Create a Balance Sheet and Closing Entries. Note: I found a mistake on June 3 Entry its supposed to be Debit Cash and Credit Unearned Revenue.
Homework Answers
Yeah... You were correct... :) :)
Cash should be debited as 'asset increases' and
Unearned guiding revenue should be credited as 'liability increases'.
| Cash | 5,000 | |
| Unearned guiding revenue | 5,000 |
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Create a Balance Sheet and Closing Entries. Note: I found a
mistake on June 3 Entry...
Create a Trial Balance as of June 30, 2015 Date Entry Post Ref. Credit Debit 70,000...
Create a Trial Balance as of
June 30, 2015
Date Entry Post Ref. Credit Debit 70,000 101 307 70,000 128 12,240 101 12,240 25,000 25,000 155 153 101 12,000 12,500 24,500 131 3,600 101 3,600 June Cash Common Stock (to record investment) Prepaid Insurance Cash (to record prepayment of insurance) Cash Accounts Payable (to record loan) Rafts Trucks Cash | (to record purchase of Rafts and Truck) Prepaid Rent Cash (to record prepayment of rent 3 months) Unearned Guiding Revenue...
1) Create a Multi-step Income Statement for the Month of June. Assume a 35% Tax rate...
1) Create a Multi-step Income Statement for the Month of June.
Assume a 35% Tax rate
Date Entry Post Ref. Credit Debit 70,000 101 307 70,000 128 12,240 101 12,240 25,000 25,000 155 153 101 12,000 12,500 24,500 131 3,600 101 3,600 June Cash Common Stock (to record investment) Prepaid Insurance Cash (to record prepayment of insurance) Cash Accounts Payable (to record loan) Rafts Trucks Cash | (to record purchase of Rafts and Truck) Prepaid Rent Cash (to record prepayment...
Create a Balance Sheet CB's Flyshop2 Trial Balance As of June 30, 2015 Debit Cash Credit...
Create a Balance Sheet
CB's Flyshop2 Trial Balance As of June 30, 2015 Debit Cash Credit $ 59,700 11,730 2,400 1,200 1,250 300 12,000 333.33 12,500 183.33 Prepaid Insurance Prepaid Rent Inventory Accounts Receivable Supplies Rafts Accumulated Depreciation- Rafts Trucks Accumulated Depreciation- Trucks Unearned Guiding revenue Accounts payable Common Stock Dividend Guiding Revenue Store Sales Revenue Advertising Expense 2,500 25,000 70,000 200 5,950 2,400 183.33 333.33 510 Depreciation Expense- Truck Depreciation Expense- Raft Insurance Expense Repair Expense Rent Expense Wages...
Record Journal entries for the month ended June 30th 2015(adjusting entries are provided) Chart of Accounts:...
Record Journal entries for the month ended
June 30th 2015(adjusting entries are provided)
Chart of Accounts: No. Account Cash Accounts Receivable No. 101 106 Account Guiding Revenue Store Sales 403 404 Fly Rod Inventory Supplies for guides Prepaid Insurance Prepaid Rent Trucks Rafts Accumulated Depreciation - Accumulated Depreciation- Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Notes Payable Common Stock, $5 par value Retained Earnings Dividends 119 125 128 131 153 155 163 165 201 210 212 236 240...
I need help with the journal entries, adjusting entries, classified balance sheet and the post closing...
I need help with the journal entries, adjusting
entries, classified balance sheet and the post closing balance
PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar 1 3 14 18 Invested $10,000 cash in the business. Purchased used truck for $6,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,200 on account. Pald $1,200 cash on one-year insurance policy effective March 1. Billed customers $4,800 for cleaning...
Instructions: Prepare the closing entries for the temporary accounts at August 31. RYAN COMPANY Trial Balance...
Instructions: Prepare the closing entries for
the temporary accounts at August 31.
RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 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...
I need assistance in completing the Balance Sheet and Closing Entries to the following Adjusted Trial...
I need assistance in completing the Balance Sheet and Closing Entries to the following Adjusted Trial Balance: DESCRIPTION DEBIT CREDIT CASH $ 319,620 DEPOSIT ELECTRIC COMPANY $ 500 DEPOSIT WATER SEWER GARBAGE $ 200 DEPOSIT TELEPHONE $ 250 OFFICE SUPPLIES $ 500 PREPAID INSURANCE $ 3,600 PREPAID LEASE $ 11,000 MACHINERY & EQUIPMENT $ 100,000 FURNITURE & FIXTURES $ 20,000 ACCUMULATED DEPRECIATION - FURNITURE & FIXTURES $ 167 ACCUMULATED DEPRECIATION - MACHINERY & EQUIPMENT $ 1,190 ACCOUNTS PAYABLE $ 1,200...
