Prepare the two adjusting entries required on May 31.
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each…
A: Ledger refers to the account prepared to get all the transactions related to any item in a single…
Q: Question 3 Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The…
A: Income statement determines the net income of the company. Statement of financial position…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of…
A: 10 Coloum Worksheet The purpose of preparing the 10 Coloum work sheet to know the all the financial…
Q: PROBLEM THREE: Accounting analysis and basic financial statements On January 1 of the current year,…
A: Balance Sheet shows the financial position of the company at a particular point of time. It lists…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of…
A: Closing Journal Entries The process of closing Journal Entries are transfer all the revenues into…
Q: ANALYSIS OF TRANSACTIONS Jona passed the bar exam in April and immediately set up her own law…
A:
Q: Scenario 6 L'Avenir de Foot LLC conducts in-residence training for youth soccer players. As of the…
A: Accounts payable is a current liability that to be reported in balance sheet.
Q: • Rent for the month of P10,000 was paid through a bank transfer • An electricity bill for P3,000…
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: Activity 1-3 Journalizing Transactions Maharlika decided to invest in a travel agency. Below are the…
A: Journal entries recording is very initial step of accounting process. This is based on rules of…
Q: Ralph Matapang cstablished Happy Repair Busincss. The following are the transactions for the month…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Case 2: GTC Company The GTC Company began operations on April 1. On April 30, the trial balance…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Abc…
A: The income statement is one of the financial statements which shows all incomes and all expenses of…
Q: Q2. Roben Cruse opened the Campus Laundromat on September 1, 2020. During the first month of…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each…
A: T-Account: It is the graphic representation of a general ledger account which groups and present…
Q: Margarita Gonzales Law Office (THIS IS THE ONLY CASE I NEED HELP) :(( Margarita Gonzales Law office…
A: SOLUTION- Financial statement: Financial information is a written record of an organization and…
Q: IV. ACTIVITIES: Practice Set No. 1 (Friendly Trucking) On April 1, 2016, Nels Ferrer organized a…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Question 2: The assets, liabilities, owner's equity, revenues and expenses of Andrea Hotel &…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: P3-4B Beefeaters RV Park was started on April 1 by Sarah Rhodes. These selected events and…
A:
Q: LOT EXERCISE 4.3 Preparing Adjusting threup Entries to Convert an The Golden Goals, a professional…
A: In financial accounting, adjusting entries are the journal entries that are recorded at the end of…
Q: 21. Deerpark Corporation recently borrowed $70,000 cash from its bank. Which of the following was…
A: All the entities are required through the accounting rules in order to submit the financial…
Q: Q 1: NC operates a business closes its accounts and prepares financial statements at the end of…
A: Income Statement The purpose of preparing the income statement to know the net income which are…
Q: Problem 2. Fay Fedor started a delivery service, Fed Deliveries, on July 1, 2018. The following…
A: The accounting equation represents the effect of transactions in the different aspects of the…
Q: ntered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account .…
A: Since you have asked multiple question, we will solve the first two parts for you. If youwant any…
Q: Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 2–4.…
A: (1)
Q: -1 Comparing cash and accrual basis accounting for expenses On The Pink Peonies Law Firm prepays for…
A: Cash Basis Accounting : In this accounting system all income and expenses would be recorded on cash…
Q: Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability.…
A: Accounting equation is the basis of double entry system of accounting. It shows every transaction…
Q: Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Question No. 2 The Golden Goals, a professional soccer team, prepares financial statements on a…
A: Adjusting entries are revisions to previously published journal entries. They specifically ensure…
Q: Exercise 3-2 (Algo) Determining when to recognize revenue LO C1 For each of the following separate…
A:
Q: JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS Miguelito Barrios Jr, Attorney-at-law, opened his…
A: The journal entry seems to be the process of recording or keeping track of any financial or…
Q: Problem 2. Mabel Wong began a professional practice as system analyst on July 1. She plans to…
A: The financial statement is a statement that shows the financial position of the business entity.…
Q: QUESTION 2 NUR Nursery started operations on October 1, 2021. The followings are the transactions…
