I need to know how to recoed this transaction in a general journal. Completed consulting job for Tom, and billed him total of $12,000, due in 30 days.Accounts are: Accounts receivable, unearned consulting revenue, consulting revenue, or similar.
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: Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the…
A: Journal entries are made to record the business transactions into books of accounts initially. After…
Q: On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic's…
A: 1 Recording and balancing of transactions in the financial statement model.
Q: A law firm collected $1,800 in advance for work to be performed in three months. Which of the…
A: The question says , Amount collected of $ 1800 Service to be performed in 3 months. Cash has been…
Q: Prepare journal entries to record the following transactions for the month of November. If an amount…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…
Q: The following transactions were carried out during the month of May by M.SAJJAD and company a firm…
A: Revenue means the income earned during a given period.
Q: As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts…
A: A bookkeeper is a person responsible for recording the financial transactions of small and medium…
Q: [The following information applies to the questions displayed below.] Carmen Camry operates a…
A: Workings: Net income=Total revenue-Total expenses=$27,040-$(9,590+5,640+920+550)=$10,340
Q: As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts…
A: Accounts Payable is an obligation of the company to the supplier or contractors who sell their goods…
Q: One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan…
A: Adjusting journal entry are entries which are made at the end of the accounting year to record the…
Q: Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information…
A: Accounts payable clerk is the individual personnel, appointed in the business entity who is…
Q: One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan…
A: Adjusting journal entries are the adjustments made in the books of accounts at the end of the…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: You run a consulting firm. During Year 1, your firm collected $200,000 from clients (all of these…
A: Ending Balance of Receivables = Beginning Balance + Credit Sales - Payment Received
Q: Assuming the entity received a cash worth of 50,000, this 50,000 is from the customer who advances…
A: As per accrual concept and revenue recognition concept, revenue should be recognized when it is…
Q: ⦁ The following selected transactions were completed by Next Day Delivery Services during…
A: Transaction Transaction effect correct option Purchased supplies for cash Supplies will…
Q: M. Gonzales has the following transactions during August of the current year. Aug 1 Opens an office…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle…
A: Solution: Introduction: Since As per BNED requirements, each question is answered to a maximum of…
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: ipment, RM12,000. There were no liabilities received. 1. Paid three months' rent on a lease…
A: The transaction is given as,
Q: Prepare the journal entries for the transactions that were not previously recorded, prepare and…
A: Journal entry is the prime step in accounting cycle. It depicts each transaction in a business into…
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: Prepare the journal entries for the transactions that were not previously recorded
A: Given:
Q: Prepare the journal entries for the transactions that were not previously recorded, prepare and…
A: Process of accounting: Identify and analyse the transaction Journal Ledger Trail balance Adjusted…
Q: This problem is based on the transactions for the Take Wings Company in your text. Prepare journal…
A: The transactions are journalized for Take Wings Company.
Q: On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of…
A: Accounting Equation: The accounting equation indicates that a company's total assets are equal to…
Q: Innovative Designs, owned by Bartolome Pozon, has been operating for two years. Below is a series of…
A: The balance sheet includes the assets, liabilities, and stockholders' equity. Whereas, the income…
Q: Received $15,000 from Bob for 6 month's consulting services. I need to know how to record this…
A: General journal is a book of journal which is used in recording of transactions related to the…
Q: 1. Prepare the journal entries for the transactions that were not previously recorded, prepare and…
A:
Q: One year ago, Allan Thorpe founded Alcazar Sales Company, and the business has prospered. Allan…
A: Workings:
Q: January 15th Received $15,000 from Bob for 6 month's of consulting revenue to start next month. I…
A: Unearned revenue: It refers to the amount that is received in advance for a goods or service which…
Q: Hel After operating for several months, architect Kyle Farnsworth completed the following…
A: Journal Entries: It is duty of the recording and summarizing the business economic transactions in…
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: Since you have posted a question with multiple parts. we will be answering you first three subparts…
Q: If you assume that all journal entries have been recorded correctly, use the above information to:…
A: The incorrect postings to the general ledger and the description how each incorrect posting should…
Q: A transaction has been recorded in the general journal of Manella Company as follows: Account Title…
A: A transaction is an organization interact that has a monetary effect on a company's financial…
Q: [The following information applies to the questions displayed below.] Abd El Hakim operates a…
A: Calculation of Opening Capital Balance:
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: Jay Crowley established Affordable Realty, which completed the following transactions during the…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Prepare journal entries to record the following transactions for the month of November. If an amount…
A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…
Q: Transaction: On August 1, the business, Design Thinking Ltd, provided consulting services for a…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Prepare journal entries to record the following transactions for the month of November. If an amount…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: As a bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up…
A: A bookkeeper is a person responsible for recording the financial transactions of small and medium…
Q: Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the…
A: 1&2
Q: Allan indicates that, at year-end, customers owe him $1,000 accrued service revenue, which he…
A: You have not submitted the complete question, the accounts at December 31 are missing. Though…
Q: The following selected transactions were completed during August of the current year: 1. Billed…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
I need to know how to recoed this transaction in a general journal.
Completed consulting job for Tom, and billed him total of $12,000, due in 30 days.
Accounts are: Accounts receivable, unearned consulting revenue, consulting revenue, or similar.
Step by step
Solved in 2 steps with 1 images
- 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.Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. 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 fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 115, 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 1-16, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 16-20,4,820. 25. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Paid dividends, 10,500. Instructions 1. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, 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, 2018, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 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. 3. 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 31 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 1,600. (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 retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of d1e journal. (Income Summary is account #34 in d1e 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.
- On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001. c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005. i. Paid the salary of the assistant, 1,150, Ck. No. 2006. j. Sold professional services for cash, 3,868. k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. 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.On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001. c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. f. Sold professional services for cash, 3,482. g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005. i. Paid the salary of the assistant, 1,050, Ck. No. 1006. j. Sold professional services for cash, 3,295. k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. 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.On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001 (Rent Expense). c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600 (Professional Fees). g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, 1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, 3,868 (Professional Fees). k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- 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, $7,500Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001 (Rent Expense). c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. Sold professional services for cash, 3,482 (Professional Fees). g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005 (Utilities Expense). i. Paid the salary of the assistant, 1,050, Ck. No. 1006 (Salary Expense). j. Sold professional services for cash, 3,295 (Professional Fees). k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.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.Prepare journal entries to record the following transactions for the month of July: A. on first day of the month, paid rent for current month, $2,000 B. on tenth day of month, paid prior month balance due on accounts, $3,100 C. on twelfth day of month, collected cash for services provided, $5,500 D. on twenty-first day of month, paid salaries to employees, $3,600 E. on thirty-first day of month, paid for dividends to shareholders, $800