View History Bookmarks1- Proctoring Enable X +proctorio.com/secured#lockdownEnabled: Chapter 2 Required Homewor... iProfiles Tab Window HelpRequired 1Seaport Corp. had the following transactions during 2024:February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31,2025.April 1Paid $5,200 to an insurance company for a two-year fire insurance policy.July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650remained on hand.November 1A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April30, 2025.Complete this question by entering your answers in the tabs below.Required:1. Please carefully record each transaction in general journal form.2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recordedduring the year for any item.)View transaction listRequired 2<Prepare any necessary adjusting entries at the year-end on December 31, 2024. No adjusting entries were recorded during the year forany item.Note: Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No journal entry required"in the first account field.Journal entry worksheet12Saved34Prev1 of 5G Search or type URL>80%Help Save & Exit SulNext >Show less ATue0 View History Bookmarksn 1 - Proctoring Enable X +tproctorio.com/secured#lockdownng Enabled: Chapter 2 Required Homewor... iin the first account riela.View transaction listJournal entry worksheet<Profiles Tab Window Help12DateDecember 31,20243Note: Enter debits before credits.Record entryBorrowed $20,000 from a bank and signed a note. Principal and interest at 9%will be paid on January 31, 2025. Prepare the necessary adjusting entry onDecember 31, 2024.4General JournalClear entry< Required 1SavedPrevDebit1 of 5CreditView general journalRequired 2>Next >ABOOGCOCOON

Journal entries are the daily transactions recorded in the books of accounts whereas the adjusting…

Seaport Corp. had the following transactions during 2024: February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2025. April 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650 remained on hand. November 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2025. Required: 1. Please carefully record each transaction in general journal form. 2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recorded during the year for any item.)

Seaport Corp. had the following transactions during 2024: February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2025. April 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650 remained on hand. November 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2025. Required: 1. Please carefully record each transaction in general journal form. 2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recorded during the year for any item.)

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.4: Starting A New Journal

Problem 1WT

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Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Mulberry paid the interest payable of $8,000. A Wages of $379,000 were paid in cash. Repairs and maintenance of $9,000 were incurred and paid. The prepaid rent at the beginning of the year was used in 2019. In addition, $28,000 of computer rental costs were incurred and paid. There is no prepaid rent or rent payable at year-end. Mulberry purchased computer paper for $13,000 cash in late December. None of the paper was used by year-end. Advertising expense of $26,000 was incurred and paid. Income tax of $10,300 was incurred and paid in 2019. Interest of $5,000 was paid on the long-term loan. (Continued) Required: 1. Establish a ledger for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the ledger accounts. 2. Analyze each transaction, Journalize as appropriate. (Note: Ignore the date because these events are aggregations of individual events.) 3. Post your journal entries to T-accounts, Add additional T-accounts when needed. 4. Use the ending balances in the T-accounts to prepare a trial balance
eBook Question Content Area Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. A. The owners invested $12,000 from their personal account to the business account. B. Paid rent $700 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,100 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,450 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 $57. Cash on hand $12. Check #106. J. Increased petty cash by $30, check #107. Domingo Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $12,000 101 $700 D. 1,100 102 500 103 158 106 488 Bank service charges 100 Total…
usiness AccountingQ&A LibraryGet live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward Question Asked Sep 11, 2020 1 views Jordan Shi operates a consulting firm called X, which began operations on August1. On August 31 the company's records show the following accounts and the amount of August. Cash =$25,460. Acct Receivable =$22,510; Land = $44,130 Office equipment =20,160 Office Supplies =$5,380; Acct payable =$10,370 Dividends =$ 6130 Consulting fees earned =$27,130 Rent expense =$9690 Salaries expense =$5710 Telephone expense =$1010 Miscellaneous expense =$ 620 Common stock =$103,300 Use the above information to prepare an August statement of retained ernigs for the company.(Net income for August is $10,100) Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward Question Asked Sep 11, 2020 1 views Jordan Shi operates a consulting firm called X, which began operations on August1. On August 31 the…
7. Using the appropriate window for Computerized Accounting with QuickBooks 2021, record the following transactions for April 2022. The company file was 'CH2 Lynn's Music Studio.QBW.' Apr.2 Received bill for rent of the month of April from Viewhill Realty, $600, paid immediately, Check No.1. Do not print check. Apr.2 Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 1257, $2,500, Net 30 Days. Apr.5 Purchased furniture on account from Mills Family Furniture, Invoice No. 1257, $2,500, Net 30 Days. Apr.6 Purchased a computer system on account from Computer Town, Invoice No. X234, $3,000, Net 15 Days. Apr.9 Purchased music suppliers on account from Strings, Sheets, & Such, Invoice No. 1290, $500, Net 15 Days.
II. Accounting Vouchers EntriesEnter the following transactions in the same company created above.(Create ledger accounts wherever necessary)DateTransactions10 – 4 – 2021Mr. Salman invested additional Capital 15,000 to develop his business.18 – 4 – 2021He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1)22 – 4 – 2021The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1)25 – 4 – 2021The business returned RO 2,000 worth of phones27 - 4 – 2021Mr. Salman received an invoice for RO 500 from Akbar Travels.This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days29 – 4 – 2021Grand Phones returned RO 800 worth of phones30 – 4 – 2021The owner received cash from Grand phones RO 11,150 in full settlement of their account.
5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank account
Required: 1. Prepare a journal entry for each transaction. Use the account titles in the Apple balance sheet and show answers in millions of dollars. 2. Create T-accounts for each balance sheet account and include the September 28, 2019, balances; create a new account, Dividends Payable, with a $0 beginning balance. Post each journal entry to the appropriate T-accounts. 3. Prepare a trial balance at September 26, 2020. 4. Prepare a classified balance sheet for Apple at September 26, 2020, based on these transactions. Include a good heading. 5. Compute Apple’s current ratio on September 26, 2020. Round your answer to two decimal places. What does this suggest about the company?
Requirements: 1. Journalize each transaction including explanations. 2. The accounts listed in the trial balance, together with their balances as of March 31,2024, have been opened for you in T-account form. Post the journal entries to the ledger (use T-account format). 3. Prepare the trial balance of Harper Service Center as of April 30, 2024. More info Apr. 2 Borrowed $45,000 from the bank and signed a note payable in the name of the business. Apr. 4 Paid cash of $40,000 to acquire land. Apr. 9 Performed services for a customer and received cash of $5,000. Apr. 13 Purchased office supplies on account, $300. Apr. 15 Performed services for a customer on account, $2,600. Apr. 18 Paid $1,200 on account. Apr. 21 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. Apr. 25 Received $3,100 from a customer on account. Apr. 27 Received a $200 utility bill that will be paid next month. Apr. 29 Received $1,500 for services to be…
Direction: Prepare a Trial Balance. There is a space provided after the data where you can write your answer. ABM Company Trial Balance 20XX Account Title Debit Credit Cash ₱ 100,000.00 Accounts Receivable ₱ 60,000.00 Inventory 50,000.00 Property, Plant and Equipment 120,000.00 Accumulated Depreciation 10,000.00 Land 200,000.00 Accounts Payable 5,000.00 Notes Payable 5,000.00 Mortgage Payable 10,000.00 Capital 270,000.00 Withdrawals 5,000.00 Service Revenue 300,000.00 Rent Expense 15,000.00 Salaries Expense 35,000.00 Tax Expense 5,000.00 Utilities Expense 10,000.00 Totals ? ?
close Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward SEARCH ASK CHAT MATH SOLVER Question Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its accounting period using the calendar year.The following transactions ocurred during its business operation for the year 2020. 1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0, office equipment P100, 000.00 respectively. 2. Paid rent in advance amounting toP75, 000 for the period of three (3) months. (Jan to March). 3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier. 4. Received P100,000 cash from customer for the service tendered. 5. Paid salaries to employees P50, 000 6. Paid light and water expenses for P30, 0007. Bought 3 units of computer on…
5points eBookHintReferences Check my workCheck My Work button is now enabled Item1 Oroblanco Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. (Figures are in thousands.) Accounts Company Total Books Computers Maps Travel Finance Sales to outside parties $ 1,735 $ 191 $ 752 $ 447 $ 345 $ 0 Intersegment sales 559 43 290 58 168 0 Interest income—external 130 74 0 0 0 56 Interest income—intersegment loans 166 0 0 0 0 166 Assets 3,715 256 1,473 298 353 1,335 Operating expenses 1,560 134 868 297 209 52 Expenses—intersegment sales 264 89 70 40 65 0 Interest expense—external 126 0 0 0 0 126 Interest expense—intersegment loans 223 40 90 57 36 0 Income tax expense (savings) 140 62 (22) 77 81 (58) General corporate expenses 105 - - - - - Unallocated operating costs 130 - - - - - Required: Determine the reportable…
Accounting Q1. Prepare/Journalize the following transactions: July. 1, 2018 Borrows $65,000 from American Bank by signing a 9-month, 7% note. Nov. 1, 2018 Borrows $70,000 from City Bank by signing a 3-month, 5% note. Dec. 31, 2018 Prepares annual year-end adjusting entries. Feb. 1, 2018 Pays principal and interest to City Bank. Apr. 1, 2018 Pays principal and interest to American Bank. I just need help from transactions Dec. 31, 2018 to Apr. 1, 2018. Please show steps for each.