The following information is available for the Noir Detective Agency. After closing entries are posted, what will be the balance in the G. Noir, Capital account? Net Loss G. Noir, Capital G. Noir, Withdrawals Multiple Choice $258,500. $301,900. $296,500. $291,100. $225,900. $ 32,600 296,500 38,000 < Prev 7 of 20 Not >
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- When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Ja General Jourmal Account/Explanation Page GJ9 Credit Cash Account No. 101 Date Debit Date Desc. F Debit Credit Balance F 2/Oct Supplies 35,000 GJ9 Share Capital 35,000 (a) 5/Oct Supplies 700 Accounts Payable Account No. 201 Date Desc. F Debit Credit Balance Accounts Payable 700 (b) 6/Oct Accounts Payable Supplies (c) 10/Oct Cash 399 399 1,100 Supplies Share Capital Account No. 301 Date Desc. F Debit Credit Balance 1,100 (d) 13/Oct Cash 500 Consulting Revenue Earned 500 Supplies Account No. 126 (e) Date Desc. F Debit Credit Balance Consulting Revenue Earned Account No. 403 Date Desc. F Debit Credit Balance Office Salaries Expense Account No. 620 Date Desc. F Debit Credit Balance Official Time: 1:24:52 SUBMIT AND MARKSUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…What is the journal entry to record the amount of returns inward? Select one: A. Debit Returns inwards MYR 3,000Credit Accounts receivable MYR 3,000 B. Debit Bad debts MYR 1,000Credit Returns inwards MYR 1,000 C. Debit Accounts receivable MYR 3,000Credit Returns inwards MYR 3,000 D. Debit Returns inwards MYR 3,000Credit Bad debts MYR 3,000
- Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent RevenueQuestion Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He…Provide journal entries to record each of the following tranctona. For cach, using the capital letter only, identity whether the transaction represents a sourE of cash S a use of canh (U, ar neither (NI PLEASE NOTE: All whale dollar amounta will be with "$"and commas as needed lie. $12,345). Far the journal entry, you munt enter the account names ectly as written below. Cnh Accounts Payable Dividendh Payable Treaury Stock Dividends Preferred Stock Note Recehable Common Stock Hondh Payable Paid $22.00 cash on ond paya CR Trarnaction - Source of canh (SL Uve of cash (U or Neither (N). Collected $12.400cah for a nate recehvable. CR Trarnaction - Source of cash SL Use of cash (UL or Neither (N). Declared a dividend to shareholders for $16,000, to be paid in the futurE. CR Trarnaction - Source of cash SL Use of cash (UL or Neither (N). Paid $26.500 to suppliers for purchases on account CR Trarnaction - Source of cash SL Uve of cash (UL or Neither (N) Purchaned treanury stock for $18,000…
- 1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He bought…Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.
- Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14…The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.