THIS IS THE QUESTION RIGHT HERE. journalize the entry I need these 10 entries journalized. Date...
THIS IS THE QUESTION RIGHT HERE. journalize the
entry
I need these 10 entries journalized.
Date Account Titles and Explanation Credit Debit 9880T Feb. 1 Cash Paid-in Capital in Excess of Par Value-Common St 4,180 V Common Stock 5700 (To record issuance of common stock in excess of par) Feb. 1 Cash 6,080 Notes Payable 6,080 (To record purchase of notes payable) Feb. 1 Equipment 6,860 Cash 6,860 (To record purchase of equipment) Feb. 1 Utilities Expense 170 Cash 170...
***create the closing journal entry only*** adjusted trial balance added After the success of the company's...
***create the closing journal entry only***
adjusted trial balance added
After the success of the company's first two months, Santana Rey continues to operate Business unadjusted trial balance of Business Solutions (reflecting its transactions for October and Novemb Credit Debit $ 38,564 13,118 2,645 1,980 3,160 8,800 bok nt ences 20,400 ooooo No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment...
Create a Trial Balance as of
June 30, 2015
Date Entry Post Ref. Credit Debit 70,000 101 307 70,000 128 12,240 101 12,240 25,000 25,000 155 153 101 12,000 12,500 24,500 131 3,600 101 3,600 June Cash Common Stock (to record investment) Prepaid Insurance Cash (to record prepayment of insurance) Cash Accounts Payable (to record loan) Rafts Trucks Cash | (to record purchase of Rafts and Truck) Prepaid Rent Cash (to record prepayment of rent 3 months) Unearned Guiding Revenue...
1) Create a Multi-step Income Statement for the Month of June.
Assume a 35% Tax rate
Date Entry Post Ref. Credit Debit 70,000 101 307 70,000 128 12,240 101 12,240 25,000 25,000 155 153 101 12,000 12,500 24,500 131 3,600 101 3,600 June Cash Common Stock (to record investment) Prepaid Insurance Cash (to record prepayment of insurance) Cash Accounts Payable (to record loan) Rafts Trucks Cash | (to record purchase of Rafts and Truck) Prepaid Rent Cash (to record prepayment...
Create a Balance Sheet
CB's Flyshop2 Trial Balance As of June 30, 2015 Debit Cash Credit $ 59,700 11,730 2,400 1,200 1,250 300 12,000 333.33 12,500 183.33 Prepaid Insurance Prepaid Rent Inventory Accounts Receivable Supplies Rafts Accumulated Depreciation- Rafts Trucks Accumulated Depreciation- Trucks Unearned Guiding revenue Accounts payable Common Stock Dividend Guiding Revenue Store Sales Revenue Advertising Expense 2,500 25,000 70,000 200 5,950 2,400 183.33 333.33 510 Depreciation Expense- Truck Depreciation Expense- Raft Insurance Expense Repair Expense Rent Expense Wages...
Record Journal entries for the month ended
June 30th 2015(adjusting entries are provided)
Chart of Accounts: No. Account Cash Accounts Receivable No. 101 106 Account Guiding Revenue Store Sales 403 404 Fly Rod Inventory Supplies for guides Prepaid Insurance Prepaid Rent Trucks Rafts Accumulated Depreciation - Accumulated Depreciation- Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Notes Payable Common Stock, $5 par value Retained Earnings Dividends 119 125 128 131 153 155 163 165 201 210 212 236 240...
I need help with the journal entries, adjusting
entries, classified balance sheet and the post closing balance
PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar 1 3 14 18 Invested $10,000 cash in the business. Purchased used truck for $6,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,200 on account. Pald $1,200 cash on one-year insurance policy effective March 1. Billed customers $4,800 for cleaning...
Instructions: Prepare the closing entries for
the temporary accounts at August 31.
RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 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...
THIS IS THE QUESTION RIGHT HERE. journalize the
entry
I need these 10 entries journalized.
Date Account Titles and Explanation Credit Debit 9880T Feb. 1 Cash Paid-in Capital in Excess of Par Value-Common St 4,180 V Common Stock 5700 (To record issuance of common stock in excess of par) Feb. 1 Cash 6,080 Notes Payable 6,080 (To record purchase of notes payable) Feb. 1 Equipment 6,860 Cash 6,860 (To record purchase of equipment) Feb. 1 Utilities Expense 170 Cash 170...
***create the closing journal entry only***
adjusted trial balance added
After the success of the company's first two months, Santana Rey continues to operate Business unadjusted trial balance of Business Solutions (reflecting its transactions for October and Novemb Credit Debit $ 38,564 13,118 2,645 1,980 3,160 8,800 bok nt ences 20,400 ooooo No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment...
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