Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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ACCOUNTING PROCEDURES, POLICIES, AND
INSTRUCTIONS
I. Maja’s Consultancy reports its operations monthly.
II. Maja’s Consultancy uses voucher system for every cash disbursement.
III. Prepaid expenses are recorded using asset method.
IV. Instructions:
a) Journalize each transaction using the source documents provided.
b) Post the journalized transactions to its corresponding general ledger.
c) Prepare trial balance.
d) Determine the balances in each account and prepare the unadjusted trial
balance in the worksheet.
e) Answer the data for adjustments.
f) Journalize the adjusting entries and prepare it in the worksheet.
g) Complete the worksheet.
h) Prepare the financial statements.
i) Post the adjusting entries
j) Journalize and post the closing entries.
k) Prepare the post-closing trial balance.
V. Data for adjusting entries:
a) Per count, the office supplies on hand amounted to P2,000.
b) Received the September billing from PLDT, P1,500.
c) 1% of accounts receivable is uncollectible.…
Question
To avoid duplication of account names and the use of improper account names, the company has provided the following list of accounts used to record its transactions as extracted from its chart of accounts:
Capital
Cash
Supplies
Right Way Manufacturers
J Manufacturers
P&S Auto
CT Ltd
Service Revenue
Discount Allowed
Rent Expense
Wages Expense
Supplies Expense
Fixtures
Auto Care
Loan NBC
Discount Received
Electricity Expense
Drawings
Requirements:
Create a name for the owner of the company and give the business a name that reflects the operations of the organization.
Record the transactions stated above in the general journal.
Post the transactions to the general ledger and balance off each account
Extract a trial balance on August 31st.
Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that date
SUBJECT: Financial Accounting and Reporting
Instruction: Choose the Debit and Credit Accounts of the following transactions.
TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation
4. Credit *a. Cash In…
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- SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…arrow_forward2) Prepare the journal entry under the direct write-off method that ABC company would record when it determines that $500 cannot be collected from its customer DEF from a previous sale on account: DR: Bad Debt Expense $500 CR: Accounts Receivable $500 3) After being written off inn question 2, DEF company winds up partially paying ABC $250 that it previously owed, before officially going out of business. Please prepare the necessary journal entries to reverse the write off for the appropriate amount, and to record the receipt of cash: DR: CR: DR: CR: PLEASE DO NOT ANSWER THE FIRST QUESTION. KIND THANKSarrow_forwardaccount_circle Business AccountingQ&A LibraryAccording to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear. Items DEBIT CREDIT Office Equipment Creditors Insurance Cash Rent payable Debtors Sales Rent receivable Drawings Motor vehicles Loan from CAMB Bhd. Capital Wages Premises Carriage inwards Question The following balances were extracted from Gerut Trading as at 31 December 2019. Items RM Cash in hand 1,000 Sales 200,000 Purchases 80,000 Land and Building 300,000 Creditors 60,000 Salaries 28,000 Capital 101,000 Bank 10,000 Machinery 150,000 Debtors 30,000 Stock 12,000 Loan 250,000 According to the list items below, tick (√) either the debit column or…arrow_forward
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- Use T-accounts to record all business transactions: The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow. Instructions Analyze the transactions a - c (typed here) and d - s (in the image). Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Indentify each entry in the T accounts by writing the letter of the transaction next to the entry. Assets Cash Accounts Receivable Office Furniture Office Equipment Automobile Liabilities Accounts Payable Owner's Equity Conner McAllister, Capital Conner McAllister, Drawing Revenue Fees Income Expenses Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense a. Conner McAllister invested $140,000 in cash to start the business. b. Paid $7,800 for the current month's rent c. Bought a used automobile for the firm for $38,500 in cash d. - s. in the image All of the transactions (typed a. - c. and…arrow_forwardJournalize the entries to record the transaction of Amsterdam supply Co. refer to the chart of accounts for exact wording of account titles. Chart of accounts Amsterdam supply corporations Assets - cash. account receivable empire corporation. Account receivable equinxo Corporation. I can’t receivable Targhee corporation. Account receivable vista corporation. Notes receivable. Inventory. Estimate return inventory. Office supplies. Store supplies. Prepaid insurance. Land. Store equipment. Accumulated depreciation Store equipment. Office equipment. Accumulated depreciation Office equipment. Liabilities Account payable. Salaries payable. Sale tax payable. Customer refund payable. Notes payable. Equity Common stock. Retained earnings. Dividends. Revenu Sales. Interest revenue. Expenses Cost of goods sold. Delivery expense. Advertising expense. Depreciation expense store equipment. Depreciation expense office equipment. Salaries expense. Rent expense. Insurance expense. Store…arrow_forwardIndicate the QBO Account Type for each of the following accounts appearing in Mookie The Beagle Concierge’s Chart of Accounts. Account QBO Account Type Checking Accounts Receivable(A/R) Asset Inventory Prepaid Expenses Prepaid Expenses; Insurance Prepaid Expenses: Rent Prepaid Expenses: Supplies Account Payable (A/P) VISA Credit Card Unearned Revenue Owner Distributions Owner’s Investment Retained Earrings Equity Sales Advertising & Marketing Bank Charges & Fees Contractors Insurance: Liability Insurance Expense Insurance: Renter Insurance Expense Interest Paid Legal & Professional Services Meals & Entertainment Office Supplies Asset Rent & Lease Repairs & Maintenance Travel Utilitiesarrow_forward
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