Please help me do a general journal for this scenario: Master Flow hired Ring Social Media Company to build Master Flow’s Web Site for $3,000 and paid a $1,000 initial payment up front and opened a $2,000 trade account with Ring. Final payment will be due upon completion of the Web Site.
Q: Please provide journal entries for the following: Jessica Johansen started Sewn for You, a…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…
A: The journal entries are prepared to record daily transactions of the business on a regular basis.
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: Ethical Case: In this case, Person M has deliberately reported a personal loan of $56,000 to the…
Q: in f) above. Angela De Dios, a business graduate student who was working as a mere employee in a…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: In April 2019, Sarah Jones created a new business, IthacaDeep, Inc., offering therapeutic deep…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Part of the Fry’s Electronics, Inc. ’s experience involves providing technical support to its…
A: Financial Transactions:- A financial transaction refers to the agreement between the buyer and the…
Q: ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea…
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested…
A: The question is related to Journal Entries for the month October 30th, 2022.
Q: Prepare general journal entries for the following transactions of Green Energy Company. Use the…
A: Journal entry: Journal is the book of original entry whereby all the financial transactions are…
Q: In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue,…
A: Date Account titles and explanation Debit ($) Credit ($) 1-Jan Cash $50,000 Accounts…
Q: Assume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan…
A: Under accrual concept, revenue should be recognized only when it is earned not only when cash is…
Q: Williams, Inc. received an invoice of $12,000 for computer hardware with terms of 4/15, n/30. They…
A: INVOICE- It is a commercial document that records a transaction between a buyer and a seller. It…
Q: Prepare the entries to record the following independent transactions with explanations. 1. On Jan 4,…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: In this case, Person M has deliberately reported a personal loan of $56,000 to the accounts…
Q: Assume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan…
A: The correct answer for the above motioned question is given in the following steps
Q: Creates the T accounts for the submitted transactions. During the month of May 2020, Bruno Ayala, an…
A: Journal entry of the above transaction is as follows:
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: In this case, the person Manny Kinn shows a personal loan of $56000 deliberately under the head of…
Q: If you ran the report Transaction List by Vendor, for all dates, what dollar amount will appear…
A: 250 dollar amount will appear under the vendor Today’s CPA
Q: classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be…
A: In the given scenario Pablo reported a $56,000 receivable from Becky Holt, the president of Picasso…
Q: Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice…
A: Ethics are a set of moral principles they affect how people in a society make decisions and how…
Q: Roshaun Gould started a web consulting firm called Gould Solutions. He began operations and…
A: T-account: It can be defined as a tool that is used by the business to assist in understanding the…
Q: C. In June, Nikea Inc. received the $10,000 payment from XYZ Which of Nikea's accounts are affected…
A: Given transaction is: Nikea Inc. received the $10,000 payment from XYZ. Cash (Assets) - Increase XYZ…
Q: After journalizing and posting (to T-accounts) the transactions below, you are to answer the…
A:
Q: Your activity: Posting to the ledger The following journal entries were found in the books of…
A: The T-accounts are prepared as posting the journal entries to their specific accounts and further…
Q: Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of…
A: 1. The transaction for service of computer support is recorded by debiting cash and crediting…
Q: Evaluate and share on thoughts on whether it is acceptable for Pablo to prepare the July 31, 2016,…
A: Ethical Case: In this case, Person M has deliberately reported a personal loan of $56,000 to the…
Q: Ash Traynor opened a Pokèmon dress shop called PokėShoppe. During the first month of operations, the…
A: Thanks for the Question. Bartleby's Guideline: “Since you have posted a question with multiple…
Q: Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following journal entries were found in the books of Lagumang Pagsusulit Photocopying Services…
A: Journal entry is the process of recording business transactions in the books of accounts for the…
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: 1.Mannyy is not behaving ethically by reporting loan to Tom as a trade account receivable.The trade…
Q: Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is…
A: An accounting equation is a mathematical equation which express that the assets of an entity are…
Q: Smith & Sons is a CPA firm that provides proprietary software to its clients. One of its software…
A: Answer The five steps required to satisfy for revenue recognition:- identify the contract with the…
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: 1 ) Manny behaving unethically just deluding the financial position of the entity. Advance to…
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the follo transactions…
A: Journal entries are defined as posting of the transaction that are of monetary nature into books and…
Q: Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice…
A: Accounts Receivables are the amounts due from the customers on account of credit sales made.
