How do I record the current entry?(The second picture is for reference) ESBusiness Solutions had the following transactions and events in December 2021.December 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs.December 3 Paid $500 cash for minor repairs to the company's computer.December 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November.December 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day.December 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project hasbeen accepted. Alex's paid a $1,500 cash advance to Business Solutions.December 15Purchased $1,100 of computer supplies on credit from Harris Office Products.December 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8.December 20 Completed a project for Liu Corporation and received $5,625 cash.December 22-26 Took the week off for the holidays.December 28 Received $3,000 cash from Gomez Company on its receivable.December 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile).December 31 Paid $1,500 cash for dividends.The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for thecompany's first three months.a. The December 31 inventory count of computer supplies shows $580 still available.b. Three months have expired since the 12-month insurance premium was paid in advance.c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day.d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.f. Three of the four months' prepaid rent have expired.Required:1. Prepare journal entries to record each of the December transactions. Post those entries to the accounts in the ledger.2-a. Prepare adjusting entries to reflect a through f.2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.3. Prepare an adjusted trial balance as of December 31, 2021.4. Prepare an income statement for the three months ended December 31, 2021.5. Prepare a statement of retained earnings for the three months ended December 31, 2021.6. Prepare a classified balance sheet as of December 31, 2021.7. Record the necessary closing entries as of December 31, 2021.8. Prepare a post-closing trial balance as of December 31, 2021.Prev*********1 of 1☐☐☐Next >***** View transaction listJournal entry worksheet<1TransactionF2Note: Enter debits before credits.2e.The office equipment, acquired on October 1, is expected to have a five-yearlife with no salvage value.Record entry@142# 3380F34$459General JournalClear entryF46< Required 1%LO5오F5PrevBREE▪****ADebit Credit6View general journalRequired 2B >MacBook Air1 of 1sF6&7NextF78

In accounting, a simple journal entry consists of just debiting and crediting one account. Because…

Journal entry worksheet < 1 2 Transaction 3 Note: Enter debits before credits. Record entry 4 The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. 5 General Journal 6 Clear entry < Required 1 Debit Credit View general journal Required 2B >

Journal entry worksheet < 1 2 Transaction 3 Note: Enter debits before credits. Record entry 4 The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. 5 General Journal 6 Clear entry < Required 1 Debit Credit View general journal Required 2B >

