Incorrect Journal entries
Account titles | Debit | Credit | |
Jan-24 | Cash | $ 300 | |
Accounts Receivable | $ 300 | ||
(Cash collected) | |||
Jan-27 | Supplies | $ 1,480 | |
Cash | $ 1,480 | ||
(Supplies purchased for cash) | |||
Jan-31 | Other operating expenses | $ 3,190 | |
Cash | $ 3,190 | ||
(Paid cash for other operating expenses) |
Income Statement | ||
Sales Revenues | $ 23,500.00 | |
Cost of Goods Sold | $ 16,780.00 | |
Gross Profit | $ 6,720.00 | |
Operating Expense | ||
Service charge expense | $ 27.00 | |
Other operating expenses | $ 3,190.00 | |
Bad debt expense | $ 400.00 | |
Supplies expense | $ 930.00 | |
Total Operating Expenses | $ 4,547.00 | |
Income from Operations | $ 2,173.00 | |
Interest Revenue | $ 40.00 | |
Income before taxes | $ 2,213.00 | |
Income tax expense | $ 664.00 | |
Net Income | $ 1,549.00 |
Statement of Retained Earnings | |
Beginning Balance | $ 10,770.00 |
Add : Net Income | $ 1,549.00 |
Ending Balance | $ 12,319.00 |
Balance Sheet | ||
Assets | ||
Current Assets | ||
Cash | $ 16,823 | |
Notes Receivable | $ 6,000 | |
Interest Receivable | $ 40 | |
Accounts Receivable | 11500 | |
Less Allowance for Doubtful accounts | -690 | $ 10,810 |
Inventory | $ 9,640 | |
Supplies | $ 550 | |
Total Current Assets | $ 43,863 | |
Total Assets | $ 43,863 | |
Liabilities & Stockholder's Equity | ||
Current Liabilities | ||
Accounts Payable | $ 8,880 | |
Income Taxes Payable | $ 664 | |
Total Current Liabilities | $ 9,544 | |
Long term Debt | $ - | |
Stockholder's Equity | ||
Common Stock | $ 22,000 | |
Retained Earnings | $ 12,319 | |
Total Stockholder's Equity | $ 34,319 | |
Total Liabilities & Stockholder's Equity | $ 43,863 |
Blossom Company's balance sheet at December 31, 2021, is presented below. Blossom Company Balance Sheet December...
Blossom Company's balance sheet at December 31, 2021, is presented below. Blossom Company Balance Sheet December 31, 2021 Cash $13,270 Accounts payable $9,520 Accounts receivable 20,200 Common stock 22.000 Allowance for doubtful accounts (790) Retained earnings 10,770 Inventory 9,610 $42,290 $42,290 During January 2022, the following transactions occurred. Blossom uses the perpetual inventory method. Jan. 1 Blossom accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $6,000 account. 3 Blossom wrote off as uncollectible the accounts of...
Cullumber Company's balance sheet at December 31, 2021, is presented below. Cullumber Company Balance Sheet December 31, 2021 Cash $13,300 Accounts payable $9,520 Accounts receivable 19,300 Common stock 19,900 Allowance for doubtful accounts (840) Retained earnings 11,430 Inventory 9,090 $40,850 $40,850 During January 2022, the following transactions occurred. Cullumber uses the perpetual inventory method. Jan. 1 Cullumber accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $6,000 account. 3 Cullumber wrote off as uncollectible the accounts of...
Ivanhoe Company's balance sheet at December 31, 2021, is presented below. Ivanhoe Company Balance Sheet December 31, 2021 Cash $13,660 Accounts payable $8,010 Accounts receivable 21,700 Common stock 18,900 Allowance for doubtful accounts (750) Retained earnings 17,070 Inventory 9.370 $43.980 $43.980 During January 2022, the following transactions occurred. Ivanhoe uses the perpetual inventory method. Jan. 1 Ivanhoe accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account. 3 Ivanhoe wrote off as uncollectible the accounts of...
Sunland Company's balance sheet at December 31, 2021, is presented below. Sunland Company Balance Sheet December 31, 2021 Cash $13,010 20,600 Accounts payable Common stock $8,310 18,500 Accounts receivable Allowance for doubtful accounts (850) Retained earnings 15,710 Inventory 9,760 $42,520 $42,520 During January 2022, the following transactions occurred. Sunland uses the perpetual inventory method. Jan. 1 Sunland accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $1,200 account. 3 Sunland wrote off as uncollectible the accounts of...
Sunland Company's balance sheet at December 31, 2021, is presented below. Sunland Company Balance Sheet December 31, 2021 Accounts payable $13,010 $8,310 Cash 20,600 Common stock 18,500 Accounts receivable Retained earnings (850) 15,710 Allowance for doubtful accounts 9,760 Inventory $42,520 $42,520 During January 2022, the following transactions occurred. Sunland uses the perpetual inventory method. Sunland accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $1,200 account. Jan. 1 Sunland wrote off as uncollectible the accounts of Walter...
Pharoah Company's balance sheet at December 31, 2021, is presented below. Pharoah Company Balance Sheet December 31, 2021 Cash Accounts payable $8,680 $13,720 20,500 Accounts receivable Common stock 20,700 Allowance for doubtful accounts (780) Retained earnings 13,610 Inventory 9,550 $42.990 $42,990 During January 2022, the following transactions occurred. Pharoah uses the perpetual inventory method. Jan. 1 Pharoah accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $4,800 account. 3 Pharoah wrote off as uncollectible the accounts of...
Carla Vista Co.'s balance sheet at December 31, 2021, is presented below. During January 2022, the following transactions occurred. Carla Vista uses the perpetual inventory method.Jan. 1 Carla Vista accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account. 3 Carla Vista wrote off as uncollectible the accounts of Walter Corporation ($400) and Drake Company ($300). 8 Carla Vista purchased $15,770 of inventory on account. 11 Carla Vista sold for $26,900 on account inventory that cost $16,660. 15 Carla Vista sold...
Winter Company's balance sheet at December 31, 2018, is presented below WINTER COMPANY Balance Sheet December 31, 2018 Cash Accounts receivable Allowance for doubtful accounts Inventony S8,700 19,000 12,400 $12,800 Accounts payable 19,300 Common stock (900) Retained earnings 8,900 $40,100 $40,100 During January 2019, the following transactions occurred. Winter uses the perpetual inventory method Winter accepted a 4-month, 896 note from Merando Company in payment of Merando's $1,200 account. Winter wrote off as uncollectible the accounts of Inwood Corporation ($400)...
Winter Company's balance sheet at December 31, 2018, is presented below WINTER COMPANY Balance Sheet December 31, 2018 Cash Accounts receivable Allowance for doubtful accounts Inventony S8,700 19,000 12,400 $12,800 Accounts payable 19,300 Common stock (900) Retained earnings 8,900 $40,100 $40,100 During January 2019, the following transactions occurred. Winter uses the perpetual inventory method Winter accepted a 4-month, 896 note from Merando Company in payment of Merando's $1,200 account. Winter wrote off as uncollectible the accounts of Inwood Corporation ($400)...
REHENSIVE ACCOUNTING CYOLE ACR8 Hudson Corporation's balance sheet at December 31, 2016, is presented below HUDSON CORPORATION Balance Sheet December 31, 2016 Cash Accounts receivable $13,100 Accounts payable 8,750 20,000 Allowance for doubtful accounts (800) Retained earnings 12,730 19,780 Common stock $41,480 $41,480 During January 2017, the following transactions occurred. Hadson uses the perpetual inventory method. Hudson accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $1,200 account. Hudson wrote off as uncollectible the accounts of Walter...