Make a journal entry with this. Bambinini Artsy is a sole proprietorship small business firm
Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...
A: GIVEN To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying bala...
Q: Is (freight-in, materials) included in the cost of goods manufactured statement
A: The cost of having goods or materials delivered to a business for manufacture or resale is known as ...
Q: Problem 2 ABM Enterprise would like to evaluate/analyze an investment proposal. Siven the following:...
A: The Net Present Value: Managers constantly use capital budgeting tools to assess prospective investm...
Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...
A: Lets understand the basics. When asset is transfer for non monetary consideration then exchange shou...
Q: Why do we need to pass the consolidation elimination entry every time we prepare a consolidated fina...
A: Consolidation elimination entry that eliminate duplicate revenue, expenses, receivables, and payable...
Q: 33..... On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead...
A: Lease is a type of financing option which allows a company to use assets for definite period by maki...
Q: Banzon and Borja are partners in B&B Enterprises. Partnership profits and losses are allocated as fo...
A: portion of Banzon = Salaries + interest + equal portion of remaining profit Banzon Borja to...
Q: Format: 111,111 National Co. has the following balance sheet as of December 31, 2022. P 100,000 100,...
A: Forecast in Additional Fund Needed (AFN) Forecast of Additional Fund Needed in the financial stateme...
Q: Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts P...
A: The journal entries are prepared to record day to day transactions of the business on regular basis....
Q: what drawings are concerning small business and answering her query concerning her holiday.
A: Dear Linda, I acknowledge your query concerning your holidays and drawings. Drawings refers to an...
Q: Locust Software sells computer training packages to its business customers at a price of $101. The c...
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...
Q: Directions: Identify the accounting principles that are being violated in the situation below. 7. ES...
A: Ans. Accounting principles are the basis or rules which need to be followed while preparing the book...
Q: Reynolds Co issued $87 million face amount of 11.00% bonds when market interest rates were 10 90% fo...
A: Solution: Bonds are issued by a company to borrow funds for the business. It is having a par value, ...
Q: Which of the following statements is not true concerning interim financial reporting and inventories...
A: Companies that use the LIFO method may encounter a liquidation of base period inventories at an inte...
Q: Intro A week ago, a euro cost $1.06. Today, a euro costs $1.13. Part 1 What is the percent change in...
A: Answer 1) Calculation of Percentage Change in Euro Percentage change in Euro = ($ 1.13 - $ 1.06)/ $ ...
Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x...
A: Total unemployment taxes=Net Futa tax+Net suta tax
Q: HOW IS THE ACCOUNTANCY PROFESSION BEING REGULATED? EXPLAIN
A: An accounting career consists of getting ready monetary statements, auditing organization statistics...
Q: Overhead spending variance is the difference between the * actual overhead cost and budgeted overhe...
A: Overhead spending variance = AH * ( AR - SR ) Where , AH = actual hours AR = Actual variable overhea...
Q: ry 4 years. T
A: Cost of vulnerability as, =50% of process Asset=5010010,000,000=$5,000,000
Q: Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...
A: Unit Cost = Total Costs / Equivalent units Cost accounted for : Transferred out = Transferred out un...
Q: Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on...
A: The purchases on accrual basis can be calculated as change in account payable and the cash paid for ...
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60 % and 40% , respective...
A: When a new partner is admitted into a partnership firm then the profit sharing ratio of the existing...
Q: Depreciation and amortization are added back in computing operating cash flows because: a They repr...
A: Cash Flow statement is just a detailed cash account. It shows how changes in balance sheet and incom...
Q: öf thé nát is the present value of the followin annually? Beginning Cash Flow of Year 1 P2,500 2 2,7...
A: The present value of a future sum of money or stream of cash flows with a fixed rate of return is it...
Q: Which of the following statements about intuitive approaches is/are false? -Ignoring or discounting...
A: The intuitive approach is the way people think or make decisions naturally and without any use of fo...
Q: JFC Corporation values its inventory by using retail method: 4. How much is the ending inventory at...
A: Retail inventory method is used by the retail operations like department stores to value the invento...
Q: 4. Estrada V. Escritor sells on terms 3/10, net 30. Total sales for the year are ₱2,539,130. Forty ...
A: Accounts receivables are those customer accounts to whom business has made credit sales on account a...
Q: On January 1, 2021, Grace Corp. created a special building fund by depositing a single sum of P300,0...
A: The question is based on the concept of Financial Management.
Q: The Sales Director of National Co. suggests that certain credit terms be modified. He estimates the ...
A: The question is related to Management of Receivables. The Receivables will be calculated with the he...
Q: The National Co. has an inventory conversion period of 60 days, a receivable conversion period of 35...
A: Solution Working note - Average daily sales = 3375000 / 360 = 9,375.
Q: Discussion Question _Job Costing I The Harriott manufacturing company uses job order costing system....
A: Job costing is one of the peculiar method of accounting. In basic terms it is designed a way so that...
