Please do the Required No. 2Thank you! GLOBEa all 51% O 5:24 pm+ ISN Entry No. 1.d...Journalizing, Posting and Preparing a Trial BalanceJoel Feliciano Communications is a public relation firm. During the month ofAugust, the entity completed the following transactions:Paid rent for August, P6,500Received cash from customers on account, P23,000Ordered supplies P3,800Aug.237Billed customers for services rendered, P28,000Made a payment on accounts payable, P11,000.Received the supplies ordered on August 7 and agreed to pay inthirty days, P3,800Paid salaries for the first half of August, P19,000Discovered some of the supplies were not as ordered and returnedthem in full credit, P800.101214151719Received cash from a customer for services rendered, P48,000Paid the electric and water bill for August, P1,600Paid the telephone bill for August, P1,200.Received a bill, to be paid in September, for advertisement placed ina national newspaper during the month of August to promote JoelFeliciano Communications, P7,00024252629Billed a customer for services rendered, P27,000Paid salaries for the second half of August, P19,000Withdrew cash for personal use, P12,0003031Required:Prepare the journal entries for the August transactions using GeneralJournal page 22 and 23Open the following accounts in the ledger: Cash (111), P102,000; AccountsReceivable (113), P55,000.00; Supplies (115), P6,100; Office Equipment(141), P42,000; Accounts Payable (211), P26,000; Feliciano, Capital (311),P179,100; Feliciano, Withdrawals (312); Public Relations Revenues (411);Salaries Expense (511); Rent Expense (521); Utilities Expense (513); andAdvertising Expense (514).Post entries to the ledger accounts. Make the appropriate postingreferences in the journal and ledger.1.2.3.4.Prepare a trial balance.

The ledgers are prepared to post the journal balances for various accounts.

Prepare the journal entries for the August transactions using General Journal page 22 and 23 Open the following accounts in the ledger: Cash (111), P102,000; Accounts Receivable (113), P55,000.00; Supplies (115), P6,100; Office Equipment (141), P42,000; Accounts Payable (211), P26,000; Feliciano, Capital (311), P179,100; Feliciano, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Rent Expense (521); Utilities Expense (513); and Advertising Expense (514). Post entries to the ledger accounts. Make the appropriate posting references in the journal and ledger. Prepare a trial balance. 1. 2. 3. 4.

Prepare the journal entries for the August transactions using General Journal page 22 and 23 Open the following accounts in the ledger: Cash (111), P102,000; Accounts Receivable (113), P55,000.00; Supplies (115), P6,100; Office Equipment (141), P42,000; Accounts Payable (211), P26,000; Feliciano, Capital (311), P179,100; Feliciano, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Rent Expense (521); Utilities Expense (513); and Advertising Expense (514). Post entries to the ledger accounts. Make the appropriate posting references in the journal and ledger. Prepare a trial balance. 1. 2. 3. 4.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 60APSA: Problem 2-60A Journalizing and Posting Transactions Cincinnati Painting Service Inc. specializes in...

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Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet checking account. 1.Instead of continuing to share office space with a local real estate agency. Peyton decided to rent office space near a local musk store, Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft and fire. The policy covers a one year period. 2.Received 1,000 on account 3. On behalf of PS Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 2SO on account 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart. 7,500. 8.Paid for a newspaper advertisement 200. 11.Received 1.000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Pane 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account 850 21.Paid 620 to Upload Musk for use of its current musk demos in making various musk sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500 Received 750, with the remainder due August 4.20YS. 27.Paid electric Ml 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500, Received S00 with the remainder due on August 9. 20Y5. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1.400 royalties (musk expense) to National Musk Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.
