Use the following information. 1. Pay employee salaries of $560 by issuing checks. 2. Purchase computer equipment of $960 using a credit card. 3. Pay for maintenance of $360 for a company vehicle using a debit card. Record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Q: The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in…
A: At the end of the financial year, before financial statements are prepared, a trial balance is…
Q: Prepare the necessary journal entries for March 1 and March 2.
A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating…
A: Explanation: A. Provided legal services to customers for cash, $5,900 - Services Provided for cash…
Q: Identify the accounts and the debit/credit entries to be made in the ledger to record each of the…
A: Rules of debit and credit says that which accounts needs to be debited and which accounts to be…
Q: A company had the following transactions: 1. Paid $220 for office supplies using a debit card. 2.…
A: Increase in assets should be debited and decrease in assets should be debited. Increase in…
Q: Record the following transactions. 1. Pay employee salaries of $600 by issuing checks. 2. Purchase…
A: Introduction: Journal entries: Journal entries can be defined as the process of recording the…
Q: Make Taccounts for the following accounts that appear in the general ledger of Fatima, a…
A: Trial balance: The trial balance is a worksheet taking all the ledger balances and presenting them…
Q: Directions: Establish the following T-Accounts and record the transactions directly into the…
A: Journal entries recording is the first step of accounting process. After that, recorded transactions…
Q: Henry Johnson runs a book store. Henry receives his bookstore's bank statement for the month of…
A: As per nominal expense rule dedit all expenses
Q: Identify the accounts and the debit/credit entries to be made in the ledger to record each of the…
A: Rules of debit and credit in accounting says that which accounts needs to be debited in which…
Q: Johnson Company maintains four special journals and a general journal to record its transactions.…
A: Solution- 1-Mr. Johnson invested cash in the business = CR 2-Purchased…
Q: A company pays $1,600 cash to employees for work performed during the month. Record the payment…
A: Basis of accounting: It includes the methodology that is used by the business whilst recording the…
Q: The business has drawn a check of the same amount on the deposit account of Bank “A” in return for…
A: Journal Entry The purpose of preparing the journal entry to make more viable financial reporting…
Q: A customer hands you $3,850 in cash and would like to purchase 14 prepaid cards of $275 each. The…
A: As per policy, POS register do not allows more than $ 2000 for a single transaction. Doing…
Q: Prepare journal entries for each of the following transactions. (Credit account titles are…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: You are required to record the transactions in the appropriate accounts, balance off the accounts,…
A: Recording of transactions in T-Accounts Cash a/c Debit Amount…
Q: is the amount of money deposited into an account. a. Credit transaction b. Account holder c. Opening…
A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…
Q: Do the following events represent business transactions?Explain your answer in each case.(a) A…
A: Business transaction: It is an activity that is measured through the medium of money, which affects…
Q: The business collected $1,800 cash from Client B on account. The journal entry to record this…
A: Increase in assets should be debited and decrease in assets should be credited. Option A is for…
Q: An attorney performs services of $1,100 for a client and receives $400 cash, with theremainder on…
A: Journal: Recording of a business transactions in a chronological order.
