Prepare journal entries for the chapter two illustrative problem on page 84. Only prepare journal entries....
J. Thompson, M.D., has been practicing a cardiologist for three years. During November 2019, Thompson completed the following transactions in his practice of cardiology: Nov. 1. Paid office rent for April, $400. 3. Purchase equipment on account, $1,050. 5. Received cash on account from patients, $1,575. 8. Purchased X-ray film and other supplies on account, $122.50. 9. One of the items of equipment purchased on November 3rd was defective. It was returned with the permission of the supplier, who agreed to reduce the account for the...
3. During April Kelly Consulting entered into the following transactions, Prepare journal entries for them. Apr. 1. The following assets were received from Kelly Pitney: cash $13100; accounts receivable, $3,000; supplies, $1,400; and office equipment $12,500. 1. Paid three months' rent on a lease rental contract, $4800; 2. Paid the premiums on property and casualty insurance polices,S1800 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees. $5,000. 5. Purchased...
Prepare April Journal Entries as T accounts and Regular Journal entries. Don’t forget descriptions and date. JTT is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred. a) April 2, Invested $73,600 cash and equipment valued at $32,200 in the business. b) April 2, Hired a secretary-receptionist at a salary of $667 per week, payable monthly. c) April 3, Purchased supplies on account $1,610. (Debit an asset account.) d) April 7,...
Prepare journal entries for the transactions below. A company entered into the following transactions during April. This is the first month of their operation. April 1st: Signed a lease and made a payment of $4,500 to the landlord comprised of three month’s rent covering April, May, and June. April 3rd: Purchased equipment on account for $35,000. April 4th: Purchased supplies for $2,000, paid with cash. April 10th: Performed services and sent a bill of $57,000 to a customer. April 15th:...
PREPARING JOURNAL ENTRIES Prepare journal entries (without explanations) for the transactions A. The owner invested $75,000 to start her own consulting busine capital cash B. The company performed $5,500 of services on account. 500 De 5.50 C. The company purchased equipment on account $4,000. equipment ACCOUnts Royable DR 4.000 CR D. The company collected $2,250 on account Accounts receivable cash E. The company received but did not pay the December telephone bill, $475. DR CR - 475 475 F. The...
Prepare general journal entries to record these transactions. (2pts each) Post the journal entries from to the ledger accounts (2pts ea) Prepare a trial balance (5pts) Prepare the 3 financial statements (15pts). Chapter 2: Practice Exercise #3: At the beginning of April, Vanessa Williams launched a custom computer solutions company called Softworks. The company had the following transactions during April. a) Vanessa Williams invested $155,000 cash, office equipment with a value of $5,100, and $78,000 of computer equipment in the...
eneral Journal Entries (30 points) 2. Gen al journal entries to record these transactions. Larry Matt completed these during December of the current year: are general jou sactions during Dec Regan a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. Purchased $1,200 of office equipment on credit Purchased $300 of office supplies on credit Completed work for a client and immediately received a payment of $900 cash Completed work for Precept Paper Co. on...
Please show T-Accounts as well. JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 points each) Sold office equipment for $700. The equipment originally cost $2,000 and has accumulated depreciation of $1,500. Sold merchandise on account for $2,000. Cost of the merchandise was $1,200. 3. Received advance payment of $3,000 for services to be provided next month. Purchased new office equipment costing $4,000 by paying $1,500 in cash and signing a note for the balance. Received payment...
CHAPTER 3 The Income Statement Required: For each of the transactions, prepare journal entries. Be sure to categorize each account as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E). PA3-3 Analyzing the Effects of Transactions Using T-Accounts. Preparing an Unadjusted LO 3-1, 3-2, 3-3, 3-4 Trial Balance, and Determining Net Income and Net Profit Margin Spicewood Stables, Inc. was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and...
Posting journal entry 160 Chapter 6 Accounting for Merchandising Businesses Illustrative Problem The following transactions were completed by Montrose Company during May of the current year. Montrose Compan y uses a perpetual inventory system. Purchased merchandise on account from Floyd Co., $4,000, terms FOB ship- ping point, 2/10, n/30, with prepaid freight of $120 added to the invoice. Purchased merchandise on account from Kramer Co., $8,500, terms FOB May 3. May 5. destination, 1/10, n/30. 6. Sold merchandise on account...