All journals and general ledger; trial balance The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, 2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., 26,900. 3. Purchased office equipment on account from Office Mate Inc., 1,570. 5. Issued Invoice No. 91 to Ellis Co., 7,000. 6. Received check for 7,950 from Chavez Co. in payment of invoice. Mar. 7. Issued Invoice No. 92 to Trent Co., 9,840. 9. Issued Check No. 206 for fuel expense, 820. 10. Received check for 10,000 from Sajeev Co. in payment of invoice. 10. Issued Check No. 207 to Office City in payment of 450 invoice. 10. Issued Check No. 208 to Bastille Co. in payment of 1,890 invoice. 11. Issued Invoice No. 93 to Jarvis Co., 7,200. 11. Issued Check No. 209 to Porter Co. in payment of 415 invoice. 12. Received check for 7,000 from Ellis Co. in payment of March 5 invoice. 13. Issued Check No. 210 to McIntyre Sales Co. in payment of 26,900 invoice of March 2. 16. Cash fees earned for March 1 16, 26,800. 16. Issued Check No. 211 for purchase of a vehicle, 28,500. 17. Issued (-heck No. 212 for miscellaneous administrative expense, 4,680. 18. Purchased maintenance supplies on account from Bastille Co., 2,430. 18. Received check for rent revenue on office space, 900. 19. Purchased the following on account from Master Supply Co.: maintenance supplies, 2,640, and office supplies, 1,500. 20. Issued Check No. 213 in payment of advertising expense, 8,590. 20. Used maintenance supplies with a cost of 4,400 to repair vehicles. 21. Purchased office supplies on account from Office City, 990. 24. Issued Invoice No. 94 to Sajeev Co., 9,200. 25. Received check for 14,000 from Chavez Co. in payment of invoice. 25. Issued Invoice No. 95 to Trent Co., 6,300. 26. Issued Check No. 214 to Office Mate Inc. in payment of 1,570 invoice of March 3. 27. Issued Check No. 215 to J. Wu as a personal withdrawal, 4,000. 30. Issued Check No. 216 in payment of driver salaries, 33,300. 31. Issued Check No. 217 in payment of office salaries, 21,200. 31. Issued Check No. 218 for office supplies, 600. 31. Cash fees earned for March 17-31, 29,400. Instructions 1. Enter the following account balances in the general ledger as of March 1: 11 Cash 65,200 12 Accounts Receivable 31,950 14 Maintenance Supplies 7,240 15 Office Supplies 3,690 16 Office Equipment 17,300 17 Accum. Depr. Office Equip. 4,250 18 Vehicles 62,400 19 Accum. Depr.Vehicles 17,800 21 Accounts Payable 2,755 31 J.Wu, Capital 162,975 32 J.Wu, Drawing 41 Fees Earned 42 Rent Revenue 51 Driver Salaries Expense 52 Maintenance Supplies Expense 53 Fuel Expense 61 Office Salaries Expense 62 Rent Expense 63 Advertising Expense 64 Miscellaneous Administrative Exp. 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), 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.
Closing entries On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a fumiture wholesaler, are as follows: Accumulated Depr.Building 365,000 Inventory 115,000 Administrative Expenses 440,000 Notes Payable 100,000 Building 810,000 Retained Earnings 455,000 Cash 78,000 Sales 1,437,000 Common Stock 75,000 Sales Tax Payable 4,500 Cost of Goods Sold 775,000 Selling Expenses 160,000 Dividends 15,000 Store Supplies 16,000 Interest Expense 6,000 Store Supplies Expense 21,500 Prepare the July 31 closing entries for Serbian Interiors Company.
Multiple step income statement and balance sheet The following selected accounts anti their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated DepreciationOffice Equipment 58,000 Store Equipment 650,000 Accumulated DepreciationStore Equipment 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2032) 140,000 Gerri Faber. Capital 431,000 Gerri Faber, Drawing 300,000 Sales 8,925,00 Cost of Merchandise Sold 5,620,00 Sales Salaries Expense 850,000 Advertising Expense 420,000 Depreciation Expense Store Equipment 33,000 Miscellaneous Selling Expense 18,000 Office Salaries Expense 540,000 Rent Expense 48,000 Insurance Expense 24,000 Depredation ExpenseOffice Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 6,000 Interest Expense 12,000 Instructions 1.Prepare a multiple-step income statement. 2.Prepare a statement of owners equity. 3.Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Briefly explain how multiple-step and single-step income statements differ.