Q: c. What is the total manufacturing cost of each vehicle if 100 vehicles are produced each month? 500...
A: Manufacturing cost is the total cost in production of product. It includes all the cost which makes ...
Q: Information about the Harmonious Company's two products includes: Unit selling price Unit variable c...
A: Hi student Since there are multiple questions, we will answer only first question. Breakeven sales i...
Q: The firms similar to Raphael Marco is having a P/E Multiple of 4. Given the earnings per share calcu...
A: P/E Multiple = Market Price per share/ Earnings per share
Q: Use the following to answer questions 28 – 30 The company lent $100,000 on September 1, 20XA at 3% s...
A: Interest revenue = Amount lent x rate of interest x No. of months / 12
Q: Problem 3-1 – Audit of various investments Ace Holding Co. shows the following investments in its ac...
A: Solution Royalty income is income received from allowing someone to use your property.
Q: Paltel Group has the following Earnings and Securities: Net income for 2020 $450,000 100,000 Weighte...
A: Diluted Earning per share: It measures adjusted net profits distributable to each share of total co...
Q: Using Excel to Cost Inventory Student Work Area PROBLEM In its first month of operations, McLanie Co...
A: Weighted Average Cost Method: This approach is typically employed when inventory items are so closel...
Q: Pricing Plan 1 - $30 per person (a special pack will be included) Pricing Plan 2 - $25 per visitor (...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (...
A: Sky Blue Corporation Income Statement for the period ended December 31 Amount Sales Revenu...
Q: The company invested $200,000 on April 1, 20XA at 4.5% simple interest for 2 years (24 months). 23. ...
A: The company has invested $ 200,000 on April 1, 20XA at 4.5% simple interest p.a. for 24 months' (i.e...
Q: On September 1, 2021, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds paya...
A: Discount Amortization=Amount of bonds issued×Rate of interest×Number of monthPeriod of issuance Prem...
Q: What are 2 disadvantages of environmental accounting and 1 advantage of environmental accounting?
A: The term "environmental accounting," also known as "green accounting," refers to the modification of...
Q: B. Record the transactions stated above in the general journal. C. Post the transactions to the gene...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: sements from the firm. According to the understanding and acceptance of the basic principles and con...
A: Marketing managers should be informed about it by the accounts and finance manager or controller. P...
Q: Determine whether there is a likelihood of fraudulent income based on the review of information you ...
A: As a lead forensic investigator, some information has been gathered from the internet search of Jale...
Q: Caren corp produces 85,600 units for the year and sold 81,750 units at P22.30 per unit. Its practica...
A: Cost of goods manufactured for the year: =Direct Materials + Direct Labor +Manufacturing overhead va...
Q: On 1-1-2011, the company REGAL purchased 30% of the outstanding voting shares of company ARON for $6...
A: The income reported by REGAL during 2015 pertaining to the ARON was $39,000 Explanation: $39,000 = $...
Q: Provide chronological analysis of Tyler's treatment of NOLs through 2021 and report NOL carry forwar...
A: NOL stands for the net operating loss which is the loss which has been incurred by the company durin...
Q: 13. When Joshua purchased Jasmin's P1,000,000 capital interest for 12. When Joshua purchased Jasmin'...
A: 1. False. A partnership firm can be dissolved any time with the consent of all the partners whether...
Step by step
Solved in 2 steps
- On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.During February of this year, H. Rose established Rose Shoe Hospital. The following asset, liability, and owners equity accounts are included in the chart of accounts: The following transactions occurred during the month of February: a. Rose deposited 25,000 cash in a bank account in the name of the business. b. Bought shop equipment for cash, 1,525, Ck. No. 1000. c. Bought advertising on account from Milland Company, 325. d. Bought store shelving on account from Inger Hardware, 750. e. Bought office equipment from Sharas Office Supply, 625, paying 225 in cash and placing the balance on account, Ck. No. 1001. f. Paid on account to Inger Hardware, 750, Ck. No. 1002. g. Rose invested his personal leather working tools with a fair market value of 800 in the business h. Sold services for the month of February for cash, 250. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts. 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?
- On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. b. Bought tables and chairs for cash, 725, Ck. No. 1200. c. Paid the rent for the current month, 1,750, Ck. No. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought supplies on account from Wigginss Distributors, 535. f. Sold services for cash, 1,742. g. Bought insurance for one year, 1,375, Ck. No. 1203. h. Paid on account to Ferber Equipment, 700, Ck. No. 1204. i. Received and paid the electric bill, 438, Ck. No. 1205. j. Paid on account to Wigginss Distributors, 315, Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. No. 1207. m. Paid wages to an employee, 1,200, Ck. No. 1208. n. Resser withdrew cash for personal use, 700, Ck. No. 1209. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20--. 6. Prepare an income statement for July 31, 20--. 7. Prepare a statement of owners equity for July 31, 20--. 8. Prepare a balance sheet as of July 31, 20--. LO 1, 2, 3, 4, 5, 6In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.