Journals entry 9 15 Purchased supplies on account for $1,100 from Digital Shot Company. Received $3,500 cash advance from customer for photography services.
Q: Sales (240 × $1,700) Variable cost of goods sold (240 × $625) Variable selling and administrative…
A: The classic net income, also known as the absorption costing net income, is calculated using…
Q: Which pair of accounts follows the rules of debit and credit in relation to increases and decreases…
A: The different accounts in business have debit and credit balance. The assets and expenses have…
Q: Your next-door neighbor recently began a new job as assistant controller for Conundrum Corporation.…
A: 1. Planned Production in units 4000 units 2. Actual Production In units 3400 units 3. Actual…
Q: Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS
A: Under the perpetual inventory system the inventory account is update at the time of each sale and…
Q: A fundamental analyst uses the discounted cashflow method to value firms, and has a short-term…
A: Fundamental Analysis is a technique to value firms on the basis of their fundamentals i.e. their…
Q: what is Paul's taxable income for 2013? A). $90,000 B). $210,000 C). $315,000 D).…
A: The taxable income of the taxpayer is the income on which the tax is paid. the taxable income is the…
Q: per -Variable cost per unit: $7 Fixed costs: $1,500 iven these data, compute the BREAKEVEN numb O150…
A: Break even point: It is the point where the total revenues and total expenses are equal, units in…
Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent…
A: Lets understand the basics. Adjustment entry is need to pass to record correct amount of revenue and…
Q: Segment data for Felicia’s Fast Food Restaurants for the current year appears below: Cajun…
A: In order to calculate the net effect on net profit from closure of a business segment we need to…
Q: An obligation of P31,300 is due on April 16, 2013. What is the value of this obligation on December…
A: Lets understand the basics. For calculating the obligation, we need to use below formula. Obligation…
Q: Neko Case decides to open a cleaning and laundry service near the local college campus that will…
A: Since the question posted is multi-part question. As specified to solve only part (8) and (9),…
Q: this is a compound interest problem. do this typewritten, please. I will upvote. thank you. no…
A: Calculation of compound interest which can be incurred in many form like compounded in monthly…
Q: MAKE AN INTERPRETATION AND ANALYSIS FOR THIS TABLE BELOW. I WILL UPVOTE. THANK YOU Receivables…
A: Answer:- Receivables turnover meaning:- Receivables turnover ratio is basically an accounting…
Q: a. Production schedule by product. Note: Use a negative sign in your schedule to indicate that an…
A: Budgeting is a process by which a business entity make its financial plans and set targets. Budgets…
Q: whats happening with question 11 and 12? answer please
A: The total return of a portfolio can be calculated by multiplying the weights of the asset by its…
Q: Sand Inc., a company that produces and sells a single product, has provided its contribution format…
A: Introduction: The contribution margin can be stated either grossly or per unit. It reflects the…
Q: Bond (Held-to-Maturity)Investment Journalize the entries to record the following selected bond…
A: At the time of maturity of bonds at par, investment in bonds account is credited with the nominal/…
Q: Timeless Toys hopes to raise as much long-term capital as possible for corporate expansion. However,…
A: The best way for a company to raise long-term capital while maintaining corporate control is to…
Q: Use the above information to calculate the materials price and efficiency variances. Then break down…
A: Calculation of Variances, from the data provided
Q: The budgeted credit sales are as follows: December last year January February March Collection:…
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…
Q: Assuming the use of a two-column (all-purpose) general journal, a cash receipts journal as…
A: A proper journal is used by the company in order to record the transactions which has been taken…
Q: Illes Corporation's comparative balance sheet appears below: Beginning Balance Assets: Current…
A: Cash flow statement termed as CFS which is one of the financial statements of the company and it…
Q: Gail Trevino expects to receive a $500,000 cash benefit when she retires five years from today. Ms.…
A: This question relates to the application of time value of money. We will compute the present value…
Q: H5.C5 Warnerwoods Company uses a perlodic inventory system. It entered into the following purchases…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: Study the information provided below and calculate the expected value of closing inventory as at 31…
A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…
Q: S1] Assuming total cashflows are equal for both assets, the asset with more cashflows in the latter…
A: The cash flows need to be taken to present value to need to compare with appropriate discount rate
Q: Required information PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three…
A: In straight line method of depreciation the depreciation is being charged uniformly over the…
Q: Morris a single taxpayer earns wages of $350,000. In tax year 2021 he also owns a sole…
A: When a tax loss or credit that cannot be claimed in the current year is carried forward into a…
Q: The 2020 income statement of Blossom Corporation showed net income of $1,271,000, which included a…
A: Net Income- Net income is the remaining amount after expenses and cost of goods sold have been…
Q: The Clinton Antique Mall expects to make purchases in the first quarter of 2021 as follows: January…
A: Lets understand the basics. Management prepares cash collection and cash payment schedule in order…
Q: The price-earnings per share of A, B, C, D and E is P6.00, P6.25, P6.80, P6.90 and P6.20. If A has…
A: Price — Earning Ratio (P/E Ratio) :— Ratio of Market Price per share(MPS) & Earning Per Share…
Q: Presented below are balances taken from the records of Sanso Corporation, as of December 31, 2020:…
A: Total shareholders' equity as of December 31, 2020 is $4,165,000.
