ZuoTi.Pro
Question

Question 2 For the following transactions shown below, you are required to 1) prepare the journal...

Question 2 For the following transactions shown below, you are required to 1) prepare the journal entries, 2) post the T-accounts, and 3) extract the trial balance. Newbell Dry Cleaning Company opened its business bank account by depositing $60,000 on August 1. Purchased supplies for $1,100 cash Purchased dry cleaning equipment from Sears Corporation for $17,500, making a down payment of $7,500 cash. The remainder is placed on account. Paid rent for the month in the amount of $4,12 Cash sales for the month were $9,250. Paid salaries of $1,875 cash. Paid Sears $2,500 cash on account. The cost of supplies used for the month was $300. On August 1, the company purchased insurance costing $12,000 (12 months). Adjust the books to reflect insurance consumed for the month as $1,000.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Cash Capital 2$1,100 3 $7,500 4$4,125 6 $1,875 7$2,500 9$12,000 $60,000 $9,250 1 1 $60,000 balance $60,000 Accounts payable 7$2,500 3 $10,000 Balance $40,150 balance $7,500 Supplies Sales revenue $1,100 $300 4$9,250 balance $800 balance $9,250 Prepaid insurance Dry cleaning equipment 9$12,000 10 $1,000 $17,500 balance 11,000 balance $17,500 Office rent $4,125 4 balance $4,125 Salaries $1,875 $1,875 S300 6 balance Supplies expense $300 $1,000 $1,000 balance Insurance expense 10 balanceTrial balance DEBIT Credit $40,150 $800 17,500 11,000 Cash Supplies (Inventory) Dry Cleaning Equipment Prepaid Insurance Capital Sales Revenue Accounts Payable Office Rent Salaries Supplies Expense Insurance Expense Total $60,000 9,250 7,500 4,125 1,875 $300 1,000 $76,750 $76,750

0 0
Add a comment
Know the answer?
Add Answer to:
Question 2 For the following transactions shown below, you are required to 1) prepare the journal...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • Selected transactions for Dowis Dry Cleaners, Inc. are listed below. The company opened for business on...

    Selected transactions for Dowis Dry Cleaners, Inc. are listed below. The company opened for business on March 1, 2019. Prepare the necessary journal entries in good form. The company also prepares adjusting entries on a monthly basis. Identify each transaction BY DATE. You may omit explanations. 3/1 Issued 10,000 shares of common stock for $18,000 cash. 3/1 Purchased a used truck for $10,000, paying $5,000 cash and the remaining balance on account. 3/1 Paid $3,600 on a 6-month insurance policy,...

  • Required: 1. Prepare journal entries in good form for the transactions above. 2. Post the journal...

    Required: 1. Prepare journal entries in good form for the transactions above. 2. Post the journal entries into T-accounts (make sure you have a total amount for each account). 3. Complete the unadjusted trial balance in good form as of August 31, 2020 (make sure you have headers and totals). Plz, type the answer thanks a lot. The following is a list of transactions that have occurred during the month of August. Date- August 12 August 14 August 2- August...

  • QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal...

    QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began business by depositing $10000 in a bank account in the name of the company in...

  • Journal Entry for Kean Dry Cleaners is owned and operated by Wally Lowman Journal entry of...

    Journal Entry for Kean Dry Cleaners is owned and operated by Wally Lowman Journal entry of Kean Dry Cleaners is owned and operated by Wally Lowman 1 Wally Lowman invested additonal cash cash in buisness with a deposit of $ 28,000 in the business bank accout Kean Dry Cleaners is owned and operated by Wally Lowman A building and Equipment are currently being rented, pending for expansion to new facilities. The actual work of dry cleaning is done by another...

  • Problem 1: Prepare journal entries to record the following transactions of Daisy King Corp in the...

    Problem 1: Prepare journal entries to record the following transactions of Daisy King Corp in the month of June. (25 points) 1. Purchased $8,200 of inventory on account. 2. Paid monthly salaries by cash, $9200. 3. Recorded sales for the period is: Cash sale: $7,100; credit sale: $5,300. Cost of those sales is $9000. The company uses perpetual inventory system. 4. Paid for inventory purchased in event (1). 5. Received cash payment of $6,300 from customer on goods to be...

  • Mike Greenberg opened Flounder Window Washing Co. on July 1, 2020. During July, the following transactions were completed

    Accounting Cycle Review 4-01 a-i Mike Greenberg opened Flounder Window Washing Co. on July 1, 2020. During July, the following transactions were completed July 1 Owner invested $10,100 cash in the company. 1 Purchased used truck for $6,720, paying $1,680 cash and the balance on account.3 Purchased cleaning supplies for $760 on account. 5 Paid $1,560 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,110 for cleaning services performed 18 Paid $840 cash on amount owed on truck and $420 on amount...

  • Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were...

    Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were completed. July 1 1 3 5 12 18 Owner invested $13,900 cash in the company. Purchased used truck for $9,280, paying $2,320 cash and the balance on account. Purchased cleaning supplies for $1,040 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,290 for cleaning services performed. Paid $1,160 cash on amount owed on truck and $580 on...

  • Calculator Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a)...

    Calculator Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock (b) Purchased equipment for $27.000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of tees earned on account (1) Received $7,500 in cash for fees earned. (9) Paid $1.200 to creditors on account (h) Paid wages...

  • Mike Greenberg opened Grouper Window Washing Co. on July 1, 2020. During July, the following transactions...

    Mike Greenberg opened Grouper Window Washing Co. on July 1, 2020. During July, the following transactions were completed. It is wanting the entire accounting cycle. Accounting Cycle Review 4-01 a-i Mike Greenberg opened Grouper Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $10,300 cash in the company. 1 Purchased used truck for $6,880, paying $1,720 cash and the balance on account. 3 Purchased cleaning supplies for $770 on account. 5...

  • PLZ DON'T USE HANDWRITING, TYPE OUT THE ANSWER. THANK YOU Required: 1. Prepare journal entries in...

    PLZ DON'T USE HANDWRITING, TYPE OUT THE ANSWER. THANK YOU Required: 1. Prepare journal entries in good form for the transactions above. 2. Post the journal entries into T-accounts (make sure you have a total amount for each account). Again, PLZ TYPE THE ANSWER The following is a list of transactions that have occurred during the month of August. Date- August 12 August 14 August 2- August 2- August 3- August 4- August 52 August 10- August 15+ August 18+...

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