Solve both...I was saying to solve both. If you can't solve both then leave to other experts to do it. Don't say while multi parts are there..we only solve one. This is third time I was posting don't waste my chances...solve all questions or leave it other experts Instruction: Prepare a Balance Sheet in an account form for Bhel's Beauty Parlor for the Year EndedDecember 31, 2019.P 12,000Cash on HandPrepaid RentSalary PayableFurniture and FixturesAllowance for Bad DebtsAccounts PayableBhel, CapitalPrepaid InsuranceAccumulated DepreciationBhel, DrawingUnused Office SuppliesAccounts Receivable75090038,40060027,00030,0004503,8401,2001,50060,30052,260Net IncomeInstruction: Prepare the Income Statement and the Balance Sheet for Castro Allied Services for the quarterended December 31, 2019.Castro, CapitalCash on HandAccounts ReceivableEquipmentAccumulated DepreciationTaxes and LicensesUtilities ExpensesCastro, DrawingAccounts PayableService IncomeRent ExpenseNotes ReceivableP 43,9003,0006,50030,0007502,0001,8003,6007,20030,00012,0006,000500Allowance for Doubtful AccountDepreciation ExpenseBad Debts ExpenseRepair ExpenseSalaries ExpenseSupplies ExpenseNotes Payable75020060015,0002,9002,000

1. Income Statement - The Income statement shows the income earned and loss incurred by the…

Instruction: Prepare a Balance Sheet in an account form for Bhel's Beauty Parlor for the Year Ended December 31, 2019. P 12,000 750 900 Cash on Hand Prepaid Rent Salary Payable Furniture and Fixtures Allowance for Bad Debts Accounts Payable Bhel, Capital Prepaid Insurance Accumulated Depreciation Bhel, Drawing Unused Office Supplies Accounts Receivable Net Income 38,400 600 27,000 30,000 450 3,840 1,200 1,500 60,300 52,260 Instruction: Prepare the Income Statement and the Balance Sheet for Castro Allied Services for the quarter ended December 31, 2019. P 43,900 3,000 6,500 30,000 750 2,000 1,800 3,600 7,200 30,000 12,000 6,000 500 750 200 600 15,000 2,900 2,000 Castro, Capital Cash on Hand Accounts Receivable Equipment Accumulated Depreciation Taxes and Licenses Utilities Expenses Castro, Drawing Accounts Payable Service Income Rent Expense Notes Receivable Allowance for Doubtful Account Depreciation Expense Bad Debts Expense Repair Expense Salaries Expense Supplies Expense Notes Payable

Instruction: Prepare a Balance Sheet in an account form for Bhel's Beauty Parlor for the Year Ended December 31, 2019. P 12,000 750 900 Cash on Hand Prepaid Rent Salary Payable Furniture and Fixtures Allowance for Bad Debts Accounts Payable Bhel, Capital Prepaid Insurance Accumulated Depreciation Bhel, Drawing Unused Office Supplies Accounts Receivable Net Income 38,400 600 27,000 30,000 450 3,840 1,200 1,500 60,300 52,260 Instruction: Prepare the Income Statement and the Balance Sheet for Castro Allied Services for the quarter ended December 31, 2019. P 43,900 3,000 6,500 30,000 750 2,000 1,800 3,600 7,200 30,000 12,000 6,000 500 750 200 600 15,000 2,900 2,000 Castro, Capital Cash on Hand Accounts Receivable Equipment Accumulated Depreciation Taxes and Licenses Utilities Expenses Castro, Drawing Accounts Payable Service Income Rent Expense Notes Receivable Allowance for Doubtful Account Depreciation Expense Bad Debts Expense Repair Expense Salaries Expense Supplies Expense Notes Payable