Q: Huds Incorporated reports the information below on its product. The company uses absorption costing…
A: Introduction: The absorption costing net income, also known as the classic net income, is determined…
Q: The company produced 21,000 units, and sold 15,500 units, leaving 5,500 units in inventory at…
A: Variable costing are covered under marginal costing. Variable costing is a concept used in…
Q: Cascade Enterprises enjoys a substantial amount of market power in this market. Cascade has fixed…
A: Profit = Sales revenue - Variable Cost - Fixed cost
Q: e. Time Interest earned Ratio E. Times Interest Earned Ratio Income before Interest and Taxes/…
A: Times Interest Earned Ratio=Income before Interest and TaxesInterest Expense
Q: A certain sum of money is invested at 2 years at 12% compounded quarterly. If the sum is P43,000,…
A: Present value is equivalent value of money that is today of the future money to be received based on…
Q: Ace Company is a manufacturer of basketballs and began operations this year. The company produced…
A: Marginal costing method: It is also called the Variable costing method. In this method, all the…
Q: 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below.] Brothers…
A: Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments.…
Q: Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form…
A: Share of net income is the total of interest on capital, salaries , bonus etc. paid to the partners.…
Q: Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Which of the following statements is currently true:
A: Statement (a) This statement is not true because if a person keeps working at the age of 66 and…
Q: On January 4, Year 1, Ferguson Company purchased 168,000 shares of Silva Company directly from one…
A: Introduction: A journal entry is a record of a business deal in the accounting system of the…
Q: Required: 1. Prepare a schedule that discloses the firm's total cash collections for January through…
A: Cash collection Budget :- The schedule of expected cash collections is a component of the master…
Q: 3. Aharon and Patricia plan to file jointly and they currently project a taxable income of $142,250.…
A: Any payment received by an individual or company that is used to determine tax liability is…
Q: Suppose Elon Musk Ltd. That produces and sells two products. The X space sells for 5 $ and has a…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Answer All the Questions Question - 1: "The development of accounting and financial reporting is…
A: Answer:-1 Accounting and financial reporting development should be associated with technology…
Q: Which of the following costs would be included on an income statement for both a merchandising…
A: Merchandising concern - This entity deals with buying and selling inventory from the supplier to the…
Q: Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31…
A: Raw material inventory :- raw material inventory describe about, how much raw material in inventory,…
Q: Al Ramos, a dentist, opened his own dental clinic on May 1 of the current year, During the first…
A: The ledger includes the posting of journal transaction accounts in order to prepare trial balances…
Step by step
Solved in 2 steps
- hh. Subject:- Accounting On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash.Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.TRANSACTION (JOURNALIZING): 1)Partial collection from silver transaction -PhP25,000 2)Withdrew PhP500 for personal use 3)Rendered services on account to silver -PhP40,000Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Accounts Receivable-J. Lepowsky Mikaela Mundt, DrawingSupplies SalesPrepaid Insurance Advertising Expense Accounts Payable-Southern Supplies Utilities Expense Instructions:Aug 1. Mikaela Mundt invested $2,000.00 of her own money in thebusiness. Receipt No. 1.3. Used business cash to purchase supplies costing $216.00. Wrote Check No. 1.4. Wrote Check No. 2 for insurance, $245.00.5. Purchased supplies for $68.00 over the phone from Southern Supplies, promising to send the check next week. Memo No. 1.11. Sent Check No. 3 to Southern Supplies, $68.00.12. Sent a check for the electricity bill, $180.00. Check No. 4.15. Wrote an $800.00 check to Ms. Mundt as a withdrawal of equity for personal use. Used Check No. 5.16. Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days. Sales…