Q: Prepare the entries to record the following independent transactions with explanations. On Jan 4,…
A: Journal entries recording is the first step of accounting cycle process, under which atleast one…
Q: Ron Smith opens an apartment-locator business near a college campus. The com- pany will be named…
A: Accounting equation of Campus…
Q: Ash Traynor opened a Pokèmon dress shop called Pokeshoppe. During the first month of operations, the…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Calculate the IRR for the following business scenario by using excel or google sheets. Upload your…
A: Net revenue is the amount which is received after deducting expenses from the gross revenue earned.…
Q: The company performs consulting services for a client for an agreed upon fee of $100,000. The…
A: Agreed fees for rendering consulting services = $100,000.
Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…
A:
Q: This problem is based on the transactions for the Take Wings Company in your text. Prepare journal…
A: The transactions are journalized for Take Wings Company.
Q: On 9/1, Bugsy Pest Control receives $12,000 in advance to provide provide pest control services to a…
A: Receipt of advance increases unearned revenue and increases cash on 9/1.
Q: Prepare the entries to record the following independent transactionswith explanations.1.On Jan 4,…
A: Journal is the recording of financial transactions as per the dual entity concept.
Q: BMC has successfully built a practice that services small businesses by providing accounting related…
A: The five steps of revenue recognition are the following a) Identification of the contract with the…
Q: Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are…
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA.…
A: At the point when you begin with charge card handling with us, you will not have to stress over…
Q: Analyze the following transactions using ONE T-Account. The following are the transactions of A.…
A: Cash and cash equivalents are those term assets which are either in cash or can be converted into…
Q: ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea…
A: The journal entries are prepared to record day to day transactions of the business.
Please help me do a general journal for this scenario:
Master Flow hired Ring Social Media Company to build Master Flow’s Web Site for
$3,000 and paid a $1,000 initial payment up front and opened a $2,000 trade account
with Ring. Final payment will be due upon completion of the Web Site.
In case liability arises but it will be paid in future then it is recorded as current liability in balance sheet.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Assume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan Karver, the owner, presents you with a check for $15,000 from a customer, Anna DeJuliet, to do a landscape design at her residence as soon as the ground thaws in the spring of 2014. No work on this project can be done until then. Logan wants you to deposit the check and include the $15,000 in the 2013 income statement. He is expecting to include the $15,000 in his 2013 net income in order to secure a loan from the bank in January 2014 for some new equipment. Write a Business Memo in proper format to Logan explaining how this check should be accounted for and why.Assume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan Karver, the owner, presents you with a check for $15,000 from a customer, Anna DeJuliet, to do a landscape design at her residence as soon as the ground thaws in the spring of 2014. No work on this project can be done until then. Logan wants you to deposit the check and include the $15,000 in the 2013 income statement. He is expecting to include the $15,000 in his 2013 net income in order to secure a loan from the bank in January 2014 for some new equipment. Explain how this check should be accounted for and why. (short answer)Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of Fry’s Electronics, Inc.'s experience involves providing technical support to its customers. This includes in-home installations of electronics and also computer support at their retail store locations. Requirements Suppose Fry’s Electronics, Inc. provides $10,500 of computer support at the Dallas-Fort Worth store during the month of November. How would Fry's Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? What is the difference in how revenue is recorded in requirements 1 and 2? Clearly state when revenue is recorded in each requirement.