A: Journal entries represent the process of identifying and recording business-related monetary…
Q: Income statement based on info above
A: Income statement is as follows:
Q: The MRS , professional soccer team, prepares financial statements on a monthly basis. The soccer…
A: Adjusting Entries: Adjusting entries refers to those journal entries which are prepared at the end…
Q: QUESTION 3 Johan Graphic Enterprise was established by Mr. Johan on 1 January 2021. At the end of…
A: 1. Income Statement - It is the statement that shows the income earned and expenses incurred in the…
Q: Q-1. S & A Associates adjusts its accounts at the end of each month. The following information is…
A: Adjusting entries are entries that are passed at the end of the period to accurately reflect income,…
Q: Exercise 1. Worksheet Donald Electronics an electronics repair shop, prepared the unadjusted trial…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…
Q: revenues/expenses/No Revenues / Expenses
A: Revenue is the income earned from ordinary course of business. Expense is the cost incurred for…
Q: 3-5B Bob Royce incorporated Royce Consulting, an accounting 2014. During the first month of…
A: Bob Royce incorporated Royce Consulting on May 2014 May 1- Stockholders invested $100000 cash in…
Q: Activity 1-3 Journalizing Transactions Maharlika decided to invest in a travel agency. Below are the…
A: For recording of accounting transactions into books of accounts, journal entries is the first step.…
Q: Question 2 of 5 The ledger of Blossom, Inc. on March 31, 2022, includes the following selected…
A: It is pertinent to note that under accrual basis of accounting transactions are recorded as and when…
Q: Make ledger and trial balance for following journal Jan 2 An amount of $36,000 was paid as…
A: When the closing balances of leadger accounts are listed and their balances are categorized under…
Q: Our company, which prepares its financial statements on a monthly basis, has leased its workplace on…
A: Formula: Total amount deposited=One year rental fee+VAT Amount
Q: Question NO. 3 show the effect on Income statemet and Balance sheet 1. Mullins Real Estate received…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Part 1: Due Thursday, April 7 During January, the following transactions were completed for Kennesaw…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q:3 The Golden Goals, a professional soccer team, prepares financial statements on a monthly basis.
The soccer season begins in May, but in April the team engaged in the following transactions:
- Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the five-month period from May 1 through September 30. This payment was initially recorded as
Prepaid Rent.
- Collected $4,500,000 cash from the sale of season tickets for the team’s home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of May, the Golden Goals played several home games at which $148,800 of the season tickets sold in April were used by fans.
Required:
Prepare the two
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Brief Exercise 2-32 Journalize Transactions Galle Inc. entered into the following transactions during January. January, 1: Borrowed $50,000 from First Street Bank by signing a note payable. January, 4: Purchased $25,000 of equipment for cash. January, 6: Paid $500 to landlord for rent for January. January, 15: Performed services for customers on account. $10,000. January, 25: Collected $3,000 from customers for services performed in Transaction d. January, 30: Paid salaries of $2,500 for the current month. Required: Prepare journal entries for the transactions.Brief Exercise 2-2? Events and Transactions Several events are listed below. Paid $30,000 for land. Purchased office supplies for cash. Perfumed consulting services for a client with the amount to be collected in 30 days. Signed a contract to perform consulting services over the next 6 months. Required: For each of the events, identify which ones qualify for recognition in the financial statements. If an event does not qualify for recognition, explain why.Case 3-72 Cash- or Accrual-Basis Accounting Karen Ragsdale owns a business that rents parking spots to students at the local university. Karens typical rental contract requires the student to pay the years rent of $450 ($50 per month) on September 1. When Karen prepares financial statements at the end of December, her accountant requires that Karen spread the $450 over the 9 months that each parking Spot is rented. Therefore, Karen can recognize only $200 of revenue (4 months) from each parking spot rental contract in the year the cash is collected and must defer (delay) recognition of the remaining $250 (5 months) to the next year. Karen argues that getting students to agree to rent the parking Spot is the most difficult part of the activity so she Ought to be able to recognize all $450 as revenue when the cash is received from a student. Required: Why do generally accepted accounting principles require the use of accrual accounting rather than cash-basis accounting for transactions like the one described here?
