Homework Answers
1.
The following journal entries will be prepared to record the transactions during January:
| Date | Accounts | Debit | Credit |
| Jan. 1 | Cash | 50000 | |
| Note payable | 50000 | ||
| Jan. 4 | Equipment | 25000 | |
| Cash | 25000 | ||
| Jan. 6 | Rent expense | 500 | |
| Cash | 500 | ||
| Jan. 15 | Accounts receivable | 10000 | |
| Service revenue | 10000 | ||
| Jan. 25 | Cash | 3000 | |
| Accounts receivable | 3000 | ||
| Jan. 30 | Salaries expense | 2500 | |
| Cash | 2500 |
Add Answer to:
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed...
1. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include...
1. Post the transactions, adjusting entries and closing entries
to the T-accounts. Be sure to include beginning balances.
2.Record each of the summary transactions listed above
3. Prepare an unadjusted trial balance.
4. Record adjusting entries. Accrued interest on the notes
payable at year-end amounted to $4,000 and will be paid January 1,
2022. Accrued salaries at year-end amounted to $3,000 and will be
paid on January 5, 2022. Supplies remaining on hand at the end of
the year equal...
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following...
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following selected data: Accounts Receivable, $8,000 Service Revenue, $60,000 Interest Expense, $10,500 Interest Payable, $3,500 Utilities Expense, $4,800 Accounts Payable, $2,700 Analysis indicates that adjusting entries were made for (a) $8,000 of employment commission revenue earned but not billed, (b) $3,500 of accrued but unpaid interest, and (c) $2,700 of utilities expense accrued but not paid. Prepare the closing entries at December 31, 2018. (Credit...
In this stage of the accounting cycle, you are asked to record closing entries in the...
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the...
Prepare the closing journal entries. Assume the company uses the income summary account (do not post)...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Example: The Halverson Co. started business on January 1, 2015. During January, the following transactions were...
Example: The Halverson Co. started business on January 1, 2015. During January, the following transactions were completed: 1 Issued 2,000 shares of common stock at its par 2 Purchased a two-year property insurance policy for 5 Exchanged 4,000 shares of common stock for a 6 Purchased inventory on credit for $20,000 (periodic 10 Borrowed $30,000 from a local bank to be repaid in six 15 Sold merchandise for $23,000. Half the sale was paid 20 Received a payment on an...
Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do...
Journalize the closing entries. (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 o for the amounts.) Date Account Titles and Explanation Credit Debit 7728 Nov. 30 Service Revenue Sales Revenue 6050 Income Summary 13778 (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent Expense...
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account:...
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account: The steps in an accounting cycle can be best described as: 1. 2. a. Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close b. Jounalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, c. Analyze Transactions, Jounalize, Post, prepare Unadjusted trial balance, prepare d. Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare prepare adjusted trial balance, prepare financial statements, close, prepare post...
(9) Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered....
(9) Journalize the closing entries. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 Service Revenue 7728 Sales Revenue 6050 13778 Income Summary (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent...
Journal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1. Certain transactions...
Journal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $20,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received an $18,000, 120 day, seven percent note from B. Shore Company on account. Dec. 16 Received a $14,400, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company...
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
1. Post the transactions, adjusting entries and closing entries
to the T-accounts. Be sure to include beginning balances.
2.Record each of the summary transactions listed above
3. Prepare an unadjusted trial balance.
4. Record adjusting entries. Accrued interest on the notes
payable at year-end amounted to $4,000 and will be paid January 1,
2022. Accrued salaries at year-end amounted to $3,000 and will be
paid on January 5, 2022. Supplies remaining on hand at the end of
the year equal...
On December 31, 2018 the adjusted trial balance of the Yellin Personnel Agency shows the following selected data: Accounts Receivable, $8,000 Service Revenue, $60,000 Interest Expense, $10,500 Interest Payable, $3,500 Utilities Expense, $4,800 Accounts Payable, $2,700 Analysis indicates that adjusting entries were made for (a) $8,000 of employment commission revenue earned but not billed, (b) $3,500 of accrued but unpaid interest, and (c) $2,700 of utilities expense accrued but not paid. Prepare the closing entries at December 31, 2018. (Credit...
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Example: The Halverson Co. started business on January 1, 2015. During January, the following transactions were completed: 1 Issued 2,000 shares of common stock at its par 2 Purchased a two-year property insurance policy for 5 Exchanged 4,000 shares of common stock for a 6 Purchased inventory on credit for $20,000 (periodic 10 Borrowed $30,000 from a local bank to be repaid in six 15 Sold merchandise for $23,000. Half the sale was paid 20 Received a payment on an...
Journalize the closing entries. (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 o for the amounts.) Date Account Titles and Explanation Credit Debit 7728 Nov. 30 Service Revenue Sales Revenue 6050 Income Summary 13778 (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent Expense...
Questions Prepare the necessary journal entry to record the purchase of $100 of supplies on account: The steps in an accounting cycle can be best described as: 1. 2. a. Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close b. Jounalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, c. Analyze Transactions, Jounalize, Post, prepare Unadjusted trial balance, prepare d. Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare prepare adjusted trial balance, prepare financial statements, close, prepare post...
(9) Journalize the closing entries. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 Service Revenue 7728 Sales Revenue 6050 13778 Income Summary (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent...
Journal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $20,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received an $18,000, 120 day, seven percent note from B. Shore Company on account. Dec. 16 Received a $14,400, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
Most questions answered within 3 hours.
-
1. What is the present value of $400, three years in the future
if the interest...
asked 1 minute ago -
The labor force minus the number of employed equals the number
of unemployed.
a. True
b....
asked 2 hours ago -
Determine the mass in units of grams [g] of 0.49 moles [mol]
of a new fictitious...
asked 2 hours ago -
A horizontal mass of M=5kg is on a spring and stretched to
x=0.5m when released from...
asked 3 hours ago -
26 of 50
"I have worked at the Arizona Humane Society for ten years, and
have...
asked 4 hours ago -
Compare and contrast zero based budgeting and incremental (or
base year) budgeting.
asked 4 hours ago -
4 pts 10. Which of the following hypothesis would be MOST
difficult to test experimentally? Group...
asked 4 hours ago -
A business owner makes 1,000 items a day. Each day he or she
contributes eight hours...
asked 4 hours ago -
A
circular loop in the plane of a paper lies inca0.65 T magnetic
field pointing into...
asked 4 hours ago -
A business owner is trying to decide whether to buy, rent, or
lease office space and...
asked 4 hours ago -
Thermal Storage Solar heating of a house is much more efficient
if there is a way...
asked 4 hours ago -
Considering the “fits” for group and job design dimensions,
suppose you had 12 employees with different...
asked 4 hours ago