- Review the following transactions, and prepare any necessary journal entries for Juniper Landscaping Services. A. On November 5, Juniper receives advance cash payment from a customer for landscaping services in the amount of $3,500. Juniper had yet to provide landscaping services as of November 5. B. On December 11, Juniper provides all of the landscaping services to the customer from November 5. C. On December 14, Juniper receives advance payment from another customer for landscaping services in the amount of $4,400. Juniper has yet to provide landscaping services as of December 14. D. On January 19 of the following year, Juniper provides and recognizes 80% of landscaping services to the customer from December 14.Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies. A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2. B. On April 4, Olinda provides all of the dog food bowls to the customer.Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
- You are to enter up the necessary accounts for the month of June from the following details, and then balance off the accounts and extract a trial balance as at 30th June 2015 June 1: Started the firm with capital in cash Kshs. 750,000 June 2: Bought goods on credit from F. Kamau Kshs. 162,000 K. Musioka Kshs. 261,000 G. Mutiso. Kshs. 75,000 M. Kim 228,000 and F. Njoroge 192,000 June 4: Sold goods on credit to M. Coke Kshs. 120,000, T. Big Kshs. 186,000 and K. Muigai Kshs. 528,000 June 6: Paid rent by cash Kshs. 36,000 June 9: M. Coke paid us his account by cheque Kshs. 129,000 June 10: H. Muigai paid us Kshs.450000 by cheque June 12: We paid the following by cheque G. Mutiso Kshs. 75,000, F. Kamau Kshs. 162,000 June 15: Paid carriage by cash Kshs. 69,000 June 18: Bought goods on credit…BMC has successfully built a practice that services small businesses by providing accounting related services. BMC will provide free training and initial implementation of accounting records through QuickBooks but requires a monthly subscription in order to access the account information. This training is otherwise provided for a one-time fee of $10,000. Upon subscription ($10k/month), BMC will perform all related accounting functions for the small business using QuickBooks. The subscription requires a 3 year contract. Premium Services can be purchased at a 20% discount, if included in the contract, which includes 24/7 direct hotline to senior accountants within BMC. The Premium Services are routinely sold at standalone prices of $100/hr. BMC estimates that a typical client will utilize this service on average of 40 hours a month. Perform the 5 steps of Revenue Recognition assuming a client purchased the maximum package. Assume the estimate and actual hours for Premium Services has no…Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000
- You contacted costa who agreed to allow you to use their name and sell their products with an annual fee of OMR15 ,000. This is an example of; a. Service business b. Mining c. Franchise d. wholesalingPrepare the entries to record the following independent transactions with explanations.On Jan 4, 2016, received PHP20,000 from a customer in payment for serv'ices rendered.2. Payment to X Supplier amounting to PHP4,OOO for offce supplies purchased on Jan 3, 2016.3. Maria invested PHP60,000 on Jan 18, 2016 to stan a barbershop in Iligan City.4. On Jan 3, 2016 paid PHPIO,OOO rental amount for the month of Jan 2016,.5. On Jan 15, 2016, Peter Pawn withdrew PHP30,000 from his business to pay for the tuition of his son.6. Collected PHP20,000 of the accounts receivable from Malakas Company on Jan 17, 2016.7. Paid the salary of the office secretary amounting to PHPI 5,000 on Jan 18, 2016.8. Purchased office equipment worth PHP20,OOO by paying 40% down payment and the balance on account.9. Paid PHP2,000 of the accounts payable on Jan 28, 2016.10. Rendered serv'ices to clients on Jan 18, 2016 amounting to 5,600.Roshaun Gould started a web consulting firm called Gould Solutions. He began operations and completedseven transactions in April that resulted in the following accounts, which all have normal balances. Cash . . . . . . . . . . . . . . . . . . $20,000Office supplies. . . . . . . . . . 750Prepaid rent . . . . . . . . . . . . 1,800Office equipment. . . . . . . $12,250Accounts payable. . . . . . . 12,250R. Gould, Capital. . . . . . . . 15,000R. Gould, Withdrawals. . . . . . . . . $ 5,200Consulting fees earned . . . . . . . . 20,400Miscellaneous expenses . . . . . . . 7,650 Required 1. Prepare a trial balance for this business as of the end of April. 2. The following seven transactions produced the account balances shown above. a. Gould invested $15,000 cash in the business. b. Paid $1,800 cash in advance for next month’s rent expense. c. Paid $7,650 cash for miscellaneous expenses. d. Purchased office supplies for $750 cash. e. Purchased $12,250 of office equipment on credit (with accounts…