Make a journal entry for the 5 listed items above for a thumbs up Required informationPA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting theBalance 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.]Barnett Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States ancabroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent milli-of dollars.)Accounts Payable$ 120Accounts Receivable16112CashCommon Stock27305EquipmentInventory148Notes Payable (long-term)1654Notes Payable (short-term)Prepaid Rent29Retained Earnings33326Salaries and Wages PayableSoftware65Assume that the following events occurred in the following quarter.a. Paid $45 cash for additional inventory.b. Issued additional shares of common stock for $35 in cash.c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 in two years.d. Signed a short-term note to borrow $13 cash.e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.PA2-3 (Algo) Part 3 View transaction listJournal entry worksheet12345Paid $45 cash for additional inventory. Record the transaction.Note: Enter debits before credits.TransactionGeneral JournalDebitaRecord entryClear entryCreditView general journal

A transaction is an organization interact that has a financial impact on a statement of financial…

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.] Barnett Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States abroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent m of dollars.) Accounts Payable $ 120 Accounts Receivable Cash 16 112 27 Common Stock Equipment 305 Inventory 148 165 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 4 29 Retained Earnings 333 26 Salaries and Wages Payable Software 65 Assume that the following events occurred in the following quarter. a. Paid $45 cash for additional inventory. b. Issued additional shares of common stock for $35 in cash. c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 in two years. d. Signed a short-term note to borrow $13 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.

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.] Barnett Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States abroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent m of dollars.) Accounts Payable $ 120 Accounts Receivable Cash 16 112 27 Common Stock Equipment 305 Inventory 148 165 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 4 29 Retained Earnings 333 26 Salaries and Wages Payable Software 65 Assume that the following events occurred in the following quarter. a. Paid $45 cash for additional inventory. b. Issued additional shares of common stock for $35 in cash. c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 in two years. d. Signed a short-term note to borrow $13 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.

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 4PB: Leanders Landscaping Service maintains the following chart of accounts: The following transactions...

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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…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Instructions Journalize the entries to record the transactions of Amsterdam Supply Co.
Siemens AG, a German company, is Europe’s largest engineering and electronics company. The company prepares its financial statements according to IFRS. Required: 1. Use the Internet to locate the most recent financial report for Siemens. The address is www.siemens.com. Locate the significant accounting policies disclosure note. 2. How does the company account for research and development expenditures? Does this policy differ from U.S. GAAP?
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.
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…
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.
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You are a financial adviser to a retailing company, PQ Ltd. You obtain the accounts of its main competitor operating in the same market, ABC Ltd, and an extract of the comparison of statement of financial position is shown below: : Balance sheets as at 31 March 20x0 PQ Ltd ABC Ltd kOOO K000 K000 K000 K000 K000 Non-current assets Land and buildings 381 286 Fixtures and fittings 342 218 Vehicles 62 59 785 563 Current assets Inventory 96 122 Trade debtors 166…
Mr Gugu and Lethu are members of Gugulethu CC. The bookkeeper attempted to prepare the financial statements of the entity however, he lacked the technical knowhow of the task. The following information is extracted from the workings of the bookkeeper and relates to the close cooperation on 28 February 2021, the end of the financial year: R Vehicles 780 000 Land and buildings 1 210 000 Long-term loan 520 000 Inventory (1 March 2020) 52 000 Trade receivables control 150 000 Trade payables control 84 790 Purchases 761 000 Purchases returns 5 100 Settlement discount granted 2 800 Freight on sales 12 300 Interest on long-term loan 43 875 Sales returns 2 300 Insurance expense 48 000 Settlement discount received 850 Allowance for credit…
Mr Gugu and Lethu are members of Gugulethu CC. The bookkeeper attempted to prepare the financial statements of the entity however, he lacked the technical knowhow of the task. The following information is extracted from the workings of the bookkeeper and relates to the close cooperation on 28 February 2021, the end of the financial year: R Vehicles 780 000 Land and buildings 1 210 000 Long-term loan 520 000 Inventory (1 March 2020) 52 000 Trade receivables control 150 000 Trade payables control 84 790 Purchases 761 000 Purchases returns 5 100 Settlement discount granted 2 800 Freight on sales 12 300 Interest on long-term loan 43 875 Sales returns 2 300 Insurance expense 48 000 Settlement discount received 850 Allowance for credit…
Mr Gugu and Lethu are members of Gugulethu CC. The bookkeeper attempted to prepare the financial statements of the entity however, he lacked the technical knowhow of the task. The following information is extracted from the workings of the bookkeeper and relates to the close cooperation on 28 February 2021, the end of the financial year: R Vehicles 780 000 Land and buildings 1 210 000 Long-term loan 520 000 Inventory (1 March 2020) 52 000 Trade receivables control 150 000 Trade payables control 84 790 Purchases 761 000 Purchases returns 5 100 Settlement discount granted 2 800 Freight on sales 12 300 Interest on long-term loan 43 875 Sales returns 2 300 Insurance expense 48 000 Settlement discount received 850 Allowance for credit…
Hi, the practice question I am currently working with only has these 2 complete questions. Please assist. Required: Q1 Use the information from Part A and do the following: Identify each event as an adjusting or non-adjusting event and briefly discuss the effect. of each event on the financial statements of Energiser Electricity Ltd for the financial year ended 31 December 2019. If the event requires an adjustment in the annual financial statements, prepare the journal entry to be recorded. Your answer must comply with the requirements of the International Financial Reporting Standards (IFRS). Q2. Prepare the Inventory note to the financial statements of Chem Ltd for the year ended 31 December 2019, from the information in Part B Your answer must comply with the requirements of the International Financial Reporting Standards (IFRS).