Q: When a company pays cash to buy supplies, for $750, the journal entry to record this transaction…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: The following are business transactions of Disperas Computer Shop for the month of January 2022. As…
A: The next steps shows the journal, ledger and trial balance of Disperas Computer Shop for January…
Q: Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should…
A: According to the principles of accounting, all assets and expenses have a normal debit balance,…
Q: You are required to prepare a written report for the following tasks: Transactions for the month of…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: This is a sample application form for business loan in a bank. Directions: Fill out the form with…
A: In the context of the given question, we will try to cover filling out all sections of the bank loan…
Q: Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared…
A: Given that, Cash collected from customer on account = $7,500 Customer on account are those…
Q: When a company pays cash to buy supplies, for $750, the journal entry to record this transaction…
A: Journal entry is used to record the transaction by using double entry system and every transaction…
Q: Identify which account would be debited and credited to record each transaction occurred at Forever…
A:
Q: Enter the following transactions in the records of TRUST GOD Enterprise, balance the various…
A:
Q: The company takes out a $1,000,000 loan from the bank. Provide the journal entry that would be…
A: Whenever an entity borrows money. A liability(Obligation to pay) is incurred at the same time cash(…
Q: Scenario: You are presented with the following transactions for 2021 from the books of a business.…
A:
Q: Journalize the following transactions in the books Mr. Omar, post them in ledgers, and prepare the…
A: All the transactions of the company that are happened during the year will be recorded first in the…
Q: Pina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a…
A: SOLUTION- A TRANSACTION IN BUSINESS REFERS TO AN ANY EVENT THAT AFFECTS THE FINANCIAL POSITION OF…
Q: Directions: Establish the following T-Accounts and record the transactions directly into the…
A: T-accounts is record which is to be maintained for recording the transactions in a four-column…
Q: Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating…
A:
Q: Revise your worksheet to reflect the following transactions and updated values at the end of the…
A: Bank reconciliation is the process of comparing the balances in an entity's accounting records for a…
Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…
A: Solution: Classification of transaction in journal and Subsidiary ledger are as under:
Q: The following information is obtained from a review of the record keeping process. Analyze the given…
A: Modified trial Balance is adjusting all the entries in the prepared trial balance at the end of the…
Q: If someone bought a computer from wardens office outfitters, $1,636, paying $750 in cash and placing…
A: Basic Accounting Equation says, Assets = Liabilities + Owner's /Stockholder's Equity. In this case,…
Q: Jones Co has the following transactions: 1 Payment of $400 to J Bloggs for a cash purchase 2…
A: Journal: Recording of a business transactions in a chronological order.
Q: On November 10, JumpStart provides $2,060 in services to clients. At the time of service, the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: On September 8, a company provides services on account to a customer for $2,800, terms 5/10, n/30.…
A: Discount on payment = Gross value of services provided x rate of discount = $2800 x 5% = $140
Q: Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent…
A: The ledger accounts will be created after the journalizing the transactions. Ledger is the second…
Q: Please answer the following transactions and tell me what account they would be under for each debit…
A: Journal entries are shown below:
Q: Record all transactions in appropriate T-accounts (costs by nature), close all accounts and prepare…
A: Income Statement: An income statement is an accounting report that shows a company's net…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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.Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X. 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
- 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 Account No. 21 DATE ITEM POST.REF. DEBIT CREDIT BALANCEDEBIT CREDIT Sept. 1, 20Y4 Balance Sept. 18, 20Y4The debits and credits from two transactions are presented in the following customer account: NAME Mobility Products Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance ✔ 540 Aug. 10 Invoice No. 59 CR24 103 437 Aug. 17 Invoice No. 64 R35 129 566 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 fill in the blank 2 fill in the blank 4 Aug. 17 fill in the blank 6 fill in the blank 8E2-13 (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…
- Complete the following to record office expenses that Mookie The Beagle™ Concierge incurred and paid by check. Create a Check. Select Create (+) icon > Check Add Vendor Payee: Bichotte Supplies Select Payment Date: 01/13/2022 Select Bank Account: Checking Select Category: Office Supplies & Software (Expenses) Enter Description: Office Supplies Enter Amount: 84.00 What is the Total for the Check? (Answer this question in the table shown below. Round your answer 2 decimal places.) Select Save and close View the Transaction Journal for the Check. From the Navigation Bar, select Expenses From the Expense Transactions List, select the Bichotte Supplies Check just entered From the bottom of the Bichotte Supplies Check, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown…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 CREDITComplete this question by entering your answers in the tabs below. Analyze General Joumal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T- account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Unearned Landscaping Revenue 236 Common Stock 307 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Landscaping Revenue 403 Date Amount Date Amount End. bal. Caneral lournal reounts
- The debits and credits from two transactions are presented in the following customer account: NAME ADDRESS Horizon Entertainment 125 Wycoff Ave. Post. Date Item Ref. Debit Credit Balance Balance Feb. 1 280 Invoice No. 422 CR106 22 120 160 27 Invoice No. 445 R92 170 330 Describe each transaction and the source of each posting.2. Prepare any necessary entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned on the checking account for March. (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 1 Record journal entry related to the $600 check charged erroneously to Business Solutions' account, if required. Note: Enter debits before credits. Date March 31 5 Record entry General Journal Clear entry MacBook Air NextRequired information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.