Transferred cash from a personal bank account in exchange for stock, 1 $50,000 Purchased $8,000 of merchandise inventory by issuing a 90 day, 10% 2 interest paying note. Paid cash for three months advertising in advance, $3,000
Q: 1) journal entries 1 Transferred cash from a personal bank account in exchange for stock, $50,000 2…
A: Introduction: Purpose of journal entry is recording each and every transaction of a business…
Q: Date Transactions 1 Issued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a…
A: SOLUTION A JOURNAL IS THE COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…
Q: Perpetual Inventories 1) Opening: Cash $ 300,000.00; Goods $ 600,000.00; Furniture $ 250,000.00. 2)…
A: In perpetual inventory, the inventory records are maintained up-to date and entries are posted at…
Q: Perpetual Inventories 1) Opening: Cash $ 300,000.00; Goods $ 600,000.00 and Furniture $ 250,000.00.…
A: In perpetual inventory system, the inventory is maintained upto date and each transaction is…
Q: Excellent Service Trial Balance December 31, 2016 Cash in Bank Php 345,000 Accounts Receivable…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Account Cash Accounts Receivable Debit Credit 1. An analysis indicates that prepaid rent on December…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Credit Accounts Cash Accounts Receivable Allowance for uncollectible Accounts Inventory Land…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: TOPIC – Double Entry, Balancing Off - Trial Balance On January 1, 2018, G. Saunders commenced…
A: All the transactions are posted from Journal to ledger and from their balances are posted to Trial…
Q: Date Transactions 1 Issued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a…
A: Purchase Journal Purchase Journal is the special journal which is used by businesses to record all…
Q: 20 The company received $3,050 cash in photography fees earned. 31 The company paid $869 cash for…
A: Under the financial accounting system, the each and every financial transactions are recorded in the…
Q: uring Darby started Darby Company on January i, rear I. Tne pperation: тpапy еxper Iowing events 1.…
A: Interest expense is defined as the cost incurred through an entity for borrowed funds and it…
Q: Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable…
A: Computation of Expense under various categories of function. A. Production Production staff salary…
Q: Kakapoy Computer Enterprise Trial Balance December 31, 2018 Account Debit Credit Office Rent $4 $4…
A: Statement of financial position is the one that shows the financial health of the company.
Q: Accounts obtained from the books of accounts LMN Irading Company on December 31, 20X1 will enable…
A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…
Q: Nov. 15 Pays Green Jacket Co. remaining balance. Nov. 15 Withdraws $2,500 cash from the business for…
A: A trial balance is prepared to check the arithmetical accuracy of the ledger accounts posted.…
Q: DEBIT CREDIT Cash Accounts Receivable Merchandise Inventory, Beg. | Office Supplies Store Supplies…
A: Following are the requisite Financial statements
Q: DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year…
A: Kindly provide December year-end balance sheet to continue the January transactions and make the…
Q: Brought additional capital into business Purchased goods and paid by Cheque Deposited into bank Cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: Prepare the journal entry Jan. 2 Invested cash to the business and setup the company’s bank account…
A: Trade Discount: It is a discount given on the total value of goods at the time of purchases by the…
Q: A business commenced with a bank balance of $3,250; it subsequently purchased goods on credit for…
A: Given information is: Beginning bank balance = $3250 Goods purchased on credit = $10,000 Gross…
Q: Bill Darby started Darby Company on January 1, Year 1. The company experlenced the following events…
A: A. INTEREST EXPENSE FOR YEAR 1 : = $12,000 X 8% X 4MONTHS / 12 MONTHS = $320 B. CASH PAID FOR…
Q: Below are several amounts reported at the end of the year. $ 550 1,200 1,450 1,500 6,500 150…
A: Cash is considered as the most liquid form of current asset. It includes coins, currency, checks,…
Q: Journalize Transactions Four transactions that occurred during May are listed below. May 5:…
A: Journal entry to record the necessary transactions.