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: 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 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
Rons Diner received the following bills for December 2019 utilities: â€¢ Electricity: $625 on December 29, 2019 â€¢ Telephone: $150 on January 5, 2020 Both bills were paid on January 10, 2020. On the December 31, 2019, balance sheet, Rons Diner will report accrued expenses of: a. $0 b. $150. c. $625. d. $775.
Accruals and Deferrals For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA). Example: DE Office supplies purchased in advance of their use __________ 1. Wages earned by employees but not yet paid __________ 2. Cash collected from subscriptions in advance of publishing a magazine __________ 3. Interest on a customer loan for which principal and interest have not yet been collected __________ 4. One years premium on life insurance policy paid in advance __________ 5. Office building purchased for cash __________ 6. Rent collected in advance from a tenant __________ 7. State income taxes owed at the end of the year __________ 8. Rent owed by a tenant but not yet collected
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2019, follows: The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, 6,500. 2.Purchased office supplies on account, 2,300. 5.Paid insurance premiums, 6,000. 10.Received cash from clients on account, 52,300. 15.Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 17.Paid creditors on account, 6,450. 20.Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 23.Paid advertising expense, 4,300. Enter the following transactions on Page 19 of the two-column journal: 27.Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. 28.Paid automobile expense (including rental charges for an automobile), 1,500. 29.Paid miscellaneous expenses, 1,400. 30.Recorded revenue earned and billed to clients during the month, 57,000. 30.Paid salaries and commissions for the month, 11,900. 30.Withdrew cash for personal use, 4,000. 30.Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Instructions 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?
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, $7,500
Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2019, follows: The following business transactions were completed by Valley Realty during August 2019: Aug. 1. Purchased office supplies on account, 3,150. 2.Paid rent on office for month, 7,200. 3.Received cash from clients on account, 83,900. 5.Paid insurance premiums, 12,000. 9.Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. Analyzing Transactions Aug. 17. Paid advertising expense, 8,000. 23.Paid creditors on account, 13,750. Enter the following transactions on Page 19 of the two-column journal: 29.Paid miscellaneous expenses, 1,700. 30.Paid automobile expense (including rental charges for an automobile), 2,500. 31.Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 31.Paid salaries and commissions for the month, 53,000. 31.Recorded revenue earned and billed to clients during the month, 183,500. 31.Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. 31.Withdrew cash for personal use, 1,000. 31.Rented land purchased on August 31 to a local university for use as a parking lot during football season (September, October, and November); received advance payment of 5,000. Instructions 1. Record the August 1 balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for August in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of August 31, 2019. 5. Assume that the August 31 transaction for Cindy Getmans cash withdrawal should have been 10,000. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?
On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
The Beep-Beep Alarm Company provides security services in Bloomington, IL. At the year end 2019, afteradjusting entries have been made, the following list of account balances is prepared.Service Revenue $ 612,900Salaries Expense $ 148,250Rent Expense $ 27,600Utilities Expense $ 48,800Supplies Expense $ 51,900Income Tax Expense $ 30,800Retained Earnings $ 305,550Dividends $ 6,0001. Prepare the closing journal entry to close the revenue account on December 31st. Date Account Debit Credit2. Prepare the closing journal entry to close the expense account on December 31st. Date Account Debit Credit3. Income Summary is an account used to indicate consideration of all revenues and expenses as one value for a closing entry.Prepare the closing journal entry on December 31st to close Income Summary if the company used this as a single account ratherthan individually closing revenues and expenses. Hint: this means the company did not individually complete #1 and #2 but theoutcome should be the…
During the last week of 2020, Grandma’s House Inc. received a $96,000 prepayment for 2021 rent of a building from one of its tenants, Red-Riding-Hood. Grandma’s House recorded the receipt as rent revenue. The error was discovered midway through 2021. What journal entry should Grandma’s House record in 2021 to correct the error? Group of answer choices dr. Rent Expense $48,000; cr. Revenue $48,000. dr. Deferred Revenue $96,000; cr. Revenue $96,000. dr. Retained earnings $96,000; cr. Revenue $96,000. None of the options listed. dr. Retained earnings $96,000; cr. Deferred revenue $48,000; cr. Revenue $48,000.
Balance for the month ended September 30th, 2019 can be found below.Johnny SoongTrial Balanceas at September 30 2019Name of account Dr ($) Cr ($) Cash 12,950 Account Receivable 21,350 Office Supplies 55,950 Furniture 38,000 Accounts Payable 17,050 Johnny Soong, Capital 100,000 Johnny Soong, Withdrawals 9,000 Consulting Service Revenue 83,750 Insurance expense 20,000 Salaries expense 9,850 Utilities expense 9,700 Rent Expense 24,000 200,800 200,800 Required:1. Prepare the company’s Income Statement for the month ended September 30, 2019 2. Prepare the company’s Statement of Owner’s Equity for the month ended September 30, 2019 3. Prepare the company’s Balance Sheet as at September 30th, 2019 Part BThe following errors were found in the books of Rosco Consulting during the month:1. Consultancy Service provided to Briggs Safety on account for $1500 had been omitted completely from the books.2. A purchase of supplies for $1000 was entered in the cash account but omitted from the supplies…