Do not give answer in image Journalize the following business transactions in general journal form. Identify each transaction by number. You may omitexplanations of the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts.)1. Received $57,000 from stockholders.2. Purchased equipment for $82,000, paying $14,000 in cash and giving a note payable for the remainder.3. Paid $3,200 rent for the month.4. Recorded $17,500 of services provided on account.5. Paid wages of $9,500.6. Received $6,500 in cash for services provided.7. Collected $2,900 from customers on account.No Account Titles and Explanation1.2.CashDebit57,000Credit

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) 1. Received $57,000 from stockholders. 2. Purchased equipment for $82,000, paying $14,000 in cash and giving a note payable for the remainder. 3. Paid $3,200 rent for the month. 4. Recorded $17,500 of services provided on account. 5. Paid wages of $9,500. 6. Received $6,500 in cash for services provided. 7. Collected $2,900 from customers on account. No Account Titles and Explanation 1. 2. Cash Debit 57,000 Credit

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) 1. Received $57,000 from stockholders. 2. Purchased equipment for $82,000, paying $14,000 in cash and giving a note payable for the remainder. 3. Paid $3,200 rent for the month. 4. Recorded $17,500 of services provided on account. 5. Paid wages of $9,500. 6. Received $6,500 in cash for services provided. 7. Collected $2,900 from customers on account. No Account Titles and Explanation 1. 2. Cash Debit 57,000 Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journalize the following transactions by Ayayai Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Stockholders invest $82,500 cash to start the business. 2. Purchased three digital copy machines for $450,000, paying $102,000 cash and signing a 5-year, 6% note for the remainder. 3. Purchased $4,800 paper supplies on credit. 4. Cash received for photocopy services amounted to $7,300. 5. Paid $400 cash for radio advertising. 6. Paid $1,000 on account for paper supplies purchased in transaction 3. 7. Dividends of $2,200 were paid to stockholders. 8. Paid $1,200 cash for rent for the current month. 9. Received $2,100 cash advance from a customer for future copying. 10. Billed a customer for $300 for photocopy services completed. No. Account Titles and Explanation Debit…
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entere
E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $66,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock. b. Ordered store fixtures costing $12,000. c. Borrowed $13,000 cash and signed a note due in two years. d. Purchased $20,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,100 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 3 Note: Enter debits before credits Transaction 4 5 Record the receipt of the $13,000 cash borrowed on a…
Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Owner's Capital 32 Owner's Drawing REVENUE 41 Fees Earned 42 Sales Commission EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense…
Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Owner's Capital 32 Owner's Drawing REVENUE 41 Fees Earned 42 Sales Commission EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense…
Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) (b) Account Titles and Explanation (c) purchases accounts payable Date December 31 Accounts Payable Notes Payable December 31 cash eTextbook and Medial Discount on Notes Payable List of Accounts Your Answer Correct Answer Solution notes payable Your answer is partially correct. Account Titles and Explanation Interest Expense Interest Payable (To record interest on the note) Interest Expense Prepare adjusting entries at December 31. (if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round…
Prepare a journal entry on December 23 for the withdrawal of $27,000 by Graeme Schneider for personal use. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Graeme Schneider, Capital 32 Graeme Schneider, Drawing REVENUE 41 Fees Earned 42 Sales Commission…
Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, a company has a balance of $24,800 in accounts receivable. Because the company is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of Year 1, the company wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that the company now will need to use the allowance method. The following transactions occur during Year 1 and Year 2. 1. During Year 1, install air conditioning systems on account, $178,000. 2. During Year 1, collect $173,000 from customers on account. 3. At the end of Year 1, estimate that uncollectible accounts total 20% of ending accounts receivable. 4. In Year 2, customers' accounts totaling $6,800 are written off as uncollectible.
c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box blank. Account Accounts Payable DATE Sept. 1, 20Y4 ITEM Balance ✔ GENERAL LEDGER POST. REF. DEBIT CREDIT Account No. 21 BALANCE DEBIT CREDIT
. Prepare the journal entries SSG would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Transaction a(1) 3 Note: Enter debits before credits. Record the sales on account of $150,000 to SRU. Record entry 4 5 General Journal Clear entry Debit Credit View general journal
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.) Print - Journal S Register O Pay from Account: 1-1110 ANZ Bank Balance: $1,530,577.55 O Group with Electronic Payments: V Tax Inclusiİve Card: O Cheque No.: 58 Date: 20/07/2018 Payee: Amount: $83,130.00 V Eighty Three Thousand One Hundred and Thirty Dollars and 0 Cents Memo: Paid Australian Tax Office Computer World Australia Pty Ltd Acct No. Name Amount Job Memo Таx 2-1310 GST Collected $87,450.00 N-T 2-1320 GST Paid -$20,000.00 N-T 2-1420 PAYG Withholding Pay $15,680.00 N-T Total Allocated: $83,130.00 Тах: $0.00 O Cheque Already Printed Total Paid: $83,130.00 Remittance Advice Delivery Status: Out of Balance: $0.00 To be Printed 29 Save as Recurring O Use Recurring
Prepare a journal entry on December 23 for the withdrawal of $22,500 by Graeme Schneider for personal use. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.