June 17,2017-NoDirt paid for the supplies purchased on June 2,2017.8. June 17, 2017-NoDirt paid for the supplies purchased on June 2, 2017.AB.C.Account NameLast saved 12:23:55 PMQuestions Filter (34) ▼Supplies ExpenseCashCashAccounts PayableAccounts PayableDebit5,0005,0005,00019 OF 34 QUESTIONS REMAININGCredit5,0005,000***

Name: June 17,2017-NoDirt paid for the supplies purchased on June 2,2017.8.
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Description: June 17,2017-NoDirt paid for the supplies purchased on June 2,2017.8. June 17, 2017-NoDirt paid for the supplies purchased on June 2, 2017.AB.C.Account NameLast saved 12:23:55 PMQuestions Filter (34) ▼Supplies ExpenseCashCashAccounts PayableAccounts

Journal entries are those which are recorded for every transaction which takes place during the…

Business

Accounting

June 17,2017-NoDirt paid for the supplies purchased on June 2,2017. 8. June 17, 2017-NoDirt paid for the supplies purchased on June 2, 2017. A B. C. Account Name Last saved 12:23:55 PM Supplies Expense Cash Cash Accounts Payable Accounts Payable Debit 5,000 5,000 5,000 19 OF 34 QUESTIONS REMAINING Credit 5,000 5,000 ...

June 17,2017-NoDirt paid for the supplies purchased on June 2,2017. 8. June 17, 2017-NoDirt paid for the supplies purchased on June 2, 2017. A B. C. Account Name Last saved 12:23:55 PM Supplies Expense Cash Cash Accounts Payable Accounts Payable Debit 5,000 5,000 5,000 19 OF 34 QUESTIONS REMAINING Credit 5,000 5,000 ...

