PA4-1 (Algo) Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5] [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2021. $ 591 Accounts Payable Accounts Receivable Accumulated Depreciation 291 891 Cash 291 Common Stock 191 Deferred Revenue 191 Depreciation Expense 291 Equipment 3,191 Income Tax Expense 291 Interest Revenue 91 191 Notes Payable (long-term) Notes Payable (short-term) 491 91 Prepaid Rent 391 Rent Expense 1,491 Retained Earnings 2,191 Salaries and Wages Expense Service Revenue 6,173 491 Supplies 191 Supplies Expense Travel Expense 2,591

PA4-1 (Algo) Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5] [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2021. $ 591 Accounts Payable Accounts Receivable Accumulated Depreciation 291 891 Cash 291 Common Stock 191 Deferred Revenue 191 Depreciation Expense 291 Equipment 3,191 Income Tax Expense 291 Interest Revenue 91 191 Notes Payable (long-term) Notes Payable (short-term) 491 91 Prepaid Rent 391 Rent Expense 1,491 Retained Earnings 2,191 Salaries and Wages Expense Service Revenue 6,173 491 Supplies 191 Supplies Expense Travel Expense 2,591

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 4PB

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Transactions and T Accounts The following selected transactions were completed during August of the current year: Billed customers for fees earned, $62,750. Purchased supplies on account, $2,700. Received cash from customers on account, $58,990. Paid creditors on account, $1,630. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. If an amount box does not require an entry, leave it blank. (1) fill in the blank b7d701fb8004fee_2 fill in the blank b7d701fb8004fee_3 fill in the blank b7d701fb8004fee_5 fill in the blank b7d701fb8004fee_6 (2) fill in the blank b7d701fb8004fee_8 fill in the blank b7d701fb8004fee_9 fill in the blank b7d701fb8004fee_11 fill in the blank b7d701fb8004fee_12 (3) fill in the blank b7d701fb8004fee_14 fill in the blank b7d701fb8004fee_15 fill in the blank b7d701fb8004fee_17 fill in the blank b7d701fb8004fee_18 (4) fill in the blank b7d701fb8004fee_20 fill…
Transactions and T Accounts The following selected transactions were completed during August of the current year: Billed customers for fees earned, $62,750. Purchased supplies on account, $2,700. Received cash from customers on account, $58,990. Paid creditors on account, $1,630. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. If an amount box does not require an entry, leave it blank. (1) fill in the blank b7d701fb8004fee_2 fill in the blank b7d701fb8004fee_3 fill in the blank b7d701fb8004fee_5 fill in the blank b7d701fb8004fee_6 (2) fill in the blank b7d701fb8004fee_8 fill in the blank b7d701fb8004fee_9 fill in the blank b7d701fb8004fee_11 fill in the blank b7d701fb8004fee_12 (3) fill in the blank b7d701fb8004fee_14 fill in the blank b7d701fb8004fee_15 fill in the blank b7d701fb8004fee_17 fill in the blank b7d701fb8004fee_18 (4) fill in the blank b7d701fb8004fee_20 fill…
Transactions and T Accounts The following selected transactions were completed during August of the current year: Billed customers for fees earned, $62,750. Purchased supplies on account, $2,700. Received cash from customers on account, $58,990. Paid creditors on account, $1,630. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. If an amount box does not require an entry, leave it blank. (1) fill in the blank b7d701fb8004fee_2 fill in the blank b7d701fb8004fee_3 fill in the blank b7d701fb8004fee_5 fill in the blank b7d701fb8004fee_6 (2) fill in the blank b7d701fb8004fee_8 fill in the blank b7d701fb8004fee_9 fill in the blank b7d701fb8004fee_11 fill in the blank b7d701fb8004fee_12 (3) fill in the blank b7d701fb8004fee_14 fill in the blank b7d701fb8004fee_15 fill in the blank b7d701fb8004fee_17 fill in the blank b7d701fb8004fee_18 (4) fill in the blank b7d701fb8004fee_20 fill…
Please see below. Please be sure to use exact terms and dates for this. Need asap please and thank you. Selected transactions for Pharoah Company are presented below in journal form (without explanations). Date Account Title Debit Credit May 5 Accounts Receivable 4,070 Service Revenue 4,070 12 Cash 1,340 Accounts Receivable 1,340 15 Cash 2,120 Service Revenue 2,120 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.)
ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Amounts in the list of accounts are rounded to the nearest dollar. Assume the year ended on September 30, 2020. Accounts Payable $ 341 Accounts Receivable 231 Accrued Liabilities 394 Accumulated Depreciation 340 Cash 347 Contributed Capital 191 Depreciation Expense 380 General and Administrative Expenses 397 Income Tax Expense 342 Interest Revenue 132 Long-Term Debt 236 Other Current Assets 111 Other Long-Lived Assets 581 Other Operating Expenses 237 Prepaid Expenses 134 Property and Equipment 2,262 Retained Earnings 1,565 Selling Expenses 2,725 Service Revenues 6,769 Short-Term Bank Loan 516 Store…
Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2021. Accounts Payable $ 591 Accounts Receivable 291 Accumulated Depreciation 891 Cash 291 Common Stock 191 Deferred Revenue 191 Depreciation Expense 291 Equipment 3,191 Income Tax Expense 291 Interest Revenue 91 Notes Payable (long-term) 191 Notes Payable (short-term) 491 Prepaid Rent 91 Rent Expense 391 Retained Earnings 1,491 Salaries and Wages Expense 2,191 Service Revenue 6,173 Supplies 491 Supplies Expense 191 Travel Expense 2,591 Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The unadjusted balance at the end of the month of the Branch Current is P567,980. The following information is provided to you. (see image below) Compute for the unadjusted balance of the Home Office Current account. In good Accounting form, please. Thank you!
At the end of the current year, $21,200 of fees have been earned but have not been billed to clients. Required: A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
* Enter the opening balances in the ledger accounts as at Oct 1, Write "Balance" in the expla- nation space and insert a dollar sign ($) in the reference column, Provision should be made for the following additional accounts: No. 306 Jane Kent, Drawings, No, 126 Laundry Revenue, No. 726 Salaries Expense, and No. 732 Utilities Expense. * Journalize the transactions. * Post to the ledger accounts. * Prepare a trial balance as at Oct 31 2007
Required information M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] Skip to question [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $…
Prepare a journal entry on December 23 for the withdrawal of $27,000 by Graeme Schneider for personal use. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Graeme Schneider, Capital 32 Graeme Schneider, Drawing REVENUE 41 Fees Earned 42 Sales Commission…
Can you fill out the chart that was provided with the question with the information provided? Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL. ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10…