March 1 Invested OMR 10,000 as capital March 3 Purchased office furniture for OMR 3,000 from Blossom Furniture. Paid OMR 1,000 and agreed to pay the balance after one months. March 4 Purchased supplies for OMR 100. March 7 Paid rent for the next 12 months OMR 2,400
Q: The Statement of Net Position of South State University, a government-owned university, as of the…
A: Answer - Statement of Net Position- The Statement of Net Position presents financial information…
Q: The Ammad Company manufactures a product in a single process. The following information is…
A: Equivalent Produced Units: An item's theoretical production capacity is determined by the amount of…
Q: Identify the most important reasons for performing analytical procedures. b) Describe the broad…
A: Analytical procedure is the procedure which is carried out by the auditors at the preliminary stage…
Q: Required: a) Calculate the following in the context of Nimesh's decision of earning an Masters…
A:
Q: Suppose that a constraint for assembly time has a shadow price of \$50/hour for 15 hours in either…
A: Cost for each hour of overtime done = $30 x 150% = $45 Shadow price = $50 per hr This means for each…
Q: Prepare the journal entry for the following trading securities investment transactions of Johnson…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Q-4: Joel Turner owned 200 shares of GM convertible preferred stock at $20 par value. He converted…
A: The preferred stock are the shares which get the fixed rate of dividend before any other share gets…
Q: The Cheesecake Factory Incorporated is publicly held and had more than 93 million common shares…
A: Treasury stock are those outstanding stocks which are repurchased by the entity from their…
Q: In 2021, Cromwell Corporation purchased bonds of Oliver Company at par for $300,000 and classified…
A: Investments are those assets which generate income mostly in form of interest. Investments can be…
Q: XYZ Company manufactures a unique device that is used by internet users to boost Wi-fi signals. The…
A: Computation of Unit Product Cost - Variable Costing Particulars Per unit Unit Product Cost:…
Q: Sales Mix Analysis Delving further into the operations, another branch which is in the…
A: Calculation of Sales Required to earn Target Income of $ 135,000 Desired Sales = (Fixed Costs +…
Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…
A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…
Q: any with a arge regonal presence. Every year your team spends $420000 per year on inspection of…
A: Annual cost of Inspection of wooden poles = 420000 Corporate Real discount rate= 6% Cost of…
Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…
Q: Illu.1 : A Ltd. acquired B Ltd. Business with the following values. Rs. Fixed Asets 3,00,000…
A: Lets understand the basics. When one company acquire another company then acquirer company gives the…
Q: lease help with question B and C: B.) Another team member who is preparing the Budgeted Balance…
A: Cash Budget Budgeted Cash Collection for Trade receivable Budgeted Cash Collection for Trade…
Q: Problem 9-13 (Algo) Retail inventory method; various applications (LO9-3, 9-4, 9-5] [The following…
A: Solution 2021 2022 Cost ($) Retail ($) Cost ($) Retail ($) Beginning Inventory 105,400…
Q: Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2006 by…
A: The journal entries are a very important aspect of accounting because it is the first step in the…
Q: data on each project are as follows. Project Bono Project Edge Project Clayton Capital investment…
A: Payback period is the term which is defined as the time period taken to recover the investment or…
Q: what will be the company's break-even point in units?
A: Break-even point in units is the number of units at which there is no…
Q: Hirons Air uses two measures of activity, flights and passengers, in the cost formulas in its…
A:
Q: NEEDED IN 10 MINUTES 22. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received…
A:
Q: PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO…
A: The question is related to General Journal for the given transactions.
Q: The critical assumption in the model of demand and supply about the independence of demand and…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: ena Company employs FIFO process costing system concerning its only product which undergoes…
A:
Q: On January 1, 2021, Pet Friendly Stores adopted the retall inventory method. Inventory transactions…
A: The ratio signifying the amount of cost in a retail price is referred to as the cost-to retail…
Q: Boreal Landscape Corp. (BLC) is a landscape design company located in North York, Ontario, that…
A: Revenue Recognition According to Accounting Standard for Private Enterprises (ASPE) which provides…
Q: (The following information opplies to the questions displayed below] Information on Kwon…
A: The cost of goods manufactured includes direct materials, direct labor and applied overhead cost.
