Owl Inc. received $8,000 in cash as a deposit for services to be preformed later in the month. When Owl Inc. received this money they would have debited the account Write your response here... Write your response here... for $8,000 Please type your answer to submit for $8,000 and credited the account

Owl Inc. received $8,000 in cash as a deposit for services to be preformed later in the month. When Owl Inc. received this money they would have debited the account Write your response here... Write your response here... for $8,000 Please type your answer to submit for $8,000 and credited the account

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.1: Subsidiary Ledgers And Controlling Accounts

Problem 1OYO

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24)Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months services in advance. Management Services' general journal entry to record this transaction will include a: (Hint: What is the journal entry if Management Service Inc. receives early cash payment from its client before providing management service?) Group of answer choices Credit to Management Fees Earned for $60,000. Credit to Cash for $60,000. Debit to Unearned Management Fees for $60,000. Credit to Unearned Management Fees for $60,000.
Journalize the transactions for July 2020 in a two-column journal (general journal) page1. Just omit the explanations in making your journal entries. Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions. July 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of Php 120,000 two years ago but was now worth Php 100,000 only.July 2. Paid Php 15,000 cash for the rent of office space for the month.July 4. Purchased Php 12,000 of office furniture on credit (due within 30 days).July 8. Completed a work for a client and immediately collected the Php 32,000 cash.July 10. Completed work for a client and sent a bill for Php 27,000 to be paid within 30 days.July 12. Purchased supplies for Php 4,000 in cash.July 15. Paid an assistant Php 6,200 cash as salaries for 15 days.July 18. Collected Php 15,000 on the amount owed by the…
7. Using the appropriate window for Computerized Accounting with QuickBooks 2021, record the following transactions for April 2022. The company file was 'CH2 Lynn's Music Studio.QBW.' Apr.2 Received bill for rent of the month of April from Viewhill Realty, $600, paid immediately, Check No.1. Do not print check. Apr.2 Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 1257, $2,500, Net 30 Days. Apr.5 Purchased furniture on account from Mills Family Furniture, Invoice No. 1257, $2,500, Net 30 Days. Apr.6 Purchased a computer system on account from Computer Town, Invoice No. X234, $3,000, Net 15 Days. Apr.9 Purchased music suppliers on account from Strings, Sheets, & Such, Invoice No. 1290, $500, Net 15 Days.
FP#1 SEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she…
Q1: Ahmad started his own Computer service on January 1, 2020. The following transactions occurred during the month of January. January 01 Ahmad invested $ 200000 cash in the business 03 Paid $ 10000 for office rent for the month 05 Service provided on account $ 15000 12 Purchased supplies for $ 3000 on account 15 Received a cash payment of $ 5000 for services provided on January 05 17 Purchased gasoline for $ 2000 on account 23 Received Bank Loan of $ 40000 on the note payable Instructions Show the effects of these transactions on the accounting equation Prepare a balance sheet at January 31, 2020 Date Assets Liabilities Owner’s Equity Cash Accounts Receivable Supplies Note Payable Account Payable James Capital…
i no need to explaination of any question i want all mcqs anser with very short answer like option a b c d or e can u please tell me all 12 questions correct answer 1. Geek Squad performs services for a customer and bills the customer for $500. How wouldGeek Squad record this transaction?a. Accounts receivable increase by $500; revenues increase by $500.b. Cash increases by $500; revenues increase by $500.c. Accounts receivable increase by $500; revenues decrease by $500.d. Accounts receivable increase by $500; accounts payable increase by $500.e. Accounts payable increase by $500; revenues increase by $500. 2. Indicate which of the following statements is true.a. Since intangible assets lack physical substance, they need be disclosed only in the notes to thefinancial statements.b. Goodwill should be reported as a contra-account in the owner’s equity section.c. Totals of major classes of assets can be shown in the balance sheet, with asset details disclosedin the notes to the…
Parts wriiten Subparts to be solve are the ones to be solved Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…
Problem #12Preparing a Trial BalanceThe ledger of Daria Tolentino Advertising and Publicity contained the following account balances as at Oct. 31, 2021: Cash P 160,000Accounts Receivable 426,000Prepaid Insurance 36,000Equipment 524,000Accounts Payable 245,000Tolentino, Capital 765,000Tolentino, Withdrawals 562,000Advertising Revenues 964,000Public Relations Revenues 425,000Salaries Expense 520,000Rent Expense 90,000Supplies Expense 40,000Utilities Expense 24,000Miscellaneous Expense 17,000 Required:Prepare a trial balance.
Adjustment Amount $5766.67, Net Income $49,408.33 Record the following transactions to the journal and post it to the T-accounts. Make a footing and get the ending balance of each account. Prepare your trial balance in the worksheet template. December 2021 2 Paid wages from last month $1,500. 4 additional investment of $5,000 from S. Joe’s savings account. 10 Collected $1,500 from fees earned previously. 15 Billed client for services rendered, $1,500 20 Paid wages expense $ 1,800. 23 Received telephone bill to be paid later, $150 25 Provided cleaning services in cash $1,000. 26 Purchase cleaning supplies on account $ 1,200. 27 Payment of accounts payable $1,000. 28 Paid gasoline $500. Record the following in the adjustment journal template then post it to the T-accounts. additional information for adjustments for December 31, 2021. Unexpired prepaid rent is $750. The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion. Cleaning supplies on…
II. Computational. Look for the balances of the different accounts using the following transactions: A) Bought office equipment amounting to P5,000. B) Collected P7,800 cash for the work completed. C) Received P6,000 cash advance from clients. The service is to be rendered before the end of the month. D) Received P9,000 cash from clients on credit. E) Bought office supplies on credit amounting to P2,500. Look for the balance of obligations.
MODULE 3 HOMEWORK -ADJUSTMENT ENTRIES Please review the following questions and select the correct answer. Please show me and tell me how you arrived at the correct answer clearly and thoroughly. Question 1: Interest on a loan at the bank is due as of November 1. We borrowed the $5000 three months ago at 6% annual interest. Answers: 1) No entry required 2) DR Interest Expense 5000 CR Interest Payable 5000 3) DR Interest Expense 75 CR Interest Payable 75 4) DR Interest Expense 75 CR Cash 75 Question 2: Company performed $1000 of services that the client paid for in advance. 1) DR Unearned Service Fee 1000 CR Service Fee Revenue 1000 2) DR Unearned Revenue 1000 CR Cash 1000 3) DR Cash 1000 CR Service Fee Revenue 1000 4) DR Service Fee Revenue 1000 CR Unearned Service Fee 1000 Question 3: To record depreciation on the company truck for one year. The…
. EX.02.224 Journalize the following selected transactions for Long Company's first month of operations in a two-column journal, identifying each entry by letter. Omit explanations. If an amount box does not require an entry, leave it blank. a. Received $18,000 from Katie Long, owner, as an investment in the business. fill in the blank 0fc8d7040026053_2 fill in the blank 0fc8d7040026053_3 fill in the blank 0fc8d7040026053_5 fill in the blank 0fc8d7040026053_6 b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. fill in the blank 5b0a5ef84f9efee_2 fill in the blank 5b0a5ef84f9efee_3 fill in the blank 5b0a5ef84f9efee_5 fill in the blank 5b0a5ef84f9efee_6 fill in the blank 5b0a5ef84f9efee_8 fill in the blank 5b0a5ef84f9efee_9 c. Paid $2,300 for rent for April. fill in the blank a37a6ffe2ff3024_2 fill in the blank a37a6ffe2ff3024_3 fill in the blank…