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Gloria Dimen Company present the following information pertaining to accounts that will need adjustment for its November 30, 20121. On October 1, 2012, Gloria Dimen Company paid P10,800 for 6-monts insurance premiums2. The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on November 30, 2012 totaled P12,8003. Gloria Dimen Company received P22, 800 on November 1, 2012 from customer for service to be rendered during the months of November, December, January, and February.4. Gloria Dimen acquired Office Equipment costing P352, 800 on April 1, 2012. The equipment is expected to last 5 years which it will be worthless.5. Assume that November 30, 2012 is a Friday and that Gloria Dimen pays it's employees a total of P87, 500 on Saturday.Required:A. Prepare the adjusting entries.B. Prepare the December 1, 2012 entry to record payment of the salaries.
The Golda Bear items listed below for the month of September, 2016.rn Owner’s Capital, September 1 $47,000rnAccounts payable 7,000rnEquipment 35,000rnService revenue 28,000rnOwner’s Drawings 6,000rnInsurance expense 4,500rnCash 3,000rnUtilities expense 700rnSupplies 4,800rnSalaries and wages expense 9,000rnAccounts receivable 14,000rnRent expense 5,000rn Answer the following questions. Prepare an income statement for the acupuncture practice of Golda Bear. 1). September 30th.2). For the month ended September 30th.3). For the Year…
The ledger of Muscat Company on January 31, 2017, includes the following selected accounts before adjusting entries. Account Debit Credit Prepaid Insurance OMR 2400 Supplies 1,500 Equipment 30,000 Accumulated Depreciation—Equipment 5000 Unearned Service Revenue 6000 Salaries Expense 10,000 An analysis of the accounts shows the following: Insurance expires at the rate of OMR 200 per month. Supplies on hand total OMR 500. The equipment depreciates OMR 150 per month. Half (1/2) of the unearned revenue was earned in January. Instructions: Prepare the adjusting entries for the month of January
he adjusted trial balance for Midtown Repair Company follows: Midtown Repair Company Adjusted Trial Balance December 31, 2017 Cash. $95,600 Accounts Receivable 50,000 Prepaid Insurance 16,000 Prepaid Rent 4,000 Equipment 170,000 Accumulated Depr-Equipment $57,000 Accounts Payable 52,000 Long-Term Note Payable 63,000 C. Trout, Capital 178,500 C. Trout, Withdrawals 30,000 Repair Service Revenue 188,300 Depreciation Expense 28,500 Rent Expense 48,000 Utilities Expense 5,700 Insurance Expense 6,000…
The trial balance of Irene’s Laundry on June 30 is shown below:IRENE’S COIN LAUNDRYTrial BalanceJune 30, 2015Account No. Account Title Debit Credit101 Cash P 8,750112 Accounts Receivable 2,320126 Supplies 1,900157 Equipment 9,000201 Accounts Payable P 800206 Notes Payable 5,500301 Irene Bora, Capital 15,670Total P 21, 970 P 21,970The July transactions were as follows:July 5 Received P850 cash from customers for services rendered10 Billed customers for services performed, P 6,30015 Paid Salaries of employees, P1,40020 Paid P2,000 cash to creditors for the notes payable21 Received P250 for services rendered on cash basis26 Purchased supplies on account, at a cost of P35027 Paid P250 for the July 26 transaction29 Withdrew P600 cash for personal use30 Paid utilities P90031 Paid salaries of employees, P1,400Additional InformationProvision should be made for the following additional accounts, No. 306, Irene Bora,Drawings, No. 426 Laundry Revenue, No. 726 Salaries Expense, No. 732 Utilities…
The opening balance of supplies is RO1200. On 1 March, the company purchased supplies for RO800 in cash. On 31 December 2014, the balance of supplies in the company is RO 550. The supplies expenses are Select one: a. 550 OMR b. The correct answer not available c. 450 OMR d. 1450 OMR
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,540 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,010 Accounts Payable 3,050 Supplies 1,870 Unearned Service Revenue 400 Equipment 10,750 Salaries and Wages Payable 720 Common Stock 10,750 Retained Earnings 3,750 $19,170 $19,170 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. 10 Received $1,880 cash from customers in payment of account. 12 Received $3,810 cash for services performed in November. 15 Purchased store equipment on account $3,750. 17 Purchased supplies on account $1,370. 20 Paid creditors $2,570 of accounts payable due. 22 Paid November rent $510. 25 Paid salaries $1,080. 27 Performed…
The following information applies to the questions displayed below) Holmes Cleaning Service began operation on January 1, 2016. The compary experienced the following events for lts first year of operations: Events Affecting 2016: 1. Provided $84,000 of cleaning services on account. 2. Collected $76,000 cash from accounts receivable. 3. Pald salarles of $28,500 for the year 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be S1650 The expense was determined using the percent of revenue method. 3. 10.00 points Required a. Prepare general journal entries for the above events. (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 Notes
The adjusted trial balance of El Makrezy Repairs on December 31, 2015, follows. EL MAKREZY REPAIRSAdjusted Trial BalanceDecember 31, 2015 No. Account Title Debit Credit 101 Cash $ 14,000 124 Office supplies 1,300 128 Prepaid insurance 2,050 167 Equipment 50,000 168 Accumulated depreciation—Equipment $ 5,000 201 Accounts payable 14,000 210 Wages payable 600 301 C. El Makrezy, Capital 33,000 302 C. El Makrezy, Withdrawals 16,000 401 Repair fees earned 90,950 612 Depreciation expense—Equipment 5,000 623 Wages expense 37,500 637 Insurance expense 800 640 Rent expense 10,600 650 Office supplies expense 3,600 690 Utilities expense 2,700 Totals $143,550 $143,550 Required Prepare a Balance Sheet as on December 31st, 2015
Consultants had the following balances before passingadjusting entries in the books on December 31, 2015.Cash $6,000 Deborah, Withdrawals $3,000Accounts Receivable 2,000 Service Revenue 10,600Office Supplies 1,800 Salaries Expense 4,000Equipment 15,000 Rent Expense 800Accumulated Depreciation— Depreciation Expense—Equipment 9,000 Equipment 1,500Deborah, Capital 15,000 Supplies Expense 500Prepare the adjusted trial balance after considering these adjustments:a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset.b. Accrued salaries on December 31, $600.c. Revenue accrued but not recorded, $200.
. June 15, 2017 – NoDirt performed $3,000 of cleaning services for a customer. The customer paid $500 cash on June 15 and will pay the remaining amount in the future. Account name Debit Credit A. Cash 500 Service Revenue 500 B. Cash 500 Accounts Receivable 2,500 Service Revenue 3,000 C. Service Revenue 500 Cash 500 D. Service Revenue 3,000 Cash 500 Accounts Receivable 2,500 E. None of the above Part 1 b . June 25, 2017 – NoDirt received $2,000 from the customer billed on June 15, 2017. A. Cash 2,000 Accounts Receivable 2,000 B. Service Revenue 2,000 Cash 2,000 C. Accounts Receivable 2,000 Cash 2,000 D. Cash 2,000 Service Revenue 2,000 E. None of the above
1.) The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising expense 21,000 Cash 15,000 Owner’s capital (1/1/14) 102,000 Owner’s drawings 14,000 Depreciation expense 12,000 Insurance expense 3,000 Note payable, due 6/30/15 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Salaries and wages expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense 6,000 Equipment 210,000 What are total long-term liabilities at December 31, 2014? $90,000 $88,000 $0 $70,000