journalize Dexter recieving $4,500 in advance and then earning $3,000 service revenue
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journalize Dexter recieving $4,500 in advance and then earning $3,000 service revenue
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- Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as full payment $10,000 cash, equipment worth $80,000 and to assume responsibility for a $28,000 note payable related to the equipment. question: record the transaction in journal entry form. date general journal debit credit general journals are either cash,equipment revenue, supplies, accounts payable, note payable, common stock or revenueCreate a journal entry and a T-account entry for each of the following transactions: $30,000 worth of supplies purchased with cash $10,000 worth of supplies used to provide clients with goods and services Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000 Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients Cash payments of $60,000 received for services previously provided and billed $5,000 worth of additional supplies purchased on account05/01/2020 Paid $3,000 cash for 5 months' insurance. No expense has been recorded yet. 05/03/2020 Billed $2,200 to client for services provided. 05/10/2020 Purcahsed a truck for $15,000; $1,000 paid with cash and the rest on account. 05/15/2020 Purchased supplies for $500 cash. 05/21/2020 Customer paid $400 cash for future services. Each lawn mowing service costs $80. General Journal Date Enter both Account Titles and Explanation Debit Credit
- Billed $496,000 in revenues on credit Received $164,000 from customers’ accounts receivable Incurred expenses of $194,000 but only paid $87,700 cash for these expenses Prepaid $32,220 for computer services to be used next month How do I calculate the company’s accrual basis net income for the month?On September 1st 2020 Mr. SAM started new repair service business. Listed below are thetransactions for the month of September 2019.On September 1 Mr. SAM invested Rs 250,000 cash in new businessOn September 5 Purchased office supplies 1,500On September 11 Purchases building 50,000 paid cash 33,000 signed notes payables forremaining balanceSeptember 13 Received cash Rs. 27,000 for services renderedSeptember 16 Rendered services to client SH worth 23,000 but payment not yet received.September 17 Purchased equipment for Rs 33, 000, paying Rs. 20,000 cash and signed a notefor the balanceSeptember 18 Paid gas bill expenses Rs12,000September 19 Received full payment from SHSeptember 18 Withdrew Rs 6,000 cash for personal useSeptember 18 Purchased supplies for Rs 3,000 on accountSeptember 23 Paid for outstanding noteSeptember 24 Withdrew supplies 400 for personal useSeptember 28 Paid salaries 11,000 to staff and wages 4,000 to workersRequired: a. Prepare General Journal. b. Ledger posting.…Journalize the following transactions: Supplies for $1,000 bought for cash. Insurance of $1,600 is paid for the year. Lee withdrew $5,000 cash from his business. Paid $3,000 for Janitorial services.
- Oct 1: Owner contributes 80,000 cash. 5: Buy machine for 15,000 on account. 8: Buy supplies for 3,500 cash 12: Pay 13,300 towards the machine purchase 15: Perform services of 14,000 on account 20: Collect 6,000 of the 14,000 21: Receive telephone bill of 350 (will pay next month) 24: Machine depreciates by 4,700 28: Supplies of 850 get used up 30: Owner withdraws 12,000 cash Prepare three financial statements: Income Statement Owner’s Equity Statement Balance SheetJournalize the transactions of John Daniel, M.D. Include an explation with each entry Jan 1 The business recieved $34,000 cash and gave capital to Daniel Jan 2 Purchasged medical supplies on account, $17,000 Jan 4 Performed servies for patients receiving $1,600 Jan 12 Paid monthly office rent of $3,000 Jan 15 Recorder $7,000 revenue for sercives rendered to patients on accountMJ Consultants. incurred the following business expenses: Bank service charges $50 Supplies 1,000 Fees to attorneys 2,000 Credit card interest 200 Loan from bank 3,000 Entertainment 500 What amount can MJ Co. deduct this year ?
- Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested $15,000 cash in the business.Mar. 1: Purchased used Lorry for $6,000, paying $3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for $1,500 on account.Mar. 5: Paid $1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers $4,800 for cleaning services.Mar. 18: Paid $1,500 cash on amount owed on Lorry and $500 on amount owed oncleaning supplies.Mar. 20: Paid $2,000 cash for employee salaries.Mar. 21: Collected $2,800 cash from customers billed on March 14.Mar. 28: Billed customers $2,500 for cleaning services.Mar. 31: Paid advertising expenses of $500.Mar. 31: Withdrew $1000 cash for personal use.Requirements:a) Journalize the March transactions.b) Prepare necessary Ledger Accounts.c) Prepare a Trial Balance at March 31.d) Journalize the following adjustments and prepare an adjusted Trial Balance: (i) Earned…Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested $15,000 cash in the business.Mar. 1: Purchased used Lorry for $6,000, paying $3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for $1,500 on account.Mar. 5: Paid $1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers $4,800 for cleaning services.Mar. 18: Paid $1,500 cash on amount owed on Lorry and $500 on amount owed oncleaning supplies.Mar. 20: Paid $2,000 cash for employee salaries.Mar. 21: Collected $2,800 cash from customers billed on March 14.Mar. 28: Billed customers $2,500 for cleaning services.Mar. 31: Paid advertising expenses of $500.Mar. 31: Withdrew $1000 cash for personal use. Requirements: d) Journalize the following adjustments and prepare an adjusted Trial Balance:(i) Earned but unbilled revenue at March 31 was $500.(ii) Depreciation on equipment for the month was $200.(iii) One-twelfth…how do i do a journal entry for the following. received cash from clients on account 21,000.00 recorded revenue earned billed to clients during the 1st half of the month 20,900.00 returned a portion of office supplies 50.00 owner withdrawls 10,000 for personal use