Q: DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015. 2 Purchased a one-year…
A: As per our protocol we provide solution to one question only or the first three sub-parts only and…
Q: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable…
A: Ratio Analysis - The ratio is used to recognize liquidity, Solvency and Profitability of the…
Q: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment…
A: Calculation of Quick Assets: Quick Assets Amount ($) Cash and Cash Equivalents 14,000…
Q: journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on…
A: Particulars Amount. Dr. Amount Cr. 1 Accounts receivable 10,000 To, Cash 10,000…
Q: At 1 September the financial position of Sara Young's business was: £ Cash in hand 80 Balance at…
A: Cash book means where all receipts and payment of cash is recorded. Cash receipt is added and cash…
Q: Using the chart of accounts provided on page 2 of the Exam 2 format document, journalize the…
A: Journal entries are the entries to be recorded in the accounting books of the business for all the…
Q: Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as…
A: While passing a journal entry, it is to remember the three golden rules of accounting a) For real…
Q: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on…
A: Solution: Purchases to be reported by first computing purchases on accounts. Then purchases on…
Q: Duing July Year 6 W Mandrake. Bought further goods on credit for $ 700 Paid payable $ 400 by cheque…
A: Statement of financial means the balance sheet where all the real and personal account are show.…
Q: JANE MARSHALL – LEDGER ACCOUNTS AND TRIAL BALANCE Jane Marshall has set up trading on 5 June…
A: Accounting is the detailed process of maintaining books of accounts. It includes several steps like…
Q: Adjusting Entries: a, Expired insurance for the period , $500. b, Supplies on hand at the end of…
A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Harold King Trading Unadjusted Trial Balance December 31, 2020 Account Titles Debit Credit…
A: Ten column worksheet: It is a statement that helps the accountants and bookkeepers to keep a track…
Q: |Brought additional capital into business Purchased goods and paid by Cheque Deposited into bank…
A: A Journal Entry is the record of a business transaction taken place. Every Journal Entry has two…
Q: business purchases equipment by payingOR8, 000 in cash and issuing a note payable of OR12, 000.…
A: Journal entry : It is prepared to record the financial and non financial transaction of the business…
Q: Account Title: Cash Date Dec 1 Dec 2 Particulars Capital Professional Fees Dec 8 Loan Payable Dec 31…
A: The trial balance is prepared to record the final balance of each account of the business in debit…
Q: or each of the following transactions make the required entries in the General Journal: (See the…
A: Step 1 “Since you have posted a question with multiple sub-parts, we will solve first three subparts…
Q: Harold King Trading Unadjusted Trial Balance December 31, 2020 Account Titles Debit Credit…
A: Ten Column Worksheet: The 10-column worksheet that I am familiar with will have the general…
Q: Borrowed $22 cash on July 1, 2018, signing a six-month note payable. Purchased equipment for $25…
A: The corporation requires recording its day-to-day business-related transactions of monetary terms in…
Q: WEEK 8: PREPARATION OF WORKSHEET (Page 338 : 8-4) Cajegas Trucking Services Trial Balance June 30,…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: burnal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a…
A: A journal entries is used to keep a business transaction in the accounting records of a organisation…
Q: entry, Inc. was started on January 1, Year 1. Year 1 Transactions Acquired $20,000 cash by issuing…
A: According to accounting equation, Assets = liabilities + owners' equity.
Q: Journal Entries Date Particulars Dr Cr Jan 1 Mr. Bon Hok A/c Cash A/c (Being cash withdraw) P20,000…
A: Ledger is second form of accounting record to record transaction in books after Journal. It…
Q: Transferred cash from a personal bank account in exchange for stock, $50,000 Purchased $8000 of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bankProvide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
- Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
- Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalHajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
- Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 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 $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.CASH RECEIPTS TRANSACTIONS Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%. REQUIRED 1. Record the transactions starting on page 20 of a general journal. 2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.