Paid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?
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Paid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?
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- Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies?Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are already accounted for in the March 31st Trial Balance. What would be the correct General Ledger Entry?For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Supplies
- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent RevenueHow would i compute if she had a net income or net loss? Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice: a. Transferred cash from a personal bank account to an account to be used for the business, $36,000. b. Paid October rent for the office and workroom, $2,400. c. Purchased used automobile for $32,800 and, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500/ j. Paid $5,000 on note payable. k. Received invoice for blueprint services, due in Novembre, $2,890. l. Recorded fees earned on plans delivered, payment to be received in November, $18,300. m. Paid salary of…On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020
- Volcano Inc. Received 1,000 cash in advance for work to be performed. How will this transaction affect the accounts?Alicia Tax Services paid $500 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction? a. Debit Office supplies, $500; credit Accounts payable, $500. b. Debit Cash, $500; credit Office supplies, $500. c. Debit Accounts payable, $500; credit Cash, $500. d. Debit Office supplies expense, $500; credit Cash, $500.Assuming the entity bought 300,000 worth of supplies on account. The proper journal entry to this transaction is by debiting the Supplies account and crediting what account? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts Payable
- The transactions below needs to be journalized. Two accrual transactions and two deferral transactions. Please be sure to include corresponding dates and transaction amount information. I need help with this please and thank you. Please include an explanation of what was done. Accrual Transactions - May 1st, 2021 Paid rent on my office space and paid the landscaping company (revenue: $15,000 expenses: $2,000) Bonuses paid out for my employees (revenue: $15,000 expenses: $800) Deferral Transactions - January 1st 2021 Paid $600 for a year of insurance Equipment Depreciates by $150 every monthCreate a journal entries for this transactions 1. December 2, 2019 - He bought supplies on account amounting to P7,200 2. December 8, 2019 - He paid accounts payable for supplies purchased worth P7,200The transactions below needs to be journalized. Two accrual transactions and two deferral transactions. I need help with this please and thank you. Please include an explanation of what was done. Accrual Transactions - May 1st, 2021 Paid rent on my office space and paid the landscaping company (revenue: $15,000 expenses: $2,000) Bonuses paid out for my employees (revenue: $15,000 expenses: $800) Deferral Transactions - January 1st 2021 Paid $600 for a year of insurance Equipment Depreciates by $150 every month