Journal entries? February 2 February 7 February 14 February 15 Pay $600 for radio advertising for February. Purchase beauty supplies of $1,200 on account. Provide beauty services of $2,400 to customers and receive cash. Pay workers' salaries for the current month of $800.

Journal entries? February 2 February 7 February 14 February 15 Pay $600 for radio advertising for February. Purchase beauty supplies of $1,200 on account. Provide beauty services of $2,400 to customers and receive cash. Pay workers' salaries for the current month of $800.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.5E: Office Supplies Somerville Corp. purchases office supplies once a month and prepares monthly...

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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?
Accounts Payable Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the first 10 days of June: a. Purchased, on credit, space for classified advertisements in the New York Times for $1,950. The advertising was run the day the space was purchased. b. Purchased office supplies from Office Max on credit in the amount of $475. c. One of Sleek Rides sales staff signed a $20,000 contract to provide exclusive limo services for a large company for the remainder of the month. The salespersons commission is 10% of service revenue. The commission will be paid July 10. ( Note: Concern yourself only with the commission.) d. Received electric bill for May. The bill is $4,200 and is due June 15. e. Received a bill for $970 from Harrys Auto. Harrys repaired 10 limos for Sleek Ride in late May. Payment is due June 18. Required: Prepare journal entries for the above transactions.
Entries into T accounts and trial balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 20Y4. During the month, Knaus Architects completed the following transactions: a. Issued common stock to Marjorie Knaus in exchange for 30,000. b. Paid January rent for office and workroom, 2,500. c. Purchased used automobile for 28,500, paying 6,000 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, 8,000. e. Paid cash for supplies, 2,100. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 9,000. h. Paid cash for miscellaneous expenses, 2,600. i. Paid cash to creditors on account, 4,000. j. Paid installment due on note payable, 1,875. k. Received invoice for blueprint service, due in February, 5,500. l. Recorded fees earned on plans delivered, payment to be received in February, 31,400. m. Paid salary of assistants, 6,000. n. Paid gas, oil, and repairs on automobile for January, 1,300. Instructions 1. Record these transactions directly in the following T accounts, without journalizing: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Salary Expense, Blueprint Expense, Rent Expense, Automobile Expense, Miscellaneous Expense. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 2. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 20Y4. 4. Determine the net income or net loss for January.
Journal Entries Overnight Delivery Inc. is incorporated on February 1 and enters into the following transactions during its first month of operations: February 15: Received $8,000 cash from customer accounts. February 26: Provided $16,800 of services on account during the month. February 27: Received a $3,400 bill from the local service station for gas and oil used during February. February 28: Paid $400 for wages earned by employees for the month. February 28: Paid $3,230 for February advertising. February 28: Declared and paid $2,000 cash dividends to stockholders. Required Prepare journal entries on the books of Overnight to record the transactions entered into during February. Explain why you agree or disagree with the following: The transactions on February 28 all represent expenses for the month of February because cash was paid. The transaction on February 27 does not represent an expense in February because cash has not yet been paid.
Determining an Ending Account Balance Jessies Accounting Services was organized on June 1. The company received a contribution of $1,000 from each of the two principal owners. During the month, Jessies Accounting Services provided services for cash of $1,400 and services on account for $450, received $250 from customers in payment of their accounts, purchased supplies on account for $600 and equipment on account for $1,350, received a utility bill for $250 that will not be paid until July, and paid the full amount due on the equipment. Use a T account to determine the companys Cash balance on June 30.
Journalize the following five transactions for Newman & Associates, Inc. March 1 Bills are sent to clients for services provided in February in the amount of $800. 9 Corner Office, Inc. delivers office furniture ($1,060) and office supplies ($160) to Newman, leaving an invoice for $1,220. 15 Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9. 23 A bill for $430 for electricity for the month of March is received and will be paid on its due date in April. 31 Salaries of $850 are paid to employees. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
June 1Paid $440 for rent for the month of June.2Paid $140 for one month of insurance.Collected $1,004 for plumbing services provided.Provided Jarmes Smith, a potential custormer, with an estimate of $4,000 for plurmbing work that will be performed in July ifthe customer hires Williams Plumbing.14Paid $540 for supplies purchased on account in May. The purchase in May had been correctly recorded.17Billed Gary Johnson $ 1,136 for plumbing work performed.19James Smith agreed to hire Willians Plumbing (see the June 9 transaction) and gave Williamns Plumbing a down paymentof $800.29Purchased $1,260 of equipment on account.30Paid an employee $680.30Paid D. Willians, the cormpany owner, $1,000. journlize this list
June 1Paid $440 for rent for the month of June.2Paid $140 for one month of insurance.Collected $1,004 for plumbing services provided.Provided Jarmes Smith, a potential custormer, with an estimate of $4,000 for plurmbing work that will be performed in July ifthe customer hires Williams Plumbing.14Paid $540 for supplies purchased on account in May. The purchase in May had been correctly recorded.17Billed Gary Johnson $ 1,136 for plumbing work performed.19James Smith agreed to hire Willians Plumbing (see the June 9 transaction) and gave Williamns Plumbing a down paymentof $800.29Purchased $1,260 of equipment on account.30Paid an employee $680.30Paid D. Willians, the cormpany owner, $1,000. create a basic analysis and a debit/cridit analysis for this .
weat Subject-Accounting Hi, I need help finding the journal entry for this question: Paid $180 for the month's office rent. Employee salaries were also accrued.Employee work 5 days each week, and are paid $4,500 every Friday. The month ended on a Thursday. thank you.
Boilermaker House Painting Company incurs the following transactions for September.1. September 3 Paint houses in the current month for $20,000 on account.2. September 8 Purchase painting equipment for $21,000 cash.3. September 12 Purchase office supplies on account for $3,500.4. September 15 Pay employee salaries of $4,200 for the current month.5. September 19 Purchase advertising to appear in the current month for $1,000 cash.6. September 22 Pay office rent of $5,400 for the current month.7. September 26 Receive $15,000 from customers in (1) above.8. September 30 Receive cash of $6,000 in advance from a customer who plans to have his house painted in the following month.Required:1. Record each transaction. Boilermaker uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, and Rent Expense.2. Post each transaction to T-accounts and compute…
answer in 20 minutes Daube Industries’ operations for the month of October are summarized as follows: Provided $2,500 of services in October on account. Received $2,000 cash from customers for services provided in October. Received $500 cash for services to be provided in November. Received $1,500 cash from customers on account for services provided in September. Paid September’s warehouse rental bill on account in the amount of $500. Received October’s warehouse rental bill of $750; set it aside to be paid at a later date. Required: Prepare journal entries to record the transactions identified among activities (A) through (F). Calculate the Net Income.
July 30 20XX Paid salaries for the month, $1,050. July 30 20XX Paid the telephone bill, $195. July 30 20XX Paid miscellaneous expenses, $175. July 30 20XX Invested a truck valued at $10,000 in the business. July 30 20XX Purchased equipment on account, $500. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.