For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, RM19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, RM8,900. There were no liabilities received.
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Note - the first part has been solved . Please post a separate question for balance parts. Regrets…
Q: For the past several years, Samantha Hogan has operated a part-time consulting business from her…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: Journal Entry: Journal is the first place where a transaction is recorded. It contains record of…
Q: For the past several years, Kell Dice has operated a part-time consulting business from his home. As…
A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Since you have asked multiple questions we will solve the first question for you,If you want any…
Q: For the past several years, Jolene Upton has operated a part-timeconsulting business from her home.…
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Income Statement: Income statement is one of the financial statement which helps the corporations to…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Hey, since there are multiple questions posted, we will answer first two sub-parts. If you want any…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Journal entries are entries recorded in the books of accounts. Journal entries are recorded from the…
Q: For the past several years, Steffy Lopez has operated a part-time consulting business from his home.…
A: Journal is a place where journal entries are recorded in the book keeping system before ledger…
Q: uly 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable,…
A: Journal is the books of original entry in which transactions are recorded in a chronological order…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Since you have asked multiple questions we will solve the first question for you,If you want any…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: The accounting equation indicates the relation between assets owned and liability and capital owed…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Income statement cmputes net income of the reported period which is calculated by deducting expenses…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…
A: The statement which is prepared to verify if the account balances results in equal debits and…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: Journal entries recording is the first step of accounting process, under which atleast one account…
Q: For the past several years, Samantha Hogan has operated a part-time consulting business from her…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: For the past several years, John Addams has operated a part-time business from his home. As of April…
A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: First of all, we'd enter journal entries for the transactions described. For this, we need to bear…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A:
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Since we have to answer only 3 subparts, we will answer the first three parts of this question.…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Journal entry refers to reporting of the business transactions into the books of entity and it is…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Assumed as journal entry.
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Solution: Introduction: Journal entry is an accounting entry to record every transaction takes place…
Q: omplete the accounting cycle. For the past several years, Jolene Upton has operated a part-time…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic. Transactions…
A: Assets=Liabilities+Owner's Equity
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A:
Q: For the past several years, Emily Page has operated a part-time consulting business from her home.…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the…
A: The answer is as fallows
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A:
Q: For the past several years, John Addams has operated a part-time business from his home. As of April…
A: The question is based on the concept of Financial Accounting.
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Adjusted trial balance: The unadjusted trial balance is the summary of all the ledger accounts that…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: Accounting equation may be defined as the equational form to represent the balance sheet in which…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart…
A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…
Q: CJ Dise deposited $45,000 into Para Consulting as the sole owner. Para Consulting purchased…
A: Honor Code: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Prepration of Ledger in the books of Adam & Family Inc. for the month of…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Income Statement is the statement which shows all incomes and expenses for the particular period and…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Journal entry is one of process of accounting cycle, after identified financial transaction,…
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home.…
A: Adjusted Trial Balance: An adjusted trial balance is the statement showing all the current balances…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: Accounting Equation: Accounting equation is an accounting tool expressed in the form of equation,…
For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July:
July 1. |
The following assets were received from Jolene Upton: cash, RM19,000; |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2016, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July: Instructions 1.Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 3.Prepare an unadjusted trial balance. 4.At the end of July, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during July is 375. b. Supplies on hand on July 31 are 1,525. c. Depreciation of office equipment for July is 750. d. Accrued receptionist salary on July 31 is 175. e. Rent expired during July is 2,400. f. Unearned fees on July 31 are 2,750. 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 3 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owners equity, and a balance sheet. 9.Prepare and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Record the closing entries on Page 4 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.
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics 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 music 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 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music 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 250 to creditors 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 Page 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. July 21. Paid 620 to Upload Music for use of its current music demos in making various music 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, 2019. 27.Paid electric bill, 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 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, 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, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's 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 music: 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 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO 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 250 to creditors 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. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 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. July 21. Paid 620 to Upload Music for use of its current music demos in making various music 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, 2019. 27. Paid electric bill, 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 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (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 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies 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, 2019, 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, 2019.
- For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2016, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April: Instructions 1.Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 3.Prepare an unadjusted trial balance. 4.At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during April is 350. b. Supplies on hand on April 30 are 1,225. c. Depreciation of office equipment for April is 400. d. Accrued receptionist salary on April 30 is 275. e. Rent expired during April is 2,000. f. Unearned fees on April 30 are 2,350. 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 3 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owners equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 4 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.