What is the ledger? How to make a ledger out of the trial balance given below? ProbJournalizing, Posting, Preparing a Trial BalancDuring the month of December 2022, the Bombers were participating in the 2021Acquired the contract of Agustin Tiongco from the Negros Navigatorsfor P1,875,000; paying P225,000 in cash and financing the P1,650,000Collected P2,809,500 on accounts receivable from season-ticket1.lose Rizal Heavy BombersTrial Balancenumbers and titles:Nov. 30, 2022CreditDebitAcct. No.Account TitlesP 1,129,8003,712,50031,050110Cash120Accounts Receivable130Uniform Supplies-0-140Prepaid Insurance2,025,00012,750,0002,625,000150Land160Training FacilitiesRequr170Training Equipment11,250,0001. ErPlayer ContractsNotes PayableAccounts PayableMortgage PayableFabella, CapitalFabella, WithdrawalsGame Attendance Revenues180P 1,800,0004,725,00010,500,00017,643,750210le2202302. Pr3103203. Ро1,875,00041010,125,0004. PrSalaries ExpenseAdvertising Expense:Travel Expense5104,875,000400,9501,532,400528,000194,5501,734,000130,500P44,793,7505205. P.530S40Laundry ExpenseMedical Expenseutilities ExpenseMiscellaneous Expense560S70TotalsP44,793,750playoffs and the following transactions took placeDec. 1by issuing a note payable.holders.111 12NANNNKG

Ledgers are prepared in form of T accounts, which shows classification of journal entries posted.…

Answered: What is the ledger? How to make a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $900,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $480,000 Progress billings $228,000 Cash collections $210,000 Estimated costs to complete $480,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. •Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name To recognize revenues and expenses Dr. 0 0 0 Cr. 0 0 0
Assume Avaya contracted to provide a customer with Internet infrastructure for $2,910,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: 2024 2025 Costs incurred during the year $ 376,000 $ 2,265,000 Estimated costs to complete as of 12/31 1,504,000 0 Billings during the year 535,000 1,810,000 Cash collections during the year 500,000 1,845,000 Question: Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming this project does not qualify for revenue recognition over time.
On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $675,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $360,000 Progress billings $171,000 Cash collections $157,500 Estimated costs to complete $360,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. •Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Cost of Construction Construction in Process Revenues from Long-Term Contracts V To recognize revenues and expenses Account Name Billings on Contracts Construction in Process V To recognize revenues and expenses Dr. 720,000 b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. •Note: If a journal entry isn't required on any of the…
On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $900,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $480,000 Progress billings $228,000 Cash collections $210,000 Estimated costs to complete $480,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. *Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Cost of Construction Deferred Revenue Revenues from Long-Term Contracts To recognize revenues and expenses N/A-Debit Account Name V N/A-Credit To recognize revenues and expenses Dr. 480,000 b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. *Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and…
John Doe founded Premier Construction. Operations started on October 1, 2021. John's son, a teenager, kept the books for the first two months. John decides that it is time to hire a bookkeeper with formal training. He asks you to record the activity for December and to complete the accounting cycle for the quarter ended December 31, 2021. The trial balance as of 11/30/2021 and the detail for the Accounts Receivable account balance is on page 2. The December 2021 events are on page 3. Additional Information: Ellie Smith is the only employee. She is paid on the 1st of month for the pay period ending on the last day of the prior month and on the 16th of the month for the pay period covering the first fifteen days of the current month. Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to record each of the December transactions for Premier Construction. If an event is not a transaction, write the date and "no entry needed" on the journal…
Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: 2024 2025 Costs incurred during the year $ 316,000 $ 1,700,000 Estimated costs to complete as of 12/31 1,264,000 0 Billings during the year 400,000 1,660,000 Cash collections during the year 290,000 1,770,000 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time according to percentage of completion. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming this project does not qualify for revenue recognition over time.
Parokya ni Edgar Band will perform at the Eastern Visayas State University soccer field (2,500-person capacity) on February 12, 2021 during the Foundation Day Celebration of the University. The school administration has approached the Junior Philippine Institute of Accountants (JPIA) to take charge of the said event. The university will be charging JPIA for ₱120,000 for the facilities and ₱8 for each ticket sold. The organization asks you, as a member of JPIA to determine how much to charge for each ticket. The JPIA organization wants to make a profit of ₱40 per ticket sold. You assume that 1,500 tickets will be sold. a. What is the total cost of the organization if 1,500 tickets are sold? b. What price per ticket must be charged for JPIA to earn its desired profit margin? c. Suppose that on February 12, 2021, a major typhoon hit the area, bringing in two meters height of flood. Only 500 tickets are sold because most students were going to buy their tickets at the entrance of the…
On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,125,000. The following transactions and estimates relate to this contract. Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank ( zero). b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. -Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero).
Chicago Heights company has 2 year contract to construct a warehouse. The contract value is 2949 and the estimated total cost is 1156. During the next 2 years, the costs are incurred as follows and the project is completed by the end of second year. Contract data Year for the year 2019 for the year 2020 Cost incurred 867$ 851$ Required Make the recognition of revenue, expenses and profits for 2020. Type in the profit value without using the currency sign and separators.
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below:2018 2019Costs incurred during the year $ 300,000 $ 1,575,000Estimated costs to complete as of 12/31 1,200,000 –0–Billings during the year 380,000 1,620,000Cash collections during the year 250,000 1,750,000Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortelrecognizes revenue over time according to percentage of completion
Gidi professional institute is constructing a tuition center at Aboabo that will take about 18 months to complete. The company commenced construction on 2 January, 2018. The following payments were made during the year: 31 January GH¢ 40,000,000 1 March GH¢90,000,000 30 June GH¢20,000,00031 October GH¢40,000,00030 November GH¢50,000,000The first payment on 31 January was funded from the company’s pool of debts. However, the company succeeded in raising Medium-Term Loan Notes for an amount of GH¢160,000,000 on 31 March 2018 at a simple interest rate of 9 percent per year, calculated and payable monthly in arrears.These funds were specifically used for the construction. Excess funds were temporarily invested at 6 percent monthly in arrears and payable in cash. The pool of debts was again used for a GH¢40,000,000 payment on 30 November 2018 which could not be funded from the Medium-Term Loan Notes. The construction project was temporarily halted for three weeks in May 2018 when…
What is the cost of the new building on December 31, 2019? 5 Oakley Company had loans outstanding during 2018 and 2019: Specific construction loan General loan 2,000,000 25,000,000 10% 12% The company began the self-construction of a new building on January 1, 2018 and the building was completed December 31, 2019. Expenditures during 2018 and 2019 were: January 1, 2018 June 30, 2018 November 1, 2018 July 1, 2019 2,000,000 4,000,000 3,000,000 1,000,000

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