The following transactions, among others, occurred during August. Which transaction represented an expense for August? * Purchased a computer for P30,000 cash Paid P23,000 in settlement of a local obtained three months earlier Paid P10,000 to an auto mechanic for repair work performed in June Purchased P7,000 of engine oil on account for the delivery truck. Account will be paid in September.
Q: The company completed the following transactions in July 2013: July 2 Paid rent for the month,…
A: In accounting we pass journal entries to record a business transaction and a financial transaction…
Q: On April 1 Jiro Nozomi created a travel agency, Adventure Travel. The following transactions occured…
A:
Q: Following are the transactions for Valdez Services. a. The company paid $2,000 cash for payment on a…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Ramon opened the Quarantine Gym in August. The Following transactions occurred during the first…
A: Every transaction has 2 effects in the double-entry method- Debit, and credit.
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Journalizing refers to recording/Classifying the business transactions initially in the books of…
Q: Ramon opened the Quarantine Gym in August. The Following transactions occurred during the first…
A: In an accounting system, posting of journal entries are the first step of recording business…
Q: Comprehensive Problem Set On July 1, Lula Plume created a new self-storage business, Safe Storage…
A: Journal is the recording of financial transactions, which is considered as the first step in…
Q: During february, the activities of Evergreen Landscaping included the folowing transation and…
A: Expenses means the cost incurred by the business to earn revenues. As per the matching principle of…
Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following…
A: Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments.…
Q: On July1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following…
A: T-Accounts are the general ledgers made for recording of all the financial transactions & which…
Q: Selected transactions are presented below. Give the effect of the following transactions on the…
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 9. During the current month, the company completed the transactions listed below. The owner invested…
A: Owner equity means the amount that belong to the owner of the business. Any profit will increase…
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 20Y4. During the month, Knaus…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: April 1-Withdrew P67,000 from a personal savings account and used it to open a new account in the…
A: Transactions are recorded in a accounting book called journal and recording of transaction is called…
Q: Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the…
A: Trial balance can be defined as a statement which list all the business accounts in a systematic…
Q: [The following information applies to the questions displayed below.] Sanyu Sony started a new…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Bob Jacobs opened an advertising agency. The following transactions occurred during January of the…
A: Cash flow statement is the statement which shows all cash inflows and cash outflows of the business…
Q: Galle Inc. entered into the following transactions during January.a. January 1: Borrowed $50,000…
A: You enter transaction data in your company's records to create a journal entry.. Your journal…
Q: Prepare the statement of retained earnings for the month of July 31.
A: Retained Earning = Retained earning at the beginning+ Net Income-Dividends
Q: Prepare a post-closing trial balance.
A: Trial balance: It is the statement prepared at the end of the year to close all the accounts. The…
Q: Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. During…
A: The answer is stated below:
Q: During September, the following transactions were completed: Sept. 1 Borrowed $10,000 from the bank…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: ournalize entries for transactions (a) through (I) using the following account titles: cash,…
A:
Q: Jared Hawk established an insurance agency on July 1 of the current year and completed the following…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Christopher started a new business, and completed the following transactions during December: Dec.…
A:
Q: On October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer De- signs. During…
A:
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: Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time…
A: Journal entries recording is the first step in accounting process in which atleast one account…
Q: July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions…
A: Journal Entries: When the business transactions are recorded in the primary book of account…
Q: The following transactions were taken from the books of Cartago Repair Shopfor the month of May…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
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: Selected transactions are presented below. Give the effect of the following transactions on the…
A: The transactions has the dual effects on accounting equation of the business. For example, if assets…
Q: The following transactions, among others, occurred during August. Which transaction represented an…
A: As per the accrual basis of accounting, the expenses are recorded in the month in which they occur.…
Q: Remy opened her ToursAFun business. During the first month, January, she completed the following…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time…
A: The T-accounts are prepared to post the journal transactions of the business.
Q: Rivera Roofing Company, owned by Reyna Rivera, began operations in July and completed these trans-…
A: Journal entries refers to the transactions which are being recorded into the books of accounts of…
Q: The following transactions of Atty. Linag Law Firm were completed during the month of November 2018,…
A: Worksheet - Worksheet is a statement where all the ledgers are posted horizontally in the form of…
Q: During March, the activities of Evergreen Landscaping included the following transactions and…
A: We have the following information: Purchased a copying machine for $2,750 cash. Paid $192 for…
Q: Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the…
A: Journal entries are the primary step to record transactions in the books of accounts. The debit and…
Q: During March, the activities of Evergreen Landscaping included the following transactions andevents,…
A:
Q: and used it to open a new account in the náme of Montero Plumbing. April Acquired a service vehicle…
A: The journal entries are prepared to record day to day transactions of the business.
Q: On August 1, Worthy invested P3, 000 cash and P15, 000 of equipment in Expressions. On August 2,…
A: A journal entry is an act of recording or keeping track of some financial or non-financial activity.
Q: Christopher started anew business, and completed the following transactions during December: Dec.…
A: The following are the accounting equation: Assets = Liabilities + Equity
Q: Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time…
A: T accounts preparation is the second step in accounting process in which recorded transactions are…
Q: Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones…
A: T accounts: The 'T Account' is a graphic visual representation of any individual accounts in the…
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called…
A: Trial balance is the record of all the balances of all the ledgers accounts with the final debit and…
Q: Provide the journal entries. Post the entries to the ledger (use T-accounts). Prepare the unadjusted…
A: Given: February Transactions 1 Provided P300, 000 cash as initial investment to the…
Q: Transactions: a) April 1- Mr. Song invested P100,000 cash and P 250,000 worth of machine in his…
A: The journal entries keep the record of business and financial transactions on daily basis.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.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?
- Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?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?
- 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.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 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). 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 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. 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.
- 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.Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.