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section: Chapter Questions

Problem 3AP

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ANSWER THE WORKSHEET USING THE JOURNAL entries apr 2022 Transactions PARTICULARS DR. CR. 4 The following assets were received from cool : cash, $55,000; accounts receivable, $6,500; Dr. Cash $ 55,000.00 supplies, $6,250; and office equipment, $12,500. There were no liabilities received. Dr. Accounts Receivable $ 6,500.00 Dr. Supplies $ 6,250.00 Dr. Office Equipment $ 12,500.00 Cr. Capital $ 80,250.00 4 Paid three months rent on a lease rental contract, $9,500. Dr. Prepaid rent $ 9,500.00 Cr. Cash $ 9,500.00 4 Paid the premium on property and casualty insurance policies for the year, $6,800. Dr. Insurance expense $ 6,800.00 Cr. Cash $ 6,800.00 7 Purchased…
Do not copy from bartleby. Otherwisw i will give you dislike When DeSoto Water Works purchased equipment at the end of 2020 at a cost of $64,000, the company debited Buildings and credited Cash $64,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
Question: key insurance Agency was organized on September 1, 2015. Assume that the accounts are closed and financial statements prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, Sep 1. The unadjusted trial balance of key Insurance Agency at November 30, is shown below.Cash………………………………………………………………………………………..$3,750Accounts receivable………………………………………………………………….1,210Office equipment………………………………………………………………………4,800Accumulated depreciation: office equipment……………………………………………………………$ 80Accounts payable……………………………………………………………………………………………………… 1,640Jane carl, capital………………………………………………………………………………………………………. 7,490Jane Carl, drawing……………………………………………………………………..500Commissions earned……………………………………………………………………………………………… 6,220Advertising expense………………………………………………………………….800Salaries expense………………………………………………………………………..3,600Rent expense……………………………………………………………………………..770______ __________$15,430…
ACCTS RECEIVABLE P 22,500ALLOWANCE FOR IMPAIRMENT LOSS 1,200NOTES RECEIVABLE 20,000OFFICE EQUIPMENT 92,000ACCUMUMULATED DEPRECIATION 4,500RENTAL INCOME 12,000SERVICE INCOME 450,000SUPPLIES EXPENSE 6,250INSURANCE EXPENSE 7,200SALARIES EXPENSE 120,000 REQUIRED:PREPARE ADJUSTING ENTRIES FOR DEC. 31, 2021. 1. UNUSED OFFICE SUPPLIES AT THE END, P 320.2. ONE-YEAR INSURANCE WAS PAID ON APRIL 1 OF THE CURRENT YEAR.3. OFFICE EQUIPMENT HAD A USEFUL LIFE OF 10 YEARS WITH SCRAP VALUE OF P2,000. IT WAS ACQUIRED JULY 1, 2021.4. UNEARNED RENTAL INCOME IS 1/3 OF THE AMOUNT COLLECTED.5. SERVICE INCOME NOT YET COLLECTED, P3,000.6. THE 60-DAY 6% NOTE WAS RECEIVED ON DECEMBER 1, 2021.7. ESTIMATED BAD DEBTS IS 10% OF THE ACCOUNTS RECEIVABLE.8. ACCRUED SALARIES IS P12,000.
eBook Check my workCheck My Work button is now disabled1 Item 1 Required information Skip to question Loaded: 0.00% Current Time 1:44 / Duration 10:14 1x Juarez Company acquired $1,200 from the issue of common stock. Which of the following shows how this event will affect the company’s accounting equation? The letters “NA” indicate that the component of the equation is not affected
Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business02 Bought supplies P700 on account.03 Rendered services P1,100 on account.On December 31, 2020 Sy General Services has an estimated uncollectible 1% of itsaccounts receivable.Required:1. Journalize the transactions.2. Post the journal entries to the ledgers.3. Prepare the unadjusted trial balance.4. Prepare an adjusting journal entry.5. Prepare the adjusted trial balance.
1) if service revenue this week is $500 record service revenue. 2) if cash $300 and record a debit to cash and a credit to unearned revenue. long term equipment - $10,000 building - $12000 3) Your largest long term asset you trade with another company for a simliar but newer asset. Before you can record the exchange you must first record depreciation on your asset. Use the sum of years' digits method to caluclate your depreciation. If you are trading equipment, the useful life is 15 years, if a building (Plant), the useful life is 30 years and for both there is no salvage value. Whatever the book value is of your asset on the day of trade, you pay an additional 10% of the value in cash as you are now in ownership of a newer asset.
Redlands Inc. begins business on January 1, 2020. Redlands had the following four transactions during 2020. 1. Purchased equipment for $20. 2. Earned $30 of service revenue and collected it all in cash. 3. Incurred $20 of operating expenses. Paid $5 in cash and set up an account payable for the remaining $15. 4. Recorded $5 of depreciation on the equipment. Complete the following journal by recording transactions 2-4 above. The first one has been completed for you. Insert "0" in any space that should be left blank.
Accounting Krusty Krab Inc. started business on January 1,2022. Record the required journal entry (F-I) or adjusting journal entry (J,K) for each of thefollowing events which happened during 2022. If no entry is required, please stateso and very briefly explain why. F) Customers paid $23,000 in advance payments for goods that will be deliveredlater. G) Equipment that cost $120,000 was purchased on October 1 for $20,000 cashplus a two-year, 10% note with a principal amount of $800,000. H) Wages totaling $42,000 were paid to employees during the year. I) The board of directors declared dividends of $10,000 in December 2022, to bepaid in January 2021. J) Recorded the insurance expense for the year. K) The depreciation expense for the equipment purchased (in item G) on October 1,2022, was calculated to be $1,000.
Wildhorse Co. sells office equipment on July 31, 2022, for $23,790 cash. The office equipment originally cost $81,100 and as of January 1, 2022, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2022 is $3,700.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
NoTEe: These are MCQS MCQS 1Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000. MCQS 2The accounting principle that assumes that a company will operate in the foreseeable future is:a)Going concern.b)Objectivity.c)Liquidity.d)Disclosure. MCQS 3Total assets must always equal total liabilities plus total owners' equity.a)True b)False MCQS 4In which of the following situations would the largest amount be recorded as an expense of the current year? (Assume accrual basis accounting.)a)$4,000 is paid in January for equipment with a useful life of four years.b)$1,800 is paid in January for a two-year fire insurance policy.c)$1,200 cash dividends are declared and paid.d)$900 is paid to an attorney for legal…
Doner Company Inc. begins operations on January 1, Year 1. The company’sunadjusted financial statements for the year ended December 31, Year 1,appear as follows:Date Transaction Cost Useful Life GPIJanuary 15, Year 1 . . . . . . . . . Purchase Machine X $ 20,000 4 years 100March 20, Year 1 . . . . . . . . . . Purchase Machine Y 55,000 5 years 110October 10, Year 1 . . . . . . . . Purchase Machine Z 130,000 10 years 130December 31, Year 1 . . . . . . . 140April 15, Year 2 . . . . . . . . . . . Sold Machine X 160December 31, Year 2 . . . . . . . 180Balance Sheets 1/1/Y1 12/31/Y1Cash and receivables . . . . . . . . . . . . . . . . . . . . . . $20,000 $35,000Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 45,000Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000 $80,000Payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 $15,000Contributed capital . . . . . . . . . . . . . . . . . . . . . . . 55,000…