Prepare any necessary journal entries for Olinda Pet Supplies. If an a
Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives…
A: Under the accrual basis of accounting, revenues and expenses are recognized in the period in which…
Q: Mira wanted to know the results
A: Meaning of Income Statement Income statement is a statement that shows the income of the company…
Q: Mr. ABC has the following transactions in the month of January. Write the Journal Entries for the…
A: In accounting, recording in journal is the first and foremost aspect followed by classifying them…
Q: Selected transactions for Concord’s Dog Care are as follows during the month of March. March 1…
A: Record journal entries for transactions occurred in the month of March as shown below:
Q: Review the following transactions: A. On July 16, Arrow Corp. purchases 280 computers (Equipment) at…
A: For making journal entries, rules of debit and credit needs to be followed. These rules are…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…
A:
Q: Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15…
A: Trade Credit is the discount allowed by the seller to the buyer on early cash payment for the goods…
Q: March 22 Provided service to a Hajj Group and earned OMR 500, but did not receive cash. March 24…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Required information [The following information applies to the questions displayed below.] Below are…
A: A separate book named Ledger will be opened and kept up to date with all the Accounts recognized…
Q: R. Sunland Co. uses special journals and a general journal. The following transactions occurred…
A: Cash payment journal is the journal which used to record all the payment made in cash through the…
Q: 1) In December, customers purchased $3,000 of gift cards from Angela’s. (2) At December 31, gift…
A: Gift card certificates are sold by the business to allow the customer to make purchases at some…
Q: On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April…
A: Credit sales: Credit sales refer to the transfer of ownership of the products to the customers by…
Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A retailer received an invoice of RO 2500 with the terms 3/12, n/30 ROG on January 25th. The goods…
A: Given Invoice Amount = RO 2500 Term = 3/12, n/30
Q: On April 2, Jennifer Elston uses her Target RedCard to purchase merchandise from a Target store for…
A: Answer to (A) Books of Target Store Journal Entries Date Particulars Amount (Dr) Amount (Cr)…
Q: USA Trading Corporation and you need to record the following transactions in the General Journal &…
A: Separate entries are passed for sales and cost of sales
Q: Prepare a journal entry for the purchase of office supplies on September 30 for $16,250, paying…
A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…
Q: On February 1, 20Z1, Mira Delamar opened a store that sells school supplies. Mira wanted to know the…
A: 1. All accounts above have normal balances. Indicate whether the above accounts have debit or credit…
Q: Our company operating in the food sector rented the van belonging to the business on 01.12.2021 for…
A: Journal Entry Business transactions are recorded through journal entry in the accounting system for…
Q: Secure Home provides house-sitting for people while they are away on vacation. Some of its customers…
A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…
Q: Presented below are two independent situations. (a) On April 2, Jennifer Elston uses her JCPenney…
A: Transaction: A business event that has a monetary effect on an entity's financial statements and is…
Q: Review the following transactions and prepare any necessary journal entries. A. On July 16, Arrow…
A: Terms of the purchase are 4/10, n/50: It shall mean that if the payment for the goods/assets…
Q: Mohawk Hair Design has the following transactions during the month of February. February 2 Pay $560…
A: Recoding of Transaction: The process of recording transactions in a business's many books of…
Q: Journalize the following transactions in the books Mr. Omar, post them in ledgers, and prepare the…
A: Date Particulars Debit (in OMR) Credit (in OMR) January 1, 2020 Cash 18,500 Capital…
Q: The following are two independent situations. (a) On April 2, Julia Elston uses her JCPenney…
A: Balance amount receivable on June 1 = Total accounts receivable - amount received = $1,300 - $500 =…
Q: On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a…
A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…
Q: On May 5, Johnson Plumbing receives a phone call from a customer needing a new water heater and…
A: As per the revenue recognition principle, revenue is recognized on completion of service to the…
Q: Devon Consulting performed service for a client who could not pay immediately. Devon expected to…
A: T-accounts are the ledger accounts prepared to get all the transaction related to such accounts at…
Q: You are to show the journal entries necessary to record the following items: a. 2018 April 1…
A: All the transactions of the company that are happened during the year will be recorded first in the…
Q: Creative Catering receives a $50,000 cash deposit from a customer on October 15, but will not…
A: DATE ACCOUNTS DEBIT CREDIT Oct 15 Cash $50,000 Deferred revenue $50,000
Q: Seashore Home provides house-sitting for people while they are away on vacation. Some of its…
A: given that, On December 31, Seashore Home has collected $500 from cash-paying customers Seashore…
Q: On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF…
A: Here in the above question, T sold HP laptops on credit to UCF with terms of 3/15, n/30. It means if…
Q: On November 10, JumpStart Co. provides $2,390 in services to clients. At the time of service, the…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: On January 10, Molly Amise uses her Concord Corporation credit card to purchase merchandise from…
A: The entries on Concord corporation's books related to the transactions that occurred on January 10,…
Q: Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose…
A: Accounts Receivable Account receivable is treated as one of the important factor in the financial…
Q: On May 1, Marvel collected $1,200 cash in advance from a customer who purchased 6 months of…
A: Journal entries refers to the process of systematic documentation or recording of the financial…
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: The following are two independent situations. (a) On April 2, Pearl Elston uses her JCPenney Company…
A: Journal Entries for (a): Date Account title Debit Credit April 2 Account receivables $1,400…
Q: Monty Clothing is a retailer in Atlanta, Georgia. The company sells gift cards and records the cash…
A: Prepare the adjustment entries:
Q: Sun Devil Hair Design has the following transactions during the month of February. February 2 Pay…
A: Journal Entries:-These are prepared by the companies with debit and credit sides in order to match…
Q: Jones Co has the following transactions: 1 Payment of $400 to J Bloggs for a cash purchase 2…
A: Journal: Recording of a business transactions in a chronological order.
Q: Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer of Lindley. On…
A: Journal entry is the act of recording the financial transactions into a table that shows a company's…
Q: john began an Upholstery cleaning business on October 1,2020 and engaged in the following…
A:
Q: On June 30, a printing shop provides $1000 of services to a customer to custom print restaurant…
A: As per revenue recognition principle, revenue is recognized when performance obligation is…
Q: Review the following transactions, and prepare any necessary journal entries. On July 16, Arrow…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for 80 dog food dishes (from their Dish inventory), costing $30 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.
Prepare any necessary
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
- 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.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Lupita to recognize the following transactions. A. the initial sale B. the subsequent customer payment on July 12Review 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.Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms Lamplight returns ten light fixtures (receiving a credit amount for the total purchase price per fixture of $20 each) on August 3. Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice date August 19, with no discount terms. Lamplight pays $100 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?
- Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- On May 5, Johnson Plumbing receives a phone call from a customer needing a new water heater and schedules a service visit for May 7. On May 7, Johnson installs the new water heater. The customer pays for services on May 10. According to the revenue recognition principle, on which date should Johnson record service revenue? a. May 5 (date of phone call). b. May 7 (date of service). c. May 10 (date of cash receipt). d. Evenly over the three dates.Review the following transactions, and prepare any necessary journal entries. 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. 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. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)