Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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Work together 2-3Analyzing revenue, expense, and withdrawal transactions into debit and credit partsT accounts are given in the Working Papers. Your instructor will guide you through the following examples. Use the chart of accounts for Jensen Cleaning Service in Work Together 2-2.Transactions:Mar. 11. Sold services on account to Johannes Erickson, $125.00.13. Received cash from sales, $260.00.14. Paid cash for telephone bill, $54.00.16. Received cash on account from Johannes Erickson, $125.00.19. Paid cash to owner for a withdrawal of equity, $200.00.1. Prepare two T accounts for each transaction. On each T account, write the account title of one of the accounts affected by the transaction.2. Write the debit or credit amount in each T account to show the transaction’s effect.
Mastery Problem Journalizing transactions and posting to a generalledger LO3, 4, 5, 6Brian Ford owns a service business called Ford Lawn and Garden. FordLawn and Garden's general ledger accounts are given in the WorkingPapers.
Transactions:Feb. 1. Received cash from owner as an investment, $11,000.00. R1.
3. Paid cash for supplies, $800.00. C1.5. Received cash from sales, $1,800.00. T5.6. Sold services on account to Clara Walthers, $560.00. $1.
9. Paid cash for rent, $1,200.00. C2.11. Paid cash for miscellaneous expense, $100.00. C3.13. Bought supplies on account from Corner Supplies, $480.00. MI.13. Received cash from sales, $860.00. T13.16. Paid cash for advertising, $286.00. C4.
18. Paid cash on account to Corner Supplies, $280.00. C5.20. Paid cash for electric bill, $460.00. C6.20. Received cash on account from Clara Walthers, $300.00. R2.
25. Paid cash for supplies, $300.00. C7.27. Paid cash for supplies, $160.00. C8. 27. Received cash from sales,$4,200.00. T27.28. Paid cash to…
(Learning Objective 4: Journalize and post transactions) Consultant Mary Gervaispurchased supplies on account for $4,300. Later Gervais paid $3,450 on account.1. Journalize the two transactions on the books of Mary Gervais, Consultant. Include anexplanation for each transaction.2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute thebalance and denote it as Bal.3. How much does the business owe after both transactions? In which account does thisamount appear?
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- Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Accounts Receivable-J. Lepowsky Mikaela Mundt, DrawingSupplies SalesPrepaid Insurance Advertising Expense Accounts Payable-Southern Supplies Utilities Expense Instructions:Aug 1. Mikaela Mundt invested $2,000.00 of her own money in thebusiness. Receipt No. 1.3. Used business cash to purchase supplies costing $216.00. Wrote Check No. 1.4. Wrote Check No. 2 for insurance, $245.00.5. Purchased supplies for $68.00 over the phone from Southern Supplies, promising to send the check next week. Memo No. 1.11. Sent Check No. 3 to Southern Supplies, $68.00.12. Sent a check for the electricity bill, $180.00. Check No. 4.15. Wrote an $800.00 check to Ms. Mundt as a withdrawal of equity for personal use. Used Check No. 5.16. Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days. Sales…arrow_forwardRequirements: 1. Journalize each transaction including explanations. 2. The accounts listed in the trial balance, together with their balances as of March 31,2024, have been opened for you in T-account form. Post the journal entries to the ledger (use T-account format). 3. Prepare the trial balance of Harper Service Center as of April 30, 2024. More info Apr. 2 Borrowed $45,000 from the bank and signed a note payable in the name of the business. Apr. 4 Paid cash of $40,000 to acquire land. Apr. 9 Performed services for a customer and received cash of $5,000. Apr. 13 Purchased office supplies on account, $300. Apr. 15 Performed services for a customer on account, $2,600. Apr. 18 Paid $1,200 on account. Apr. 21 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. Apr. 25 Received $3,100 from a customer on account. Apr. 27 Received a $200 utility bill that will be paid next month. Apr. 29 Received $1,500 for services to be…arrow_forwardHomework 1 EX.01-22 EX.01-14 EX.01-21 EX.01-16 EX.01-13 EX.01-15.Algo EX.01-18 MP.FINANCIAL.STMT.RELATIONSHIPS EX.01-14.Algo EX.01-23 MP.PREPARING.FINANCIAL.STMTS-BASIC EX.01-20.Algo Hide or show questions Progress:2/12 items eBook Show Me How Video Print Item Income Statement Maynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows: Fees earned $3,400,000 Wages expense 2,150,000 Miscellaneous expense 55,000 Rent expense 320,000 Supplies expense 30,000 Prepare an income statement for the month ended August 31. Maynard Services Income Statement For the Month Ended August 31, 20Y5 $fill in the blank 2 Operating expenses: $fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total operating expenses fill in the blank 11 $fill in the blank 13arrow_forward
- II. Computational. Look for the balances of the different accounts using the following transactions: A) Bought office equipment amounting to P5,000. B) Collected P7,800 cash for the work completed. C) Received P6,000 cash advance from clients. The service is to be rendered before the end of the month. D) Received P9,000 cash from clients on credit. E) Bought office supplies on credit amounting to P2,500. Look for the balance of obligations.arrow_forwardPlease answer reqirement 4, 5 & 6 only This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Use the Excel workbook Chapter 03 b - Problem 3-1 Forms to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These beginning account balances were the January ending account balances from Problem 2-1. Requirement 1 For each of the following transactions make the required entries in the General Journal: (See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent. Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of…arrow_forward
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