y 5 Accounts Receivable 5,400 Service Revenue 5,400 (Billed for services performed) 12 Cash 4,500 Accounts Receivable 4,500 (Received cash in payment of account) 15 Cash 3,100 Service Revenue 3,100 (Received cash for services performed) the transactions to T-accounts and determine each account's ending balance. (Post entries in the order presented in the ment.)
Q: Parrish pg 37 T-Accounts Please find the missing amount and show and explain how you solved it.…
A: Introduction Accounts Payable is a current liability. Debit side indicates payments given to…
Q: 8. Billed John Smith for $20,000 for services rendered. Received $8,000 cash and $12,000 on account.…
A: Two parties to this transaction: John Smith Company Activity of each party: Service…
Q: 16. What is the balance of the accounts receivable after pencil footing the ledger? 38,000 debit O…
A: Accounts Receivable It is a money due to a firm for goods or services delivered or used but not yet…
Q: a. Accounts Payable. 1,830 Cash... 1,830 b. Accounts Receivable. 3,080 Cash.... 3,080 C. Accounts…
A: Accounts receivable Account DR CR Particulars Amount Particulars Amount Cash…
Q: counts Receivable 5,100 Service Revenue 5,100 (Billed for services performed) sh 4,400 ccounts…
A: T accounts are an informal set of financial records that are prepared in accordance with double…
Q: 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/ 8 Paid…
A: 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/ 8 Paid…
Q: PA6. LO 5.1 Use the following T-accounts to prepare the four journal entries required to close the…
A: In the process of closing the books, temporary accounts are closed to the permanent accounts. The…
Q: Parrish Pg 36 T-Accounts Please solve the following and explain show method for finding the missing…
A: Service fee revenue : This account is based on the accrual basis system of accounting and records…
Q: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for…
A: Required 1 to 3) No. Date General Journal Debit Credit 1 July 15 Accounts receivable…
Q: Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21…
A: Journal entry: Journal entry means the act of keeping or making records of any transactions done by…
Q: Journalize the following transaction: July 13 Purchased equipment for $40,000, paying $25,000 in…
A: Cost of asset = $40,000 Cash paid = $25,000 Amount for which note issued = 40,000 - 25,000 = $15,000
Q: W On 01/01/X2, the balance in V Company's Supples account was $4.000. During 20K2. VJ recorded the…
A: The question is related to Journal Entries.
Q: Im having trouble understanding debits and credits, in what situations do I decide to debit…
A: Accounting treatment for assets, liabilities, expenses and incomes. Assets and expenses will have…
Q: 0. The journal in which invoices for services provided are recorded is the revenue…
A: Hello, since the student has posted multiple requirements, only requirement 1 is answerable. Thank…
Q: Posting a $2,500 purchase of office supplies on account appears as follows:
A: Account Titles and Explanation Debit Credit Office Supplies $2,500 Accounts…
Q: Saved Help Sa The fotowing account balances come from the records of Ourso Company. Accounts…
A: Cash collected from accounts receivables refers to cash to be collected from debtors when credit…
Q: Mar. 6) The company completed services for a client and immediately received $6,900 cash. Note:…
A: When services are performed we recognize revenue , thus service revenue is recorded when the task is…
Q: Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 5,300 Service…
A: Cash is an asset and normally has a debit balance. Accounts receivable is an asset and normally has…
Q: Accounts Payable May 2 6,000 21,000 May 1 May 22 11,500 500 May 5 8,500 May 15 500 May 23 Calculate…
A: Ledger means the statement where all transaction related to particular account is written at one…
Q: Journal entry: 1. Provide services to customers for cash, $39,100. 2. Provide services to…
A: Journal Entry is a basic but important part of Accounting.It is an Act of keeping record of…
Q: . A payment on account for $230 was credited t
A: A trial balance is used to test the arithmetic accuracy of the books as the sum of all debits should…
Q: Post the transactions to T-accounts.
A: Cash A/c Date Particular Debit amount Date Particular Credit amount 12 May To Accounts…
Q: PA12. LO 5.3 Use the following Adjusted Trial Balance to prepare a classified Balance Sheet:…
A: The balance sheet lists all the permanent accounts. Hence, all the temporary accounts shall be…
Q: 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21 Accounts Payable 23…
A: Accounts payable will be debited Cash account will be credited.
