Record the following business transactions as journal entries: Transaction # Transaction date #1.1/1/2022 Purchases a building, borrowing from the bank by signing a note payable for $580,000 at 6% annual interest and pays an additional $20,000 down payment to the seller. Record the transaction in 3 accounts. Note the TOTAL amount paid for the building and record the asset for the total amount. The building is expected to have a salvage value of $408,000 at the end of its 40 years of useful life. # 21/18/2022 Schedules service to be performed at a future date for a customer. Recieves $4,000 in advance from the customer on this date. Record the asset and the liability. Remember, you are deferring the recording of revenue until it is actually earned. # 3 1/28/2022 Provides services worth $16,000 and was paid in cash. #41/31/2022 Company employees earn $5,000 in salaries in the last half of January to be paid in February. Record the expense and the liability (payable). # 5 1/31/2022 Performed $2,000 of the service that was pre- paid for on January 18.
Q: Able was in charge of purchasing computer equipment for ABC Corporation. Able set up a shell…
A: A pass through scheme is a scheme where an internal person commits the fraud. Here, Able is that…
Q: Bong K. Day opened Bong Creations, Inc. a small, manufacturing company at the beginning of the year.…
A: Variable costing doesn't consider fixed cost adjustment whereas absorption costing does so. The…
Q: Selected transactions for Oriole's Dog Care are as follows during the month of March. March 1 3 5 8…
A: Journal entries are the primary reporting of the business transactions in the books of the entity.…
Q: Calculate Forterra's cumulative translated gain/loss for 20X3 using the functional currency method.
A: When the functional currency and the reporting currency are different, the financial statements are…
Q: Calculate the accured interest in dollars, and the total proceeds in dollars of the bond sale round…
A:
Q: Rexford Components shows the following overhead information for the current period:…
A: Variable overhead is the term used to describe the fluctuating production costs associated with…
Q: 2. Journalize the transactions and the adjusting entries on December 31. Scroll down to access pages
A: INTRODUCTION: A journal entry is often recorded in the general ledger, but it can also be recorded…
Q: Bernie's Ltd. Income Statement For the Year ended December 31, 20X5 Income: Sales 682,000…
A: Statement of Cash Flow - Statement of Cash Flow shows the inflow and outflow of cash during the…
Q: Enter your answer in whole dollar. Round "ROI" answer to two decimal places. Invested Capital: ?…
A: Particulars Amount Net income 4,30,00,000 Add : Tax @ 40% 2,86,66,666.67…
Q: 1 Book Print erences Req 1 View transaction list Req 2A Req 8 HJ Next
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: If fixed costs are $561,000 and the contribution margin per unit is $8.00, what is the break-even…
A: To determine whether a business has reached "break-even," accountants divide the fixed costs of…
Q: The records of Seahawks Company reflected the following balances in the stockholders' equity…
A: Introduction: If preferred stocks are cumulative, then all dividends in arrear will be paid to…
Q: FCF represents; O a. cash received in charity O b. cash generated by a firm's investors O c. cash…
A: FCF: Free Cash Flow is the cash remained after the cash outflows for operations and capital expenses…
Q: Question. Where Are Depreciation Expenses Reflected in a Financial Statement?
A: The main financial statements of the business include the income statement and balance sheet. The…
Q: Balance Sheet June 30th, Year 5 Assets…
A: Balance sheet: A balance sheet is a summary of the resources and obligations of the company, it…
Q: tps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%…
A: CASH BUDGET Cash Budget is estimated receipts and expenses for a definite period, which usually…
Q: Assume that Sunland Construction Company has a non-cancellable contract to construct a $4,520,000…
A: Journal entry is a primary entry that records the financial transactions initially. The transactions…
Q: A group of investors is intent on purchasing a publicly traded company and wants to estimate the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On December 1, Gary Walker began an auto repair shop, Walker's Quality Automotive. The following…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: Purchased $1,100 of computer supplies on credit from Harris Office Products. Note: Enter debits…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: . Prepare the following variance analyses for both chocolates and the total, based on the actual…
A: Particulars calculation Cocoa Sugar a Standard Material required for Dark chocolate (4300 units)…
Q: Use the information from problem 9 to prepare an income statement that would be sent to…
A: As per our protocol the guideline is to solve first three sub-parts only so kindly resubmit for the…
Q: A certain state uses the following progressive tax rate for calculating individual income tax:…
A: Tax liability is the obligation that a taxpayer has to pay on its income. It is paid to the…
Q: Discuss the following for the Apple Inc. Did you find any new terms within the financial…
A: Financial statements are the written record of the financial transactions of an organization and are…
Q: Forecast the food sales for the current (30-day) month. The restaurant serves lunch and dinner each…
A: Financial accounting are employed by nonprofit organizations, corporations, and small businesses to…
Q: Equipment with a cost of $76,870, an estimated residual value of $5,844, and an estimated life of 11…
A: A non-cash item that businesses subtract from their net profits is depreciation. It indicates the…
Q: Comparative Income Statement Cost of Goods Sold Get Proft bron Sales Selling For Years Ended…
A: The question has asked to prepare the common-size income statement, trend analysis of the balance…
Q: Prepare entries to record both the dividend declaration and its distribution.
