Question

ldentifying accounting events from journal entries Required The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries. Date Jan 1 Feb. 1 Mar. 1 Debit Credxlanetion Cash Receied easin Cor 4heissus 40,000 24,000 1.600 48.000 2000 8,000 8.800 4.000 2,000 3,000 4.400 2.240 40,000 covarcon stock 24,000 Prepaid Rent Accounts Receivable Service Revenue Supplies 48,000 2,000 8,000 8800 4.000 2,000 3.000 4.400 2.240 June 10 Cach Unearned Revenue Accounts Recevable Oct. 1 Nov. 1 Dec. 31 Salaries Expense Dividends Property Tax Expense Cash Prepaid Rent Service Revenue Rent Expense 31 31 Supplies Expense

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Explanation of journal entries

Date Explanation
Jan. 1 Received cash for the issue of common stock
Feb. 1 Received cash for services provided
March 1 Rent paid in advance
April 1 Services provided to customers on account
May 1 Payment made for supplies
June 10 Service revenue received in advance from customers
July 10 Cash received from customers
August 1 Payment made for salaries expense
Oct. 1 Payment made for cash dividends
Nov. 1 Payment made for property tax expense
Dec. 31 Adjustment entry for rent expense of the current year
Dec. 31 Adjustment entry for service revenue of the current year
Dec. 31 Adjustment entry for service supply expense of the current year

Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubts. Thanks.

Add a comment
Know the answer?
Add Answer to:
ldentifying accounting events from journal entries Required The following information is from the records of attorney...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • ldentifying accounting events from journal entries The following information is from the records of attorney Glenn...

    ldentifying accounting events from journal entries The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries. Explanetion Received eoh for 4he issu coamon stock Debit 40.000 24,000 .600 48,000 2.000 Date Account Titles Jun 1 40.000 24,000 1.600 48.000 2.000 8.000 8,800 4,000 2.000 3.000 Common Stock Service Revenue Cash Service Revenue Feb. 1 Mar. 1 Prepaid Rent Accounts Receivable May 1 8.000...

  • Prepare JEs and Adjusting (AJEs). I prepared Both journal entries and some Adjusted Entries have been...

    Prepare JEs and Adjusting (AJEs). I prepared Both journal entries and some Adjusted Entries have been prepared. I wasn't sure how to adjust the journal entry for 1/15 and others. My professor doesn't explain anything, and well this is why im here. Prepare Income Statement (including OCI) and a Balance Sheet in Good form for 12/31/X1. Prepare closing entries. (if u can show with steps how to do the income statement, balance sheet and closing entries.) Assume cash transaction in...

  • The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts...

    The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation-Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $700. b. Unearned revenue that has been earned, $100. c. Office Supplies on hand,...

  • The accounting records of Funaro Architects include the following selected, unadjusted balances at March 31: Accounts...

    The accounting records of Funaro Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,000; Office Supplies, $1,100; Prepaid Rent, $3,400; Equipment, $14,000; Accumulated Depreciation Equipment, $0, Salaries Payable, $0; Unearned Revenue, $400; Service Revenue, $4,200; Salaries Expense, $1,200; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements. Requirement 2. Post the adjustments to the...

  • %x E3-24 (similar to) Question Help Requirements The accounting records of Foley Architects include the following...

    %x E3-24 (similar to) Question Help Requirements The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, So; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, SO; Rent Expense, $0; Depreciation Expense-Equipment, $0. Inces. Use a "Bal" reference to show Enter the unadjusted balances on the first line of each account. Use a "Mar. 31"...

  • The accounting records of Insite Architects include the following selected, unadjusted balances at March 31 Accounts...

    The accounting records of Insite Architects include the following selected, unadjusted balances at March 31 Accounts Receivable $1,500: Office Supplies 5600, Prepaid Rent, $2.200 Equipment. $14.000 Accumulated Depreciation-Equipment, 50. Salaries Payable, 50 Unearned Revenue $700 Service Revenue 54800 Salaries Expense, 5000, Supplies Expense 50 Rent Expense, 50, Depreciation Expense Equipment. 50 (Assume all balances are normal balances) The data developed for the March 31 adjusting entries are as follows (Click the icon to view the data Read the requirements Requirement...

  • For journal entries 1 through 12, select the letter of the explanation that most closely describes...

    For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's...

  • You are required to post the following journal entries to the respective ledger account and to...

    You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...

  • Build the unadjusted trial balance and adjustments columns from the given information and total the columns....

    Build the unadjusted trial balance and adjustments columns from the given information and total the columns. Only input amounts for accounts with balances and do not enter zeros for blank cells. Accounts Payable 5.900 Accounts Receivable 19.600 SMART TOUCH LEARNING Worksheet December 31, 2016 Cash 27,900 Unadjusted Trial Balance Adjustments Common Stock 38,600 Account Names Debit Credit Debit Credit Dividends 5.400 Cash 27900 Furniture 4.400 Accounts Receivable 19600 Notes Payable 6.700 Office Supplies R800 Office Supplies 8.800 Prepaid Rent 12700...

  • The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts...

    The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, $O; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, $O; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Journalize the adjusting entries using...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT