Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Selected accounts of Noteworthy Communications at December 31, 20X6, follow:Accounts payable $15,100 Lori Stone, capital $67,100Accounts receivable 6,600 Note payable, long-term 27,800Accumulated depreciation - equipment 37,800 Other assets 3,600Accumulated depreciation- computers 11,600 Other current liabilities 4,700Equipment 114,400 Prepaid insurance 1,100Cash 16,500 Prepaid rent 6,600Service revenue 93,500 Salary expense 24,600Computers 22,700 Salary payable 3,900Interest payable 600 Supplies 2,500Unearned service revenue 5,400Required:i) Prepare Noteworthy’s classified balance sheet in report form as at4December 31, 20X6. Show totals for total assets, total liabilities andowner’s equity.
Prepare initial and adjusting entries for the following transactions:Attach the Spreadsheet screenshots here.WITH FORMULAS FOR UPVOTE5/31 Company paid P25,000 rent in advance for 3 years. (Use Asset and Expense Methods)6/30 The Company collected in advance P400,000 for services to be rendered in 2 yrs. (Use Liability and Revenue Methods)
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Merle Company pays $3,000 towards the amount due to the equipment purchase. The effect to Equity would be:
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Clint M. Invests $30,000 into Merle Company. The effect to Liabilities would be:
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Clint M. Invests $30,000 into Merle Company. The effect to Equity would be:
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Merle Company purchases a piece of equipment for $5,000 on account. The effect to Assets would be:
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- What will be the balance in the investment account on December 31, 20y4 under the equity method of accounting? A. 152,000 B. 150,000 C. 159,200 D. 155,600arrow_forwardAdieu Company reported the following current assets and current liabilities for two recent years: Line Item Description Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $950 $1,190 Temporary investments 1,200 1,400 Accounts receivable 850 910 Inventory 2,200 2,700 Accounts payable 2,000 2,500 a. Compute the quick ratio on December 31 for each year. Round your answers to one decimal place. Line Item Description 20Y4 20Y3 Quick Ratio fill in the blank 1 fill in the blank 2arrow_forwardPresented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses…arrow_forward
- Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses…arrow_forwardPrepare initial and adjusting entries for the following transactions:Attach the EXCEL screenshots here.WITH FORMULAS IN EXCEL FOR UPVOTE5/31 Company paid P25,000 rent in advance for 3 years. (Use Asset and Expense Methods)6/30 The Company collected in advance P400,000 for services to be rendered in 2 yrs. (Use Liability and Revenue Methods)arrow_forwardRusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. A. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment next year.) a. Total current assets $44,200B. Journalize the adjusting entries.C. Journalize the closing entries.D. Prepare a post-closing trial balance. d. Post-closing trial balance $297,200 Complete all steps in accounting cycle.arrow_forward
- On December 12th 2021 an equity investment costing $81000 was sold for a $102000 the investment was carried in the balance sheet at $76000 what accounted for under the equity method an error was made in which the total of the sale proceeds was called credit's called credited to the investment account 1 and 2 prepare the following journal entriesarrow_forwardRusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. (image is attached) Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment next year.)a. Total current assets $44,200 (a) Journalize the adjusting entries.(b) Journalize the closing entries.(c) Prepare a post-closing trial balance. (d) Post-closing trial balance $297,200arrow_forwardACCRUALS & DEFFERALS Answer and explain thourougly For the following items, make a journalentry of the original transaction (ifapplicable) and make the correspondingadjusting entry on December 31. 1Paid $24,000 for a 1-year fire insurance policy tocommence on September 1. the amount ofpremium was debited to Prepaid Insurance. 2Borrowed $100,000 by issuing a 1-year note with7% annual interest to Century Savings Bank onOctober 1. 3Paid $160,000 cash to purchase a delivery van ofJanuary 1. The van was expected to have a 3-yearlife and a $10,000 salvage value. Depreciation iscomputed on a straight-line basis. 4Received an $18,000 cash advance for a contractto provide services in the future. The contractrequired a 1-year commitment, starting April 1. 5Purchased $6,400 of supplies on account. Atyear’s end, $750 of supplies remained on hand. 6Invested $90,000 cash in a certificate of depositthat paid 4% annual interest. The certificate wasacquired on May 1 and carried a 1-year term…arrow_forward
- The journal entry to record purchase of equipment for $2,00,000 cash and abalance of $8,00,000 due in 30 days include:(a) Debit equipment for $2,00,000 and Credit cash $2,00,000. (b) Debit equipment for $10,00,000 and Credit cash $2,00,000 and creditors $8,00,000.(c) Debit equipment $2,00,000 and Credit debtors $8,00,000.(d) Debit equipment $10,00,000 and Credit cash $10,00,000.arrow_forwardReconstruct an adjusted trial balance for the company, from the information presented in the specified financial statement. (Amounts in millions) 2020 ASSETS Current assets: Cash and cash equivalents $ 9,465 $ Receivables, net 6,284 Inventories 44,435 Prepaid expenses and other 1,622 Total current assets 61,806 Property and equipment, net 105,208 Operating lease right-of-use assets 17,424 — Finance lease right-of-use assets, net 4,417 — Property under capital lease and financing obligations, net — Goodwill 31,073 Other long-term assets 16,567 Total assets $ 236,495 LIABILITIES AND EQUITY…arrow_forwardPrepare the adjusting journal entries The Property, Plant and Equipment account of the company is composed of the following: Land and Building P 8,600,000 Furniture and Fixtures 2,177,000 Leasehold Improvements __168,000 Total P10,945,000 At the beginning of 2021, the Company purchased land and building for P8,600,000, which included P180,000 of realty tax in arrears for prior years. A mortgage of P2,000,000 was assumed by the company on the purchase. Twenty percent of the purchase price should be allocated to the land, and the balance to the building. In order to make the building suitable for the use of the company, remodeling costs in the amount of P900,000 were incurred and this was charged to Repairs and Maintenance Expense. Such remodelling necessitates demolition of a portion of the building which resulted in recovery of salvage materials, sold for P30,000 cash and recorded as Scrap Income. No depreciation has been recognized on the building for 2021 which has an…arrow_forward
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