- eBook Question Content Area Following is the chart of accounts of the C. Gervais Clinic: Assets Revenue 111 Cash 411 Professional Fees 113 Accounts Receivable 115 Supplies Expenses 117 Prepaid Insurance 511 Salary Expense 124 Equipment 512 Rent Expense 513 Laboratory Expense Liabilities 514 Utilities Expense 221 Accounts Payable Owner's Equity 311 C. Gervais, Capital 312 C. Gervais, Drawing Dr. Gervais completed the following transactions during July: July 1 Bought laboratory equipment on account from Laser Surgical Supply Company, $4,050, paying $1,555 in cash and placing the remainder on account, Ck. No. 1730. 3 Paid the office rent for the current month, $1,525, Ck. No. 1731. 5 Received cash on account from patients, $825. 6 Bought supplies on account from McRae Supply Company, $800, Inv. No. 3455. 7 Received and paid the bill for laboratory services, $1,785, Ck. No. 1732. 8 Bought insurance for one…Journalizing and posting On February 11, 20Y9, Quick Fix Company purchased 2,250 of supplies on account. In Quick Fixs chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize the February 11, 20Y9, transaction on page 73 of Quick Fix Companys two-column journal. Include an explanation of the entry. b. Prepare a four-column account for Supplies. Enter a debit balance of 400 as of February 1, 20Y9. Place a check mark () in the Posting Reference column. c. Prepare a four-column account for Accounts Payable. Enter a credit balance of 18,300 as of February 1, 20Y9. Place a check mark () in the Posting Reference column. d. Post the February 11, 20Y9, transaction to the accounts. e. Do the rules of debit and credit apply to all companies?Journal entry for fees earnedPrepare a journal entry on August 13 for cash received for servicesrendered, $9,000.
- Purchased equitment with $6,000 cash. What accounts does this go into in the journal?construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 2 Paid monthly office rent of P4,000. 3 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 15 Borrowed P50,000 from the bank, signing a note payable 22 Performed service for patients on account, P3,600 30 Received cash from patients billed on September 3, P2,000 31 Received and paid a utility bill, P200 31 Paid monthly salary to nurses, P3,000 31 Paid interest expense of P200Required Journal Entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2.Bought grocery supplies on account ₱10,700. 4.Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6.Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7.Paid ₱1,600 delivery charge for January 6 transactions. 8.Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11.Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12.Paid ₱1,200 freight for January 11 transactions. 14.Returned defective merchandise to Puregold amounting to ₱4,500.…
- Journal the following transactions related to the service business Tom’s Tailor Shop, owned by Tom Turnbull. Start Microsoft Excel, and open the BUS113_04_06.xlsx file from C:\ACTT1\Data\Unit_4. Click the File tab, and then click Save As. Save the file to C:\ACTT1\Student\Unit_4. October 1. Received cash from owner, Tom Turnbull, as an investment, $5,000.00. Receipt No. 1. October 9. Paid cash for insurance, $1,200.00. Check No. 1. October 13. Bought supplies on account from Sewing Essentials, $150.00. Memorandum No. 1. October 21. Sold services on account to Main Street Theater, $600.00. Sales Invoice No. 1. October 24. Paid cash for electric bill, $300.00. Check No. 2. October 31. Paid cash to owner, Tom Turnbull, for personal use, $3,000.00. Check No. 3. October 31. Received cash from sales, $2,352.00. Register Tape No. 1. Total the columns and prove and rule page 1 of the journal. Prove cash. The beginning cash balance on October 1 is zero. The balance on the next unused check…eBook Show Me How Question Content Area Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30,20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of Harper Borg, owner, was $180,000 at May 1, 20Y4, the beginning of the year, and the owner withdrew $40,000 during the year. Accounts payable $25,000 Accounts receivable 210,000 Cash 146,000 Fees earned 875,000 Miscellaneous expense 15,000 Rent expense 75,000 Supplies 9,000 Supplies expense 12,000 Taxes expense 10,000 Utilities expense 38,000 Wages expense 525,000 Question Content Area 1. Prepare an income statement for the year ended April 30, 20Y5. Wilderness Travel ServiceIncome StatementFor the Year Ended April 30, 20Y5 $- Select - Expenses: $- Select - - Select - - Select - - Select - - Select - - Select - Total expenses fill in the blank…5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank account