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Prepare 9 journal entries based on T accounts.
T accounts:
EX 2-14. Journal entries Obj. 1, 2 Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry ex planations may be omit- ted. SHOW ME HOW Equipment 15,000 Cash Dividends 1,000 3,400 (3) 5,000 4,850 2,500 1,000 50,000 (2) 8,700 (3) Accounts Receivable Accounts Payable Service Revenue 18,200 (7) 8,700 (6) 2,500 (3) 10,000 18,200 ating Expenses ,850 1,100...
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T accounts:
Answer format:
EX 2-13. Identifying transactions Obj. 1, 2 Napa Tours Co. is a travel agency. The nine transactions record- ed by Napa Tours during April 2018, its first month of operations, are indicat ed in the following T accounts: SHOW ME HOW Indicate for each debit and each credit: (A) whether an asset, liability, stockholders' equity, dividend, rev- enue, or expense account was affected and (B) whether the account was in- creased ( or decreased (-). Present...
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EX 4.1 Flow of accounts into financial statements OBJ. 1, 2 The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner's equity, or balance sheet. 1. Accounts Payable 6. Supplies 2. Accounts Receivable 7. Unearned Rent 3. Cash 8. Utilities Expense 4. Eddy Rosewood, Drawing 9. Wages Expense 5. Fees Earned 10. Wages Payable EX 4-2 Classifying accounts 06)....
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27. Cr. Jogo 300 Zovo The trial balance for Mason Co. at 12/31/13 includes the following accounts: Dr. Cash 1,000 Accounts Receivable 2,500 Coo Accounts Payable Common Stock 70 Begin Retained Earnings 2,030 Unearned Revenue 100 Revenue 10,000 Rent expense 2,000 Wages expense 5,000 Insurance expense 500 Electric and gas expense 1,500 130 12300 What is the amount to record to retained earnings in the closing entry? (A Debit of $1,000 10, ove B) Debit of $900 2000 C) Credit...
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4. Based upon the end-of-period spreadsheet, journalize the
closing entries.
5. Prepare a post-closing trial balance
Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses, Beacons Company prepared the following end-of-period spreadsheet at December 31, 2045, the end of the fiscal year: F G AWN- BTC D E Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 2045 Unadjusted Trial Balance Adjustments Dr. Cr. Dr. Cr. Adjusted Trial Balance Dr. Cr. 6...
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EX 4-5 Income statement The following account balances were taken from the adjusted trial balance for Laser Mes- OBJ. 2 senger Service, a delivery service firm, for the fiscal year ended April 30, 2019: Depreciation Expense $ 8,650 Rent Expense $ 60,000 Fees Earned 674,000 Salaries Expense 336,900 Insurance Expense 1,500 Supplies Expense 4,100 Miscellaneous Expense 3,650 Utilities Expense 41,200 Prepare an income statement. EX 4.6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were...
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27. Cr. bogo 20vo The trial balance for Mason Co. at 12/31/13 includes the following accounts: Dr. Cash 1,000 Accounts Receivable 2,500 goo Accounts Payable 300 Common Stock 70 Begin Retained Earnings 2,030 Unearned Revenue 100 Revenue 10,000 Rent expense 2,000 Wages expense 5,000 Insurance expense 500 Electric and gas expense 1,500 See 12000 What is the amount to record to retained earnings in the closing entry? (CADebit of $1,000 10, ove 10,000 2 ou B) Debit of $900 2000...
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EX 7-5 Perpetual inventory using LIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1,200 units 20 1,200 units at $48 14 830 units 31 1,000 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory...
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EX 4-3 Financial statements from the end-of-period spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following OBJ. 1,2 end-of-period spreadsheet was prepared for the year ended July 31, 2019: A B с D E F G Bamboo Consulting 2 End-of-Period Spreadsheet 3 For the Year Ended July 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance 6) Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 58,000 58,000 9 Accounts Receivable 106,200...
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0 PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. b. Paid rent on office and equipment for the month, $4,800. c Purchased supplies on account, $2,150. d. Paid creditor on account, $1,100. e. Earned...
Prepare 9 journal entries based on T accounts.
