2019 and 2020 to properly match expenses with revenues? Describe how the 4,500 toothbrushes that remain in the supplies account will handled in 2021.
Exercise 2-49 Journalizing Transactions Kauai Adventures rams and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $51,500 cash from customers for rental, 3 Purchased on credit ten new surfboards (which Kauai classifies as inventory) for $180 each. 6 Paid wages to employees in the amount of $9,200. 9 Paid office rem for the month in L1]: amount of$l,000. 12 Purchased a new Ford truck for 340.800: paid 51,000 down in cash and secured a loan from Princeville Bank for the $39,800 balance. March 13 Collected a $1,050 account receivable. 16 Paid an account payable in the amount of $950. 23 Borrowed $10,000 on a 6-month, 8% note payable. 27 Paid the monthly telephone hill of $185. 30 Paid a monthly advertising bill of $1,550. Required: Prepare a journal entry for each of these transactions.
Problem 2-593 Journalizing Transactions Monilast Chemicals engaged in the following transactions during December 2019: Dec 2 Paid rent on office furniture, $1,200. 3 Borrowed $25,030 on a 9-month, 3% note. 7 Provided services on credit. $42,600. 10 Purchased supplies on credit, $2,850. 13 Collected accounts receivable, $20,150. 19 Issued common stock, $50000. 22 Paid employee wages for December. $13,825. 23 Paid accounts payable, $1,280. 25 Provided services for cash, $13,500. 30 Paid utility bills for December, $1,975. Required: Prepare a journal entry for each transaction.