The following revenue transactions occurred during August: Aug. 4. Issued Invoice No. 162 to Carson Enterprises Co. for services provided on account, $255. 15. Issued Invoice No. 163 to City Electric Inc. for services provided on account, $340. 25. Issued Invoice No. 164 to Juniper Co. for services provided on account, $185. Record these three transactions in the following revenue journal format: REVENUE JOURNAL Invoice Post. Ref. Accts. Rec. Dr. No. Date Account Debited Fees Earned Cr.
Q: below are selected transactions completed by Ridge Company during March of the current year. Mar. 5…
A: Journal of Ridge : Revenue Journal Date of March Account Debited Ref Amount credited to…
Q: On March 29, customers who owe $10,500 on account to Sonic Sales Company submit payments of $4,250.…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: Imaging Services was organized on March 1, 20Y5. A summary of the revenue and expense transactions…
A: Income statement is prepared in order to depict the result of operations of its period of…
Q: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $300. Oct. 3. Issued…
A: a. Following are the revenue transaction for HC’s company:
Q: Selected accounts of Urdu Company are shown below. Supplies Accounts Receivable Beg. Bal.…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: Transaction: On April 3, Count-On-Us Pty Ltd received a cash payment in the amount of $2,000 for…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: Square Inc. Received an order from Version in June for services to be provided. Those services were…
A: >Revenue recognition principle is designed to guide when to consider the revenue being earned and…
Q: Account Balances a. During February, $94,830 was paid to creditors on account, and purchases on…
A: The ending balance of accounts payable can be calculated by adding up purchases on account and…
Q: On October 1, the accounts receivable account balance was $51,400. During October, $447,200 was…
A: Given, Beginning balance of accounts receivable = $51,400 Cash collections = $447,200 Ending balance…
Q: On March 29, customers who owe $13,283 on account to Sonic Sales Company submit payments of $5,373.…
A: Cash and accounts receiavbles both are assets. Increase in assets should be debited and decrease in…
Q: During February, $76,890 was paid to creditors on account, and purchases on account were $98,420.…
A: The term creditors on account referred to the accounts payable of the company. Payment to creditors…
Q: Daube Industries’ operations for the month of October are summarized as follows: Provided $6,200…
A: To record service revenue for current period on account, Accounts Receivable account should be…
Q: Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following…
A: SOLUTION- The accounting equation shows on a company's balance that a company's total assets are…
Q: The following selected transactions were completed during July of the current year: 1. Billed…
A: Journal entries are prepared in order to include any financial transaction in the accounting…
Q: According to the revenue recognition principle, revenues should be recognized when or as the company…
A: Revenue recognition principle of accounting says that revenues should only be recognised when…
Q: Horizon Consulting Company had the following transactions during the month of October: Oct. 2.…
A: Revenue or sales journal records the transactions relating to generation of revenue.
Q: Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to…
A: Journal Entry Date Account Title Debit $ Credit $ May 01 Green Lantern Inc. 2,099 Sales…
Q: determine the account balance on February 1. $fill in the blank 1
A: Accounts Payable balance on February 1 is $14410
Q: Listed below are selected transactions completed by Ridge Company during March of the current year.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Horizon Consulting Company had the following transactions during the month of October: Oct. 2.…
A: Revenue Journal
Q: ⦁ The following selected transactions were completed by Next Day Delivery Services during…
A: Transaction Transaction effect correct option Purchased supplies for cash Supplies will…
Q: During may, byron bui's business performed services for a specific custmor for which the fees was…
A: Journal: Recording of a business transactions in a chronological order.
Q: Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following…
A: Requirement a:Recording of transactions in revenue journal.
Q: After all revenue and expenses have been closed at the end of the fiscal period ended December 31,…
A:
Q: On March 29, customers who owe $13,760 on account to Sonic Sales Company submit payments of $7,953.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the…
A: Capital is the money invested in the business by the entrepreneur and it gives the owners a right…
Q: The following selected transactions were completed during August of the current year:1. Billed…
A: The fees that are earned but not yet received will increase the account receivables of the company.…
Q: Transactions and T Accounts The following selected transactions were completed during August of the…
A: Journal entries are the general journal under which financial transactions occurred during the…
Q: A company receives payment from one of its customers on August 5 for services performed on July 21.…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: Prepare Journal Entries in a Revenue Journal Shannon Consulting Company had the following…
A: Revenue journal is the type of special journal which is used to record all revenue or sales…
Q: Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following…
A: The question is based on the concept of Financial Accounting.
Q: The following selected transactions were completed during August of the current year: Transactions…
A: Journal entry is the primary entry that records the transactions initially after that it would have…
Q: Serenity Systems Co. offers its services to residents in the Minneapolis area. Selected accounts…
A: The statement of owner’s equity is prepared to record the changes to equity of the shareholders.
Q: Transactions and T Accounts The following selected transactions were completed during August of the…
A: Ledger account is prepared to records the transaction's debit or credit balance for each separate…
Q: The following selected transactions were taken from the records of Rustic Tables Company for the…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.
Q: Consider the following transactions by a corp On July 5, billed a customer for $6700 for services…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: For each transaction below, calculate the amount of revenue to be recognized in the current period…
A: Here in this question we are require to calculate the revenue that needs to be recorded under…
Q: How to track the following revenue recognitions as a journal entry: A firm rents psace in its…
A: The revenue should be recognized when it is earned. Irrespective of when the cash is received for…
Q: A transaction has been recorded in the general journal of Manella Company as follows: Account Title…
A: A transaction is an organization interact that has a monetary effect on a company's financial…
Q: Account Balances a. During February, $85,860 was paid to creditors on account, and purchases on…
A: As per authoring guidelines the first question is answered. Please repost the question specifying…
Q: A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the…
A: Revenues and expenses are closed to income summary account and the net income (loss) is closed to…
Q: Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash…
A: Journal: Journal is the method of recording monetary business transactions in chronological order.…
Q: eCatalog Services Company performed services in October for a specific customer for a fee of $7,890.…
A: State recognition of revenue earned in the month as shown below: The e-Catalog services company…
Q: On September 8, a company provides services on account to a customer for $2,800, terms 5/10, n/30.…
A: Discount on payment = Gross value of services provided x rate of discount = $2800 x 5% = $140
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.The following revenue transactions occurred during November: Record these three transactions into the following revenue journal format:
- Piedmont Inc. has the following transactions for its first month of business: A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger? B. What is the balance in the Accounts Payable general ledger account?On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
- Considering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber prepays cash in May for insurance that only covers the following month, (June). b. Matthews and Dudley Attorneys uses the accrual basis of accounting. Matthews and Dudley Attorneys receives cash from customers in June for services to be performed in July. c. Eckstein Company uses the accrual basis of accounting. Eckstein prepays cash in October for rent that covers the following month, (October). d. Gerbino Company uses the cash basis of accounting. Gerbino makes a sale to a customer in February but does not expect payment until March.The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
- 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.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?