Q: a) Prepare a cash budget for the 3 months period February to April. b) Discuss the cash budget in…
A: A cash budget is a measure of the inflow and outflow of a business over a period of time. This could…
Q: s in his business
A: As per IRS rules you can depreciation apartment building used for business as under - Cost of…
Q: Scenario 1 On January 1, 2018, Harvey Inc. issued $1,000,000 of 10 years, 6% bonds when the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Below are three independent and unrelated errors. On December 31, 2017, Wolfe-Bache Corporation…
A: Solution:- Explanation of the effect of each error on the income statement and the balance sheet in…
Q: Scenario 2 On January 1, 2020, Harvey Inc. made available $100,000 of 20 years, 10% bonds at par…
A: Answer: 1) Cash Account Dr. $1,00,000 To Bonds Payable Account. $1,00,000 (To record…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: following information applies to the questions displayed below.] January 1, 2021, Pet Friendly…
A: Cost Retail Beginning inventory…
Q: Accordingly, the following entries relating to the contingency for warranty costs were recorded…
A: Warranty expenses are the expenses that are incurred with respect to the repair, replacement, or…
Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…
A: Ending inventory is the cost of items on board at the end of the reporting period. For a corporation…
Q: The Regal Cycle Company manufactures three types of bic expenses for the past quarter follow:…
A: Calculation of Financial Advantage (disadvantage) per quarter of discontinuing Racing Bikes If…
Q: Karim Corporation requires a minimum $9,300 cash balance. Loans taken to meet this requirement cost…
A: Introduction Balances for last addition loan and ending cash balance:
Q: How much total overhead cost should be assigned to one order for 500 Pastrami sandwiches, if the…
A: Calculation of Activity rates for each activity Activity Allocation Base Estimated Overhead Cost…
Q: 2) Troy Ltd purchased a new machine on 1 October 2016 at a cost of $114,000. The entity estimated…
A: Formula: Straight line method depreciation = ( Asset cost - salvage value ) / Useful life years
Q: Required: Identify the type of accounting change this decision represents and prepare the journal…
A: Solution:- Given, Accounting change:- Change in accounting principle, change in estimates and prior…
Q: Salaries from December 15-31, 2017 were accrued in the amount of 100,000. ADJUSTING ENTRY; EFFECT IF…
A: Adjusting journal entry is the entry which is made and recorded at the end of the year to record the…
Q: Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by…
A: Journal entry shows the recording of transactions during an accounting year and every transaction…
Q: 2 Which is more economical, a tile floor or a wood floor? Assume that the public building has a life…
A: Solution: Both tile and wood floors have the same cleaning expenses. Only the installation prices…
Q: For the year ending December 31, 2022, Sheridan Inc. reports net income $147,000 and cash dividends…
A: Formula: Ending Retained earnings balance = Beginning retained earnings + Net income - Dividends…
Q: Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the…
A: Solution: Customer Due Date Number of Days Past Due Conover industries 9-Jul 144 Days…
Q: Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost…
A: Whenever a physical inventory counting is performed, a periodic inventory system just maintains the…
Q: Assume a company receives an actual return of goods. Which of the following needs to happen? Sales…
A: The return of goods is the amount of goods that were sold to customers but were returned to…
Step by step
Solved in 2 steps with 2 images
- The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in advance, $4,500. C. Provided services in the amount of $1,000. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $275 per week. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. We will pay the $110 in thirty days. H. Paid the worker hired in D for one weeks work. I. Received $100 from a customer for services we will provide next week. J. Dividends in the amount of $1,500 were distributed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). 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.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. 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.
- P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. 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.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 (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.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.
- George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks: A. George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return. B. Paid two months rent in advance, $800. C. Agreed to do a hauling job for a price of $1,200. D. Performed the hauling job discussed in C. We will get paid later. E. Received payment of $600 on the hauling job done in D. F. Purchased gasoline on credit, $50. G. Performed another hauling job. Earned $750, was paid cash. Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the T-accounts when you are done.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. 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.
- In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. 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.Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Determined that the cost of supplies used was 1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20Y7. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in retained earnings for August.Journal Entries Overnight Delivery Inc. is incorporated on February 1 and enters into the following transactions during its first month of operations: February 15: Received $8,000 cash from customer accounts. February 26: Provided $16,800 of services on account during the month. February 27: Received a $3,400 bill from the local service station for gas and oil used during February. February 28: Paid $400 for wages earned by employees for the month. February 28: Paid $3,230 for February advertising. February 28: Declared and paid $2,000 cash dividends to stockholders. Required Prepare journal entries on the books of Overnight to record the transactions entered into during February. Explain why you agree or disagree with the following: The transactions on February 28 all represent expenses for the month of February because cash was paid. The transaction on February 27 does not represent an expense in February because cash has not yet been paid.