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 2-60A Journalizing and Posting Transactions Cincinnati Painting Service Inc. specializes in painting houses. During June, its first month of operations, Cincinnati Painting engaged in the following transactions: June 1 Issued common stock for $25,000. 3 Purchased painting supplies from River City Supply for $1,675 on credit, 8 Purchased a used truck from Hamilton Used Car Sales for 513300. paying 31,500 down and agreeing to pay the balance in 6 months. 14 Paid $4230 to hourly employers for work performed in June. 22 Billed various customers a total of $10,340 for June painting jobs. 26 Received $6.100 cash from James Elton for a house painting job completed and previously billed. 29 Collected $52.0 from Albert Montgomery on completion of a 1-day painting job. This amount is not included in the June 22 bills. Required: 1. Prepare a journal entry for each transaction. 2. Post the journal entries to the appropriate T-accounts.
Exercise 4-54 Operating Cycle and Current Receivables a. Dither and Sly are attorneys-at-law who specialize in federal income tax law. The): complete their typical case in 6 months or less and collect from the typical client within 1 additional month. b. Johnstons Market specializes in fresh meat and fish. All merchandise must be sold within one week of purchase. Almost all sales are for cash and any receivables are generally paid by the end of the following month. c. Mortondos is a womens clothing store specializing in high-style merchandise. Merchandise spends an average of 7 months on the rack following purchase. Most sales are on credit and the typical customer pays within 1 month of sale. d. Trees Inc. grows Christmas trees and sells them to various Christmas tree lots. Most sales are for cash. It takes 6 years to grow a tree. Required: For each of the businesses described above, indicate the length of the operating cycle.
Analyze Under Armour The following year-end data were taken from recent balance sheets, of Under Armour, Inc. (UA) (in millions): December 31 Year 2 Year 1 Current assets 1,965.2 1,498.8 Current liabilities 685.8 478.8 a. Compute the working capital and die current ratio as of December 31, Year 2 and Year 1. Round to one decimal place. b. What conclusions concerning the companys ability to meet its short-term obligations can you draw from part (a)?
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018: Cash 92,000 Retained Earnings 381,000 Accounts Receivable 450,000 Dividends 300,000 Inventory 370,000 Sales 8,925,000 Estimated Returns Inventory 5,000 Cost of Goods Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense Accumulated Depreciation Store Equipment 33,000 Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation Rent Expense 48,000 Store Equipment 87,500 Insurance Expense 24,000 Accounts Payable 38,500 Depreciation Expense Customers Refunds Payable 10,000 Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable Miscellaneous Administrative (final payment due 2034) 140,000 Exp. 6,000 Common Stock 50,000 Interest Expense 12,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the operations of Chen Construction Company for July, 2019. Required: CONCEPTUAL CONNECTION Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transactions that most liker took place. Prepare a trial balance at July 31, 2019.
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.
Revenue journal; accounts receivable subsidiary and general ledgers Sage learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: July 21. Issued Invoice No. 1 to J. Dunlop for 115 on account. 22. Issued Invoice No. 2 to K. Tisdale for 350 on account. 24. Issued Invoice No. 3 to T. Quinn for 85 on account. 25. Provided educational services, 300, to K. Tisdale in exchange for educational supplies. 27. Issued Invoice No. 4 to F. Mintz, for 225 on account. 30. Issued Invoice No. 5 to L). Chase for 170 on account. 30. Issued Invoice No. 6 to K. Tisdale for 120 on account. 31. Issued Invoice No. 7 to T. Quinn for 105 on account. Instructions 1.Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Past to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop: F. Mint/; T. Quinn; K Tisdale. 2Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 12Accounts Receivable 13Supplies 41Fees Earned a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b.What is the balance of the accounts receivable controlling account at July 31? 4.Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?