Required information PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Trisha's Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable $ 140 Accounts Receivable Cash 20 120 35 Common Stock Equipment 325 Inventory 156 185 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 4 37 Retained Earnings 349 30 Salaries and Wages Payable Software 85 Assume that the following events occurred in the following quarter. a. Paid $20 cash for additional inventory. b. Issued additional shares of common stock for $15 in cash. c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 in two years. d. Signed a short-term note to borrow $11 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $42.

Required information PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Trisha's Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable $ 140 Accounts Receivable Cash 20 120 35 Common Stock Equipment 325 Inventory 156 185 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 4 37 Retained Earnings 349 30 Salaries and Wages Payable Software 85 Assume that the following events occurred in the following quarter. a. Paid $20 cash for additional inventory. b. Issued additional shares of common stock for $15 in cash. c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 in two years. d. Signed a short-term note to borrow $11 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $42.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 4PA: Laras Landscaping Service has the following chart of accounts: The following transactions were...

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Leanders Landscaping Service maintains the following chart of accounts: The following transactions were completed by Leander: Required 1. Journalize the transactions in the general journal. Prepare a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated April 30, 20. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.
Answer the following questionsYou were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has developed a list of the journals, ledgers, reports and documents that he thinks Oman Co., Ltd. The company asks you to complete the following tasks:a) Specify what data you think should be collected on each of the following four documents: Sales invoice, purchase order, receiving report, employee time card.b) Design a report to manage inventory.
Identify whether the following group of people belongs to internal or external users ofannual reports for a company. Eexplain their need for financial information.a. Johari, investment banker of CIMB Investment Bank.b. Daisy Ong, purchasing manager of the company. c. Happy Berhad, supplier of the company. d. Great Sdn Bhd, regular customer of the company.e. Amy, officer from Inland Revenue Board.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) ABC Consulting is a company that provides consulting services to clients in various industries. The following are the balances taken from the trial balance: ABC Trial Balance 31/12/2022 Account Debit (SAR) Credit (SAR) Cash 10,000 - Accounts Receivable 15,000 - Supplies 5,000 - Equipment 50,000 - Accumulated Depreciation - Equipment - 10,000 Accounts Payable - 8,000 Unearned Revenue - 12,000 Common Stock - 40,000 Dividends 5,000 - Service Revenue - 60,000 Salaries Expense 25,000 - Rent Expense 10,000 - Depreciation Expense 5,000 - Supplies Expense 3,000 - Interest Expense 2,000 - Total 130,000 130,000 Required: Prepare the income statement for the year ended 31 December 2022. Prepare the statement of retained earnings for the year…
Complete the following to record Internet services that Mookie The Beagle™ Concierge incurred. Create an Expense paid with Credit Card. Select Create (+) icon > Expense Add Vendor Payee: Luminesse Link Select Payment Date: 01/13/2022 Select Payment Account: VISA Credit Card Select Payment Method: Credit Card Enter Category: Utilities Enter Description: Internet Service Enter Amount: 200.00 What is the Total Amount paid to Luminesse Link? (Answer this question in the table shown below. Round your answer 2 decimal places.) Select Save and leave the Expense screen displayed View the Transaction Journal for the Expense. From the displayed Expense, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown below. Round your answer 2 decimal places.)
For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.
Create your own company describing the nature of the company and what it provides (should be providing services like consulting and digital marketing, not retail (no COGs)), and assume it is a sole proprietorship. Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following : Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions ) Use the coding for the accounts used During the adjusting period please make sure you have covered all six categories discussed in class Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method Complete the accounting cycle till closing stage and present all financial statements and reports needed .
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Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
Prepare a trial balance for Lavender Company using the journal entries in PB5.
Laras Landscaping Service has the following chart of accounts: The following transactions were completed by Laras Landscaping Service: Required 1. Journalize the transactions in the general journal. Provide a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. (Skip this step if you are using CLGL.) 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated March 31, 20. If you are using CLGL, use the year 2020 when recording transaction! and preparing reports.
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…