May 1 The company billed a customer $2,000 in consulting revenue for sustainable proposals. 3 The company purchased $300 of energy-efficient supplies on credit. 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. 20 The company paid $300 cash toward the payable for energy-efficient supplies. 31 The company paid $100 cash for May's renewable energy utilities.

May 1 The company billed a customer $2,000 in consulting revenue for sustainable proposals. 3 The company purchased $300 of energy-efficient supplies on credit. 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. 20 The company paid $300 cash toward the payable for energy-efficient supplies. 31 The company paid $100 cash for May's renewable energy utilities.

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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Prepare general journal entries for the following transactions of Green Energy Company. Use the following (partial) chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. May 1 The company billed a customer $2,000 in consulting revenue for sustainable proposals. 3 The company purchased $300 of energy-efficient supplies on credit. 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. 20 The company paid $300 cash toward the payable for energy-efficient supplies. 31 The company paid $100 cash for May’s renewable energy utilities.
Following are the transactions of Green Energy Company. May 1 The company provided $2,000 of sustainability consulting services on credit to a customer. May 3 The company purchased $300 of energy-efficient supplies on credit. May 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $300 cash toward the payable for energy-efficient supplies. May 31 The company paid $100 cash for May’s renewable energy Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. Date Assets = Liabilities + Equity May 1 = + May 3 = + May 9 = + May 9 = + May 20 =…
a) Depreciation on the company’s wind turbine equipment for the year is $5,000. b) The Prepaid Insurance account for the solar panels had a $2,000 debit balance at December 31 before adjusting for the costs of any expired coverage. c) Analysis of prepaid insurance shows that $600 of unexpired insurance coverage remains at year-end. d) The company received $3,000 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. e) As of December 31, $1,200 in wages expense for the organic produce workers has been incurred but not yet paid. f) As of December 31, the company has earned, but not yet recorded, $400 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, determine the financial statement impact of each required year-end adjusting entry. Fill in the table below by indicating the amount and…
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Depreciation on the company’s wind turbine equipment for the year is $5,000. The Prepaid Insurance account for the solar panels had a $2,000 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $600 of unexpired insurance coverage remains at year-end. The company received $3,000 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. As of December 31, $1,200 in wages expense for the organic produce workers has been incurred but not yet paid. As of December 31, the company has earned, but not yet recorded, $400 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries
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Depreciation on the company’s wind turbine equipment for the year is $6,700. The Prepaid Insurance account for the solar panels had a $3,700 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,450 of unexpired insurance coverage remains at year-end. The company received $8,100 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. As of December 31, $2,900 in wages expense for the organic produce workers has been incurred but not yet paid. As of December 31, the company has earned, but not yet recorded, $570 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. Required For each of the above separate cases, prepare the required December 31 year-end adjusting entries. Depreciation on the company’s wind turbine equipment for the year is $6,700. Prepaid…
Following are the transactions of Sustain Company. June 1 T. James, owner, invested $12,500 cash in Sustain Company. June 2 The company purchased $5,500 of furniture made from reclaimed wood on credit. June 3 The company paid $900 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $4,500 for sustainability services provided. June 12 The company paid $5,500 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $4,500 cash for services billed on June 4. June 21 T. James invested an additional $11,500 cash in Sustain Company. June 30 The company received $6,500 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions.
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