PA 3. LO 8.5 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. 1. 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.

PA 3. LO 8.5 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. 1. 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.

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 3PA: Domingo Company started its business on January 1, 2019. The following transactions occurred during...

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Comprehensive (Appendix 3.1) Dawson OConnor is the owner of Miller Island Sales, a distributor of fishing supplies. The following is the balance sheet of the company as of December 31, 2018: Dawson keeps very few records and has asked you to help him prepare the 2019 financial statements for Miller Island Sales. An analysis of the 2019 cash transactions recorded in the companys checkbook indicates deposits and checks as follows: Other information about the company is as follows: 1. Accounts receivable at December 31, 2019; 9,200. 2. Accounts payable at December 31: 3. Salaries payable at December 31, 2019, 1,800. 4. Equipment is depreciated by the straight-line method over a 10-year life. The equipment purchased in 2019 was acquired on July 1. All of the equipment will have zero salvage value at the end of its useful life. 5. Interest payable at December 31. 2019: 140. 6. The company uses a periodic inventory system Inventory at December 31, 2019: 17,400. Required: 1. Prepare a worksheet to summarize the transactions and adjustments of Miller Island Sales for 2019. (Hint: Include debit and credit columns for both transactions and adjustments.) 2. Prepare a 2019 income statement and a balance sheet as of December 31, 2019. (Contributed by Waller A. Parker)
Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, 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.
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.
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.
(Appendix 3.1) Cash-Basis Accounting Puntarelli Contracting keep its accounting records on a cash basis during the year. At year end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2018, Puntarelli reported the following balance sheet items. It is now the end of 2019. The companys checkbook shows a balance of 4,700, which includes cash receipts from customers of 51,300 and cash payments of 49,300. An examination of the cash payments shows that: (1) 30,600 was paid to suppliers, (2) 12,700 was paid for other operating costs (including 7,200 paid on January 1 for 2 years annual rent), and (3) 6,000 was withdrawn by T. Puntarelli. On December 51, 2019, (1) customers owed Puntarelli Contracting 55,900, (2) Puntarelli owed suppliers and employees 7,000 and 900, respectively, and (3) the ending inventory was 6,300. Puntarelli is depreciating the equipment using straight line depreciation over a 10-year life (no residual value). Required: 1. Using accrual based accounting, prepare a 2019 income statement (show supporting calculations). 2. Using accrual-based accounting, prepare a December 31, 2019, balance sheet (show supporting calculations).
Problem 2-593 Journalizing Transactions Monilast Chemicals engaged in the following transactions during December 2019: Dec 2 Paid rent on office furniture, $1,200. 3 Borrowed $25,030 on a 9-month, 3% note. 7 Provided services on credit. $42,600. 10 Purchased supplies on credit, $2,850. 13 Collected accounts receivable, $20,150. 19 Issued common stock, $50000. 22 Paid employee wages for December. $13,825. 23 Paid accounts payable, $1,280. 25 Provided services for cash, $13,500. 30 Paid utility bills for December, $1,975. Required: Prepare a journal entry for each transaction.
Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: Answer the following questions: What were the major sources and uses of cash for each company?
All journals and general ledger; trial balance The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, 4,200. 2. Issued Invoice No. 940 to Clifford Co., 1,740. 3. Received check for 4,800 from Ryan Co. in payment of account. 5. Purchased a vehicle on account from Platinum Motors, 37,300. 6. Purchased office equipment on account from Austin Computer Co., 4,500. 6. Issued Invoice No. 941 to Ernesto Co., 3,870. 9. Issued Check No. 611 for fuel expense, 600. 10. Received check from Sing Co. in payment of 4,040 invoice. 10. Issued Check No. 612 for 330 to Office To Go Inc. in payment of invoice. 10. Issued Invoice No. 942 to Joy Co., 1,970. 11. Issued Check No. 613 for 3,090 to Essential Supply Co. in payment of account. 11. Issued Check No. 614 for 500 to Porter Co. in payment of account. 12. Received check from Clifford Co. in payment of 1,740 invoice of December 2. 13. Issued Check No. 615 to Platinum Motors in payment of 37,300 balance of December 5. 16. Issued Check No. 616 for 39,800 for cash purchase of a vehicle. 16. Cash fees earned for December 1-16, 20,300. I7. Issued Cheek No. 617 for miscellaneous administrative expense, 500. 18. Purchased maintenance supplies on account from Essential Supply Co., 1,750. 19. Purchased the following on account from McClain Co.: maintenance supplies, 1,500; office supplies, 375. 20. Issued Check No. 618 in payment of advertising expense, 1,780. 20. Used 3,200 maintenance supplies to repair delivery vehicles. 23. Purchased office supplies on account from Office To Go Inc., 400. 24. Issued Invoice No. 943 to Sinn Co., 6,100. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, 3,000. 25. Issued Invoice No. 944 to Ernesto Co., 5,530. 25. Received check for 4,100 from Ryan Co. in payment of balance. 26. Issued Check No. 620 to Austin Computer Co. in payment of 4,500 invoice of December 6. 30. Issued Check No. 621 for monthly salaries as follows: driver salaries, 16,900; office salaries, 7,100. Dec. 31. Cash fees earned for December 17-31, S 18,900. 31. Issued Check No. 622 in payment for office supplies, 340. Instructions 1. Enter the following account balances in the general ledger as of December 1: 11 Cash 161,680 12 Accounts Receivable 12,940 14 Maintenance Supplies 10,850 15 Office Supplies 4,900 16 Office Equipment 28,500 17 Accum. Depr.Office Equip. 6,900 18 Vehicles 95,900 19 Accum. Depr.Vehicles 14,700 21 Accounts Payable 3,920 31 S. Holmes, Capital 289,250 32 S. Holmes, Drawing 41 Fees Earned 51 Driver Salaries Expense 52 Maintenance Supplies Exp. 53 Fuel Expense 61 Office Salaries Expense 62 Rent Expense 63 Advertising Expense 64 Miscellaneous Administrative Expense 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter cash receipts journal (p. 30, purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35). cash payments journal (p. 3i). and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Mulberry paid the interest payable of $8,000. A Wages of $379,000 were paid in cash. Repairs and maintenance of $9,000 were incurred and paid. The prepaid rent at the beginning of the year was used in 2019. In addition, $28,000 of computer rental costs were incurred and paid. There is no prepaid rent or rent payable at year-end. Mulberry purchased computer paper for $13,000 cash in late December. None of the paper was used by year-end. Advertising expense of $26,000 was incurred and paid. Income tax of $10,300 was incurred and paid in 2019. Interest of $5,000 was paid on the long-term loan. (Continued) Required: 1. Establish a ledger for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the ledger accounts. 2. Analyze each transaction, Journalize as appropriate. (Note: Ignore the date because these events are aggregations of individual events.) 3. Post your journal entries to T-accounts, Add additional T-accounts when needed. 4. Use the ending balances in the T-accounts to prepare a trial balance