T accounts:
EX 2-14. Journal entries Obj. 1, 2 Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry ex planations may be omit- ted. SHOW ME HOW Equipment 15,000 Cash Dividends 1,000 3,400 (3) 5,000 4,850 2,500 1,000 50,000 (2) 8,700 (3) Accounts Receivable Accounts Payable Service Revenue 18,200 (7) 8,700 (6) 2,500 (3) 10,000 18,200 ating Expenses ,850 1,100...
T accounts:
Answer format:
EX 2-13. Identifying transactions Obj. 1, 2 Napa Tours Co. is a travel agency. The nine transactions record- ed by Napa Tours during April 2018, its first month of operations, are indicat ed in the following T accounts: SHOW ME HOW Indicate for each debit and each credit: (A) whether an asset, liability, stockholders' equity, dividend, rev- enue, or expense account was affected and (B) whether the account was in- creased ( or decreased (-). Present...
EX 4.1 Flow of accounts into financial statements OBJ. 1, 2 The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner's equity, or balance sheet. 1. Accounts Payable 6. Supplies 2. Accounts Receivable 7. Unearned Rent 3. Cash 8. Utilities Expense 4. Eddy Rosewood, Drawing 9. Wages Expense 5. Fees Earned 10. Wages Payable EX 4-2 Classifying accounts 06)....
27. Cr. Jogo 300 Zovo The trial balance for Mason Co. at 12/31/13 includes the following accounts: Dr. Cash 1,000 Accounts Receivable 2,500 Coo Accounts Payable Common Stock 70 Begin Retained Earnings 2,030 Unearned Revenue 100 Revenue 10,000 Rent expense 2,000 Wages expense 5,000 Insurance expense 500 Electric and gas expense 1,500 130 12300 What is the amount to record to retained earnings in the closing entry? (A Debit of $1,000 10, ove B) Debit of $900 2000 C) Credit...
4. Based upon the end-of-period spreadsheet, journalize the
closing entries.
5. Prepare a post-closing trial balance
Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses, Beacons Company prepared the following end-of-period spreadsheet at December 31, 2045, the end of the fiscal year: F G AWN- BTC D E Beacons Company End-of-Period Spreadsheet For the Year Ended December 31, 2045 Unadjusted Trial Balance Adjustments Dr. Cr. Dr. Cr. Adjusted Trial Balance Dr. Cr. 6...
EX 4-5 Income statement The following account balances were taken from the adjusted trial balance for Laser Mes- OBJ. 2 senger Service, a delivery service firm, for the fiscal year ended April 30, 2019: Depreciation Expense $ 8,650 Rent Expense $ 60,000 Fees Earned 674,000 Salaries Expense 336,900 Insurance Expense 1,500 Supplies Expense 4,100 Miscellaneous Expense 3,650 Utilities Expense 41,200 Prepare an income statement. EX 4.6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were...
27. Cr. bogo 20vo The trial balance for Mason Co. at 12/31/13 includes the following accounts: Dr. Cash 1,000 Accounts Receivable 2,500 goo Accounts Payable 300 Common Stock 70 Begin Retained Earnings 2,030 Unearned Revenue 100 Revenue 10,000 Rent expense 2,000 Wages expense 5,000 Insurance expense 500 Electric and gas expense 1,500 See 12000 What is the amount to record to retained earnings in the closing entry? (CADebit of $1,000 10, ove 10,000 2 ou B) Debit of $900 2000...
EX 7-5 Perpetual inventory using LIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1,200 units 20 1,200 units at $48 14 830 units 31 1,000 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory...
EX 4-3 Financial statements from the end-of-period spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following OBJ. 1,2 end-of-period spreadsheet was prepared for the year ended July 31, 2019: A B с D E F G Bamboo Consulting 2 End-of-Period Spreadsheet 3 For the Year Ended July 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance 6) Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 58,000 58,000 9 Accounts Receivable 106,200...
0 PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: a. Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. b. Paid rent on office and equipment for the month, $4,800. c Purchased supplies on account, $2,150. d. Paid creditor on account, $1,100. e. Earned...