please help me Please refer to Chapter 7 Accounting Principles Book one to complete the following Task 7 -8Happy Pictures had the following transactions during June. All amounts include GST where applicable.DateDetailsAmountCost of Sale(incl GST)$ 1,100$ 1,034$ 1,672$ 165$ 935$ 850$630June 2 Sale to SherwinJune 5 Sale to BillJune 12 Sales to LiamJune 18 Return from SherwinJune 22 Cash Receipt Bill$1,400$100Task 7Create General Journal Entries and post to the General Ledger and Receivables ledgersAnswer:General Journal – RMIT BookstoreDateParticularsDebitCreditGeneral Ledger – RMIT BookstoreBankDateParticularsDebitCreditBalanceJune 01Balance6,800 DRAccount ReceivableDateParticularsDebitCreditBalanceInventoryDateParticularsDebitCreditBalanceJune 01Balance12,500 DRGST CollectedDateParticularsDebitCreditBalanceCapitalDateParticularsDebitCreditBalanceJuneBalance19,300 DR01Sales RevenueDateParticularsDebitCreditBalanceCOGSDateParticularsDebitCreditBalanceReceivables Subsidiary Ledger- RMIT BookstoreBillDateParticularsDebitCreditBalanceLiamDateParticularsDebitCreditBalanceSherwinDateParticularsDebitCreditBalanceReceivables Reconciliation - RMIT BookstoreBillLiamSherwinBalance per Control Account

Journal entries are the primary recording makes in the books of account. All the transactions are…

Happy Pictures had the following transactions during June. All amounts include GST where applicable. Date Details Amount Cost of Sale (incl GST) $1,100 $ 1,034 $ 1,672 $ 165 $ 935 $ 850 $630 $1,400 $100 June 2 Sale to Sherwin June 5 Sale to Bill June 12 Sales to Liam June 18 Return from Sherwin June 22 Cash Receipt - Bill Task 7 Create General Journal Entries and post to the General Ledger and Receivables ledgers

Happy Pictures had the following transactions during June. All amounts include GST where applicable. Date Details Amount Cost of Sale (incl GST) $1,100 $ 1,034 $ 1,672 $ 165 $ 935 $ 850 $630 $1,400 $100 June 2 Sale to Sherwin June 5 Sale to Bill June 12 Sales to Liam June 18 Return from Sherwin June 22 Cash Receipt - Bill Task 7 Create General Journal Entries and post to the General Ledger and Receivables ledgers

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.5: Preparing A Post-closing Trial Balance

Problem 1OYO

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Exercise 4-54 Operating Cycle and Current Receivables a. Dither and Sly are attorneys-at-law who specialize in federal income tax law. The): complete their typical case in 6 months or less and collect from the typical client within 1 additional month. b. Johnstons Market specializes in fresh meat and fish. All merchandise must be sold within one week of purchase. Almost all sales are for cash and any receivables are generally paid by the end of the following month. c. Mortondos is a womens clothing store specializing in high-style merchandise. Merchandise spends an average of 7 months on the rack following purchase. Most sales are on credit and the typical customer pays within 1 month of sale. d. Trees Inc. grows Christmas trees and sells them to various Christmas tree lots. Most sales are for cash. It takes 6 years to grow a tree. Required: For each of the businesses described above, indicate the length of the operating cycle.
Comprehensive Problem 1, Period 2: The Accounting Cycle During the month of May 20--, The Generals Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below. May 1In order to provide snacks for guests on a 24-hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for 200, the estimated commission on sales for May. 2Night purchased a surround sound system and big screen TV with a digital satellite system for the guest lounge. The surround sound system cost 3,600 and has an estimated useful life of five years and no salvage value. The TV cost 8,000, has an estimated useful life of eight years, and has a salvage value of 800. Night paid cash for both items. 2Paid for Mays programming on the new digital satellite system, 125. 3Nights office manager returned 100 worth of office supplies to Gordon Office Supply. Night received a 100 reduction on the account. 3Deposited registration fees, 52,700. May 3Paid rent for lodge and campgrounds for the month of May, 40,000. 3In preparation for the purchase of a nearby campground, Night invested an additional 600,000. 4Paid Gordon Office Supply on account, 400. 4Purchased the assets of a competing business and paid cash for the following: land, 100,000; lodge, 530,000; and fishing boats, 9,000. The lodge has a remaining useful life of 50 years and a 50,000 salvage value. The boats have remaining lives of five years and no salvage value. 5Paid Mays insurance premium for the new camp, 1,000. (See above transaction.) 5Purchased food supplies from Acme Super Market on account, 22,950. 5Purchased office supplies from Gordon Office Supplies on account, 1,200. 7Night paid 40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly. 10Deposited registration fees, 62,750. 13Paid wages to fishing guides, 30,000. (Dont forget wages payable.) 14A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of 1,000. 17Deposited registration fees, 63,000. 19Purchased food supplies from Acme Super Market on account, 18,400. 21Deposited registration fees, 63,400. 23Paid 2,500 for advertising spots on National Sports Talk Radio. 25Paid repair fee for damaged boat, 850. 27Paid wages to fishing guides, 30,000. 28Paid 1,800 for advertising spots on billboards. 29Purchased food supplies from Acme Super Market on account, 14,325. 30Paid utilities bill, 3,300. 30Paid phone bill, 1,800. 30Paid Acme Super Market on account, 47,350. 31Bob Night withdrew cash for personal use, 7,500. Adjustment information at the end of May is provided below. (a) Total vending machine sales were 2,300 for the month of May. A 10% commission is earned on these sales. (b) Straight-line depreciation is used for the 10 boats purchased on April 2 for 60,000. The useful life for these assets is five years and there is no salvage value. A full months depreciation was taken in April on these boats. Straight-line depreciation is also used for the two boats purchased in May. Make one adjusting entry for all depreciation on the boats. (c) Straight-line depreciation is used to depreciate the surround sound system. (d) Straight-line depreciation is used to depreciate the big screen TV. (e) Straight-line depreciation is used for the building purchased in May. (f) On April 2, Night paid 9,000 for insurance during the six-month camping season. Mays portion of this premium was used up during this month. (g) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master. (h) Office supplies remaining on hand, 150. (i) Food supplies remaining on hand, 5,925. (j) Wages earned, but not yet paid at the end of May, 6,000. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from May 14 on page 5, May 528 on page 6, and the remaining entries on page 7. To save time and space, dont enter descriptions for the journal entries. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles, account numbers, and balances from April 30 in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries on page 8 of the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owners equity. 9. Prepare the balance sheet. 10. Journalize the closing entries on page 9 of the general journal. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance.
Multiple step income statement and balance sheet The following selected accounts anti their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated DepreciationOffice Equipment 58,000 Store Equipment 650,000 Accumulated DepreciationStore Equipment 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2032) 140,000 Gerri Faber. Capital 431,000 Gerri Faber, Drawing 300,000 Sales 8,925,00 Cost of Merchandise Sold 5,620,00 Sales Salaries Expense 850,000 Advertising Expense 420,000 Depreciation Expense Store Equipment 33,000 Miscellaneous Selling Expense 18,000 Office Salaries Expense 540,000 Rent Expense 48,000 Insurance Expense 24,000 Depredation ExpenseOffice Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 6,000 Interest Expense 12,000 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 7,000. 4.Briefly explain how multiple-step and single-step income statements differ.
Adjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31. 20Y2. Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31. 20Y2.
Case 2-67 Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: 3. Prepare the journal entry to record the following two events for Under Armour and Columbia. For simplicity, assume the event was recorded in a single journal entry. a. What journal entry is necessary to record net sales for the year ending December 31, 2016? Assume that all sales were made on account. b. What journal entry is necessary to record cash collections from customers during the year ending December 31, 2016?
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.
Office Supplies Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Prepare the necessary adjusting entry on Somervilles books on May 31. What will be the effect on net income for May if this entry is not recorded?
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