The following information relates to Sheffield Real Estate Agency. Oct. James Sheffield begins business as a real estate agent with a cash investment of $ 1 16,950. Hires an administrative assistant. 3 Purchases office furniture for $ 2,147, on account. 6 Sells a house and lot for C. Rouse; bills C. Rouse $4,068 for realty services performed. 27 Pays $ 1,243 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $ 2,825 in salary for October. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus…
A: Net income is calculated after analysing the revenue and expenses of the organisation.
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: For the past several years, Jolene Upton has operated a part-timeconsulting business from her home.…
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: Presented below is information related to Hanshew Real Estate Agency: 1. Oct. 1: Hanshew begins…
A: Lets understand the basics. Journal entry is required to make to record financial event or…
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 20Y4. During the month, Knaus…
A: T-account: T-account refers to an individual account, where the increases or decreases in the value…
Q: On June 1 of the current year, Chad Wilson established a business to manage rental property. He…
A: The balance sheet involves the accounting equation that shows that the value of assets is equal to…
Q: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer De signs. During…
A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want…
Q: The following information is related to Kingbird Real Estate Agency. Oct. 1 Diane Lexington…
A: Journal entries are used by the management to record the transactions in the books of accounts.…
Q: Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the…
A: Note: As you have posted multiple questions, the solution to the first question is provided. Kindly…
Q: resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real…
A: Required journal entries and ledger accounts are shown below:
Q: On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs.…
A: A two-column journal is a journal that has two columns to enter the amounts. One is a debit column,…
Q: Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the…
A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Mr. George opened a janitorial services business called "George Johnny" on January 1, 2021. The…
A: 1. Supply is purchased not used. So, Office supply is debited. When it will be used, supply expense…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: 1. Journal entries are as follows:
Q: On June 1 of the current year, Chad Wilson established a business to manage rental property. He…
A: Income Statement - Income Statement is the statement which shows the revenue earned and expenses…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: As posted multiple sub parts we are answering only one kindly repost the unanswered question as a…
Q: This information relates to Riverbed Real Estate Agency. Oct. 1 Stockholders invest $32,300 in…
A: Journalize the transactions:
Q: ournalize entries for transactions (a) through (I) using the following account titles: cash,…
A:
Q: This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $33,540 in…
A: Prepare journal entries to record McCall Real Estate Agency as follows:
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus…
A: T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a…
Q: On April 1 of the current year, Morgan Jones established a business to manage rental property. She…
A: An accounting Equation is an Equation that shows assets are always equal of the liabilities of a…
Q: Mr. Ghassan started a travel agency, Dreams Travels, on March 1, 2021. Following transactions are…
A: Accounting equation is the one that shows the effects of transactions in the form of; Assets =…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Beverly Crusher is a licensed CPA. During the first month of operations of her business (a…
A: An income statement is a part of financial statement which contain the details of all incomes and…
Q: Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of…
A: Following are the effects of given transactions on the financial statements
Q: On October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer De- signs. During…
A:
Q: Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the…
A:
Q: Using "I" accounts, shows the addition or subtraction by "position" for the following transactions:…
A: T-accounts are the accounts in which the journal entries are posted.
Q: On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. During…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Christopher started anew business, and completed the following transactions during December: Dec. 1…
A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: a.Prepare Journal entries:
Q: ipment, RM12,000. There were no liabilities received. 1. Paid three months' rent on a lease…
A: The transaction is given as,
Q: resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real…
A: Required journal entries and ledger accounts are shown below:
Q: On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following…
A: 1. (a) Cash 31,500 Common Stock 31,500 (b) Rent Expense…
Q: Dyle Lagomo, Attorney-at-Law, opened his office on September 1, 2019. The following transactions…
A: As per accounting equation of the business, total assets must be equal to total liabilities and…
Q: Architects completed the following transactions: A. Issued common stock to Marjorie Knaus in…
A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Adjusted trial balance: The unadjusted trial balance is the summary of all the ledger accounts that…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: As per the honor code we are bound to give the answer of first three sub part only, please post the…
Q: On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions…
A: An income statement is one of the financial statements of a company and shows the company's…
Q: On June 1 of the current year, Chris Bates established a business to manage rental property. The…
A: An accounting equation refers to a mathematical representation of the transactions. It indicates…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: The day to day transactions are recorded in Journal and then the transactions are posted to ledger.…
Q: On June 1 of the current year, Chad Wilson established a business to manage rental property. He…
A: Requirement 1: Indicate the effect of the given transactions.
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: As you have posted multiple questions, the solution to the first question is being provided. Kindly…
Q: On June 1 of the current year, Pamela Schatz established a business to manage rental property. She…
A: The accounting equation states that assets equal to sum of liabilities and equity. The business…
Q: Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the…
A: 1&2
Q: Oct. 1 Pete Shawshank begins business as a real estate agent with issuing stock for cash $25,000.…
A: Below are the journal entries for Shawshank Real Estate Agency-
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: Statement of Owner's Equity: It represents the investment of an owner in the business and reports…
Q: This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in…
A: “Accounting is an art of recording, classifying and summarizing the transactions of financial nature…
Q: On October 1 of the current year, Mrs. Ima Genius opened up a Tutoring Business called Genius in…
A: As per the requirement, below are the solution of part 6,7 and 8.
Q: Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact…
A: Note:- Since you have asked questions with multiple subparts, We will solve first three subparts for…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.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?On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 40,000. b. Paid rent on office and equipment for the month, 4,800. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 1,100. e. Earned sales commissions, receiving cash, 18,750. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 800. g. Paid office salaries, 3,500. h. Determined that the cost of supplies used was 1,300. i. Paid dividends, 1,500. 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. 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 October 31, 20Y6. 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 October. 5. Determine the increase or decrease in retained earnings for October.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
- In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. No. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Received and paid the bill for utilities, 150, Ck. No. 2017. j. Received a bill for gas and oil for the truck. 80. k. Paid wages to the employees, 1,400, Ck Nos. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.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.