- Transactions; financial statements 2. Net income: 10,850 On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of 24,000 in exchange for common stock. b. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses for month, 1,350, and miscellaneous expenses, 600. d. Purchased supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Paid dividends, 3,500. i. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an income statement for April, a statement of stockholders equity for April, and a balance sheet as of April 30.Exercise 3-40 Revenue and Expense Recognition Electronic Repair Company repaired a high-definition television for Sarah Merrifield in December 2019. Sarah paid $80 at the time of the repair and agreed to pay Electronic Repair $80 each month for 5 months beginning on January 15, 2020. Electronic Repair used $120 of supplies, which were purchased in November 2020, to repair the television. Assume that Electronic Repair uses accrual-basis accounting. Required: In what month or months should revenue from this service be recorded by Electronic Repaid? In what month or months should the expense related to the repair of the television be recorded by Electronic Repair? CONCEPTUAL CONNECTION Describe the accounting principles used to answer the above questions.Exercise 2-50 Journalizing Transactions Remington Communications has been providing cellular phone service for several years. During November and December. the following transactions occurred: Nov. 2 Remington received S2,400 for November phone service from Enrico Company. 10 6 Remington purchased S4,750 of supplies from Technology Associates on 10 Remington paid S5,250 to its hourly employees for their weekly wages. 15 Remington paid S4, 750 to Technology Associates in full settlement Of its payable. 28 Remington paid S2, 150 for utilities used during November. 30 Remington received a bill from Monticello Construction for Sl,230 for repairs made to Remingtons loading dock on November I S. Remington plans to pay the bill in early December. Dec. 10 Remington paid S I ,230 to Monticello Construction to settle the repair bill received on
- CASE 2: Margarita Gonzales Law Office Margarita Gonzales Law office was established on January 1, 2X20, and the following events occurred during the first month of operation: • Margarita invested P100,000 cash as working capital to start her business • Purchase of furniture’s for P30,000, 50% paid in cash and 50% taken as a credit • She signed two (2) service contracts: 1) with XYZ for services performed during the month in the amount of P4,000; and 2) with ABC for services that will be performed during the first week of next month for P5,000. Margarita received an advance of P20,000 with the signature of this contract. • The furniture bought has a useful life of 30-month and should be depreciated straight line. • Margarita agreed to pay her assistant P15,000 for the service performed of which she paid already P10,000 • XYZ paid P20,000 • Rent for the month of P10,000 was paid through a bank transfer • An electricity bill for P3,000 was received by mail Requirement:…Q No 1- Manal Enterprises incorporated on May 3, 2021. The company engaged in the following transactions during its first month of operations: May 3 invested in business Rs.40000, Furniture Rs.24,000, equipment Rs.15000 May 4 Paid May office rent expense of $1,000. May 5 Purchased office supplies for $400 cash. The supplies will last for several months. May 15 Purchased office equipment for $8,000 on account. The entire amount is due June 15. May 18 Purchased a company car for $27,000. Paid $7,000 cash and issued a note payable for the remaining amount owed. May 20 Billed clients $32,000 on account. May 29 Paid May utilities of $200. May 30 Received $30,000 from clients billed on May 20. May 31 Recorded and paid salary expense of $14,000. Required: Prepare journal entries, including explanations, for the above transactions. Post each entry to the appropriate ledger accounts (use the T account format)CASE 2: Margarita Gonzales Law Office (THIS IS THE ONLY CASE I NEED HELP) :(( Margarita Gonzales Law office was established on January 1, 2X20, and the following events occurred during the first month of operation: Margarita invested P100,000 cash as working capital to start her business Purchase of furniture’s for P30,000, 50% paid in cash and 50% taken as a credit She signed two (2) service contracts: with XYZ for services performed during the month in the amount of P4,000; and with ABC for services that will be performed during the first week of next month for P5,000. Margarita received an advance of P20,000 with the signature of this contract. The furniture bought has a useful life of 30-month and should be depreciated straight line. Margarita agreed to pay her assistant P15,000 for the service performed of which she paid already P10,000 XYZ paid P20,000 Rent for the month of P10,000 was paid through a bank transfer An electricity bill for P3,000 was received by mail…
- 2. Ramon opened the Quarantine Gym in August. The Following transactions occurred duringthe first month of the business:a) Ramon invested P100,000 in cash and 30,000 in gym equipment in the business.b) Paid P10,000 for the first month’s rent.c) Purchased supplies costing P4,000 on credit.d) Purchased exercise equipment costing P25,000.e) Recorded income for the first half of the month of P6,500 in cash and P3,500 onaccount.f) Received payment from a customer on account for P1600.g) Ramon withdrew P500 for a graduation gift.h) Paid aerobics instructor her salary, P3,000.i) Paid miscellaneous expense P1,500j) Recorded income for the second half of the month of P5,600 in cash.Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each month. During the month of June entered into the following transactions: June 1 Owner deposited $ 150000 cash in a bank account . June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance. June 3 Paid $ 10,000 four months advance rent. June 4 Received $12000 cash as advance payment on equipment from xyz company. June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days. June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor. Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE) June 10 Paid salaries for $ 3200. June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash. June 18 Paid the accounts payable to F.P. distributor. June 19 Collected $ 800 of the accounts…