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Where Are Depreciation Expenses Reflected in a Financial Statement?
A: Depreciation expense is debited to income statement.
Q: Tyson Tapestries is an unincorporated partnership formed by Brenda Tyson, Rhonda Lentil, and…
A: The term "Partnership Capital" refers to the aggregate amount of the capital contributions made by…
Q: d be reconciled to net operating cash flows. Give examples from this question to explain your…
A: Cash Flow Statement - A financial document called the cash flow statement (CFS) summarizes the…
Q: Sitra Company, assuming that the exchange lacks commercial substance. Prepare the necessary journal…
A: 1. In case there is exhange of one asset with another Asset and the Exchange lacks commercial…
Q: Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special…
A: ANSWER:- THEODORE COUNTY JOURNAL ENTRIES…
Q: Which of the following statements is true? Return on investment (ROI) equals margin multiplied by…
A: Return on Investment (ROI) is a measure which is used to check the ability of the company, in…
Q: Holcim-Union Construction accepted a contract with a cost escalation clause. Construction data were…
A: Lets understand the basics. In percentage of completion basis, completion is calculated by cost…
Q: The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash.…
A: Answer - A closing journal entry is made at the end of the accounting period where financial data…
Q: Caldwell Supply, a wholesaler, has determined that its operations have three primary activities:…
A: Target cost is the maximum cost which is to be charged from a product in order to earn a desired…
Q: I need help with the large stock dividend. How did they get 1,053,000?
A: Introduction: A company can issue dividends either in the form of cash or stock. Stock dividend can…
Q: If a company shows a profit on its Income Statement, how will this affect (a) the Balance Sheet and…
A: Explanation - There are three statements of the organization which show different accounting…
Q: Courtney receives most of her income from wages from her job as a high school teacher. She also…
A: TDS was implemented with the goal of collecting tax from the source of income. According to this…
Q: Roll Board Inc. manufactures several models of high-quality skateboards. The company's ABC system…
A: MARGIN Margin is Computed by deducting Total Cost from Total Sales Value. In other word Margin…
Q: What are some of the advantages of a multi-step approach?
A: An extensive examination of a company's costs and net income is provided by a multi-step income…
Q: (iii) (iv) - - Select THREE (3) transactions that Kate Minimart performs and illustrate their effect…
A: Transactions that Kate Minimart performs: (1) Kate invested $20,000 of her own funds in business…
Q: Another team member who is preparing the Budgeted Balance Sheet for the business for the same…
A: Answer b: Yes, It is a reasonable request. Workings:
Q: Enviro Company issues 8%, 10-year bonds with a par value of $270,000 and semiannual interest…
A: Bond represents the money borrowed by the company in order to fulfil its capital requirements. The…
Q: All questions are mandatory Quran (10) Which of the following combinations of personal assets would…
A:
Q: BELOU Roku 2019 RENTALS SCR a. A vacant lot acquired for $83,000 cash is sold for $127,000 in cash.…
A: Answer - Accounting Equations Rules ·It is the basis of the double entry accounting sets the…
Q: Martin Services Company provides its employees vacation benefits and a defined contribution pension…
A: Introduction: The journal entry is used to record details about transactions that take place…
Q: Assets Canh 30 Comparative Balance Sheets 2021 PERSONAVE $ 96,700 92,000 81,800 6,200 Accounts…
A: The cash flow statement is one of the important financial statement of the business. It classifies…
Q: Upon receipt of the budget, the team manager, Damion Brownie, has now informed you that, in keeping…
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…
Step by step
Solved in 2 steps
- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerDomingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Reversing Entries Thomas Company entered into two transactions involving promissory notes and properly recorded each transaction. 1. On November 1, it purchased land at a cost of 8,000. It made a 2,000 down payment and signed a note payable agreeing to pay the 6,000 balance in 6 months plus interest at an annual rate of 10%. 2. On December 1, it accepted a 4,200, 3-month, 12% (annual interest rate) note receivable from a customer for the sale of merchandise. On December 31, Thomas made the following related adjustments: Required: 1. Assuming that Thomas uses reversing entries, prepare journal entries to record: a. the January 1, reversing entries b. the March 1, 4,326 collection of the note receivable c. the May 1, 6,300 payment of the note payable 2. Assuming instead that Thomas does not use reversing entries, prepare journal entries to record the collection of the note receivable and the payment of the note payable.
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics 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 music 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 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music 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 250 to creditors 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 Page 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. July 21. Paid 620 to Upload Music for use of its current music demos in making various music 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, 2019. 27.Paid electric bill, 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 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, 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, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's 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 music: 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 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO 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 250 to creditors 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. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 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. July 21. Paid 620 to Upload Music for use of its current music demos in making various music 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, 2019. 27. Paid electric bill, 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 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (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 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies 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, 2019, 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, 2019.Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
- 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.Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
- On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Determined that the cost of supplies used was 1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may be omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20Y7. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in retained earnings for August.