On December 31, 2019, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:Problem 2On December 31, 2019, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:CashAccounts ReceivableFinished GoodsWork in ProcessP 94,000100,00065,00015,00044,00070,600118,750200,00069,850MaterialsMachineryAccounts PayableCommon StockRetained EarningsDetails of the three inventories are:Finished goods inventory:Item A - 2,000 units at P 12.50Item B - 4,000 units at P 10.00P 25,00040.000P 65,000Job 102TotalWork in process inventory:Job 101Direct materials:1,000 units at P 5.00 P 5,000400 units at P 3.00P 1,200Direct labor:1,000 hours at P 4.00400 hours at P 5.004,0002,000Factory overhead:Applied at P 2.00/hourTotal8002,000PL1,000P 4,000Materials inventory:20,000Material X- 4,000 units at P 5.00Material Y- 8,000 units at P 3.00TotalP.24,000P 44,000 a) Purchases on account: Material X- 20,000 units at P5.20; Material Y -24,000b) Payroll totaling P220,000 was paid. Of the total payroll, P40,000 was formarketing and administrative salaries. Payroll deductions consisted of P31,000c) Payroll is to be distributed as follows: Job 101 - 10,000 direct labor hours at Pfor withholding taxes, P7,000 for SSS premiums, P 440 for Medicare4.00, Job 102 - 16,000 direct labor hours at P5.00; Job 103 - 12,000 directlabor hours at P3.00; indirect labor - P24,000; marketing and administratived) Materials were issued on a FIFO basis as follows: Material X- 20,000 unitssalaries - P40,000. Employer's payroll taxes are: SSS Premiums 5%,146During January, 2019, these transactions were completed:units at P 3.75; indirect materials - P35,040.contributions, P 6,600 for Pag-ibig Funds.labor hours at P3.00; indirect labor - P24,000; marketing and administsalaries - P40,000. Employer's payroll taxes are:Medicare contributions - 0.2%; and Pag-ibig Funds - 3%.(charged to Job 101); Material Y- 24,000 units (charged to Job 102): MateriX - 2,000 units and Materials Y-5,000 units (charged to Job 103): (NoteTransactions are to be taken in consecutive order).amounted to P15,040.Indirect materialse) Factory overhead was applied to Jobs 101, 102, and 103 based on a rate ofP2.25 per direct labor hour.f) Jobs 101 and 102 were completed and sold on account for P240,000 andP270,000, respectively.g) After allowing a 5% cash discount, a net amount of P494,000 was collected onaccounts receivable.h) Marketing and administrative expenses (other than salaries) paid during themonth amounted to P30,000. Miscellaneous factory overhead of P21,600 waspaid. Depreciation on machinery was P4,000.i) Payments on account, other than payroll paid, amounted to P170,000.j) The over or underapplied factory overhead is to be closed.Required:1. Open T-accounts and record balances from the January 1 trial balance.2. Journalize the

Name: On December 31, 2019, after closing, the ledgers of Golden Shower Com
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Description: On December 31, 2019, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:Problem 2On December 31, 2019, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:CashAccounts Recei

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Work in Process Materials Machinery Accounts Payable Common Stock Retained Earnings 65,000 15,000 44,000 70,600 118,750 200,000 69,850 Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 Total P 25,000 40,000 P 65,000 Job 102 Work in process inventory: Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 1,000 hours at P 4.00 400 hours at P 5.00 4,000 2,000 Factory overhead: Applied at P 2.00/hour Total Materials inventory: 800 2,000 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y-8,000 units at P 3.00 Total P 20,000 24,000 44,000 P.

Work in Process Materials Machinery Accounts Payable Common Stock Retained Earnings 65,000 15,000 44,000 70,600 118,750 200,000 69,850 Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 Total P 25,000 40,000 P 65,000 Job 102 Work in process inventory: Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 1,000 hours at P 4.00 400 hours at P 5.00 4,000 2,000 Factory overhead: Applied at P 2.00/hour Total Materials inventory: 800 2,000 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y-8,000 units at P 3.00 Total P 20,000 24,000 44,000 P.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting the missing figure for cash.
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.
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
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Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
Hajun 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.
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. sold products to customers for cash, $7,500 B. sold products to customers on account, $12,650 C. collected cash from customer accounts, $9,500
Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
Analyzing 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.
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000