Q: Cash $371 Accounts Payable $268 Expenses $100 Revenue $632 Accounts Receivable $429 What is the…
A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…
Q: Your business purchased office supplies of $2,500 on account. The journal entry to record this…
A: Date Account Titles and Explanation Debit Credit Office supplies $2,500…
Q: 1 2 3 4 5 6 7 8 > Pay cash on accounts payable, $9,800. Note: Enter debits before credits. Date…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: QUESTION 1 Hope Company's total assets were $7,375. Hope collected on $617 of account receivable…
A: Balance sheet means where all assets , liabilities and capital is shown. Accounting principles says…
Q: Q1/B/The trial balance before adjustment for Phil Collins Company shows the following balances. Dr.…
A: Calculated the bad debt expense as follows:
Q: 1) Journal entries 2) Ledger 3) Balancing off the accounts 4) Trial Balance 2. The following are ABM…
A: Journal entry (JE) refers to posting of the transactions into the books of the entity and it is very…
Q: Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the…
A: T accounts are the general ledger accounts which are prepared for classification of journal entries…
Q: QUESTION 3 Hope Company's total assets were $7375. Hope collected on $617 of account receivable that…
A: Since Basic accounting equation is Total assets = Total liabilities + Owners Equity.
Q: 5. Identify three (3) accounts that are most likely in error (not normal balances) in the following…
A: Introduction: Trial balance: All ledger account final balances are posted in Trial balance to check…
Q: Questions - Answer all FOUR (4 x 5 marks = 20 marks) 1. The following transactions are from Farman…
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: Unearned Revenue, beg 15,000; Unearned Revenue, end 75,000; Collection of cash from advance paying…
A: Solution: The service performed for advanced paying customers amounted to = Unearned revenue…
Q: Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions…
A: Since there are multiple sub-parts, we will solve first three for you. To get the remaining…
Q: 5) Insert the following account opening balances: Account no. Account name Debit Credit 1-1110…
A: T-accounts are the ledger accounts whereby the transactions recorded in the journal are posted.
Q: 9. How much is the utilities expense? * P2,400 debit P3,750 debit P3,750 credit P2,400 credit 10.…
A: Answer - Part 9 - Correct Answer is Option A - P 2,400 Debit. If debits exceed credits, the…
Q: Question 2 Sold $1,500 on account to Mrs. Hinshaw. What two accounts are impactec Cash and Owners…
A: Account receivable means the amount due from customer whom we sold the goods on credit.
Q: Britgeport Coruse he percentige-otreceivablesbasis to record Accounts recelvable lending balance…
A: The net realizable value is calculated as difference between account receivables and allowance for…
Q: August 9: Paid cash for items purchased on account to EJ Equipment, $3,000 Debit Cash, Credit…
A: Explanation: When Payment is made for goods purchase on credit, Then the cash outflows will be…
Q: What amount should be reported as accounts receivable on December 31? a. 565,000 b. 595,000 c.…
A: Below are the answers and calculations-
Q: Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21…
A: Cash employed/invested by owner in the business is treated as Capital of the owner in the business.
Q: Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21…
A: Journal entry: Journal entry means keeping or making records of any transactions done by business.
Q: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT Alexandra Plass, Capital R1 18,000.00 1 Oct 1 2…
A: Petty Cash: Petty cash is a minimal amount of money given as advance to pay for the routine…
Step by step
Solved in 2 steps
- From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsOn 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, $5,700Prepare 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, $4,444
- Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). A. provided legal services to customers for cash, $5,600 B. provided legal services to customers on account, $4,700 C. collected cash from customer accounts, $3,500Brief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.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
- 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. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. ToolsCASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method. 1. Office Equipment Cash Purchased equipment for cash 2. Office Equipment Accounts Payable Purchased equipment on account 3. Cash Revenue Cash receipts for week 4. Accounts Receivable Revenue Services performed on account 5. Prepaid Insurance Cash Purchased prepaid asset 6. Supplies Accounts Payable Purchased prepaid asset 7. Phone Expense Cash Paid phone bill 8. Wages Expense Cash Paid wages for month 9. Accounts Payable Cash Made payment on account Adjusting Entries: 10. Supplies Expense Supplies 11. Wages Expense Wages Payable 12. Depreciation ExpenseOffice Equipment Accumulated DepreciationOffice Equipment
- Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230 are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500Post the following July transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts): A. sold products to customers for cash, $8,500 B. sold products to customers on account, $2,900 C. collected cash from customer accounts, $1,600