Can someone help me with t-accounts. Im very confused about how
you do these. Specifically, i get confused from question 5 onwards.
Please draw all t-accounts needed ![XYZ, Inc.: transaction analysis XYz, Inc. had the following transactions during January lin thousands]: 1. January 1: Received initial ownership equity financing of $100 2. January 1: Prepaid $50 for 5 months of storefront rent 3. January 1: Received bank loan of $200 at 12% interest 4. January 3: Purchased 10 units of inventory from vendor, on credit, at total (u price of $30 5. January 5: Paid $5 for advertising 6. January 15: Sells 1 units of inventory for total price of $5 (cash transaction) 7. January 24: Sells 2 units of inventory for total price of $10 (credit transaction) 8. January 25: Pays bank $1 of interest in cash 9. January 27: The vendor in (4) accepts shares of XYZ, Inc. common stock in settlement of the $30 amount still owed Required.: T-accounts for each transaction and for any required January 31 account adjustments (ignore tax effects).](http://img.homeworklib.com/questions/ba50c7f0-77ae-11ea-83e6-89d068d7d805.png?x-oss-process=image/resize,w_560)
Homework Answers
![Cash $100 Jan. 1 $200Jan. 5 Common Stock Advertising Expense $50 $5 $1 $100 $30 $130 Jan. 5 $5 Jan. 1 Jan. 1 Jan. 15 End. Ba Jan. 1 Jan. 27 End. Bal S5Jan. 25 $249 End. Bal. Bank Loan Cost of Goods Sold Accounts Receivable an. 1 $200 Jan. 15 Jan. 24 End. Bal. $10 $6 S9 Jan. 24 End. Bal $200 End. Bal $10 Accounts Payable Interest Expense Prepaid rent Jan. 27 $30 Jan.3 Jan. 25 $1 Jan. 1 $50 Adj. Entry $10 [S50/5] End. Bal $0 End. Ba. End. Bal $40 Sale revenue Insurance Expense Merchandise Inventory Adj. Entry $10 Jan. 15 Jan. 24 End. Bal $30Jan. 15 $3 [$30/10] S6 IS30/10]x2 $10 15 Jan. 3 Jan. 24 End. Bal $10 End. Bal $21](http://img.homeworklib.com/questions/bb09ee10-77ae-11ea-877a-d9bca31ea98b.png?x-oss-process=image/resize,w_560)
Add Answer to:
Can someone help me with t-accounts. Im very confused about how
you do these. Specifically, i...
Please help me figure these questions out. Im very stumped Required information {The following information applies...
Please help me figure these questions out. Im very stumped
Required information {The following information applies to the questions displayed below) The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: BANK STATEMENT Deposits Checks #101 $560 $1,800 Balance, April 1 April 5 April 9 April 12 April 19 April 22 April 27 April 29 April 30 #102130 #103 300 #104 650 Balance $5.300 4,740 6,540 6,416 6,110 5,460 5,320 5,235 5,216...
Please help me with this! I'm so confused about how to prepare the trial balance before...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
*Specifically looking for help with t-accounts and question 4, thank you!!* As a recently hired accountant...
*Specifically looking for help with t-accounts and
question 4, thank you!!*
As a recently hired accountant for a small business, SMC, Inc.,
you are provided with last year’s balance sheet, income statement,
and post-closing trial balance to familiarize yourself with the
business.
You are also given the following information that summarizes the
business activity for the current year,2018
a.
Issued 10,000 additional shares of common stock for $25,000
cash on January 1st.
b.
Borrowed $10,000 on March 1, 2018, from...
can you please just do the T-Accounts Only Transactions for Blackberry Mountain Inc for the month...
can
you please just do the T-Accounts Only
Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An...
someone that can help please . i need help with the General journal . thank you...
someone that can help please . i need help with the General
journal . thank you in advance .
BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of...
someone that can help please . i need help with the General journal . thank you...
someone that can help please . i need help with the General
journal . thank you in advance .
BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of...
Can someone help me determine how to complete this question I am very confused ( the...
Can someone help me determine how to complete this question I am
very confused
( the last photo is required
part 2)
Conundrum Corporation manufactures furniture. Due to a fire in the administrative offices, the accounting records for November of the current year were partially destroyed. You have been able to piece together the following information from the ledger. Raw-Material Inventory 40,000 Bal. 11/30 45,000 Accounts Payable 12,100 Bal. 10/31 Work-in-Process Inventory Bal. 10/31 8,000 Finished-Goods Inventory Bal. 10/31 35,000...
Need some help with this T account i'm confused on the wording I guess of the...
Need some help with this T account i'm confused on the wording I
guess of the T account. Thanks for the help!
No Transaction General Journal Debit Credit 695 Cash Sales Revenue 695 Cash Rent Revenue 325 15,600 Cash Service Revenue 15,600 8,000 Accounts Receivable Service Revenue 8,000 5 5,400 Cash Accounts Receivable 5,400 Utilities Expense Accounts Payable 670 No Journal Entry Required 3,000 Accounts Payable Cash 3,000 15,500 Salaries and Wages Expense Cash 5.500 10 j 1,185 Supplies Cash...
i am very confused with these questions. can someone help me solve? and can you explain...
i am very confused with these questions. can someone help me
solve? and can you explain neatly and clearly? will rate, thank
you.
1. In this experiment, you will be generating time measurements that have both random uncertainty (Stran) and systematic uncertainty (dtsys). Using Eq. 4 as a starting point, write down an equation that will allow you to calculate &t from Stran and otsys 2. The acceleration due to gravity is related to the time, t, it takes the...
Not sure how to do this or if im on the right track can anyone help?...
Not sure how to do this or if im on the right track can anyone
help?
Cameron Co. established a $166 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $32.29 in cash and receipts for these expenditures: postage, $46.48; transportation-in, $29.88; store supplies, $36.27; and a withdrawal of $21.08 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the...
Please help me figure these questions out. Im very stumped
Required information {The following information applies to the questions displayed below) The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: BANK STATEMENT Deposits Checks #101 $560 $1,800 Balance, April 1 April 5 April 9 April 12 April 19 April 22 April 27 April 29 April 30 #102130 #103 300 #104 650 Balance $5.300 4,740 6,540 6,416 6,110 5,460 5,320 5,235 5,216...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
*Specifically looking for help with t-accounts and
question 4, thank you!!*
As a recently hired accountant for a small business, SMC, Inc.,
you are provided with last year’s balance sheet, income statement,
and post-closing trial balance to familiarize yourself with the
business.
You are also given the following information that summarizes the
business activity for the current year,2018
a.
Issued 10,000 additional shares of common stock for $25,000
cash on January 1st.
b.
Borrowed $10,000 on March 1, 2018, from...
can
you please just do the T-Accounts Only
Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An...
someone that can help please . i need help with the General
journal . thank you in advance .
BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of...
someone that can help please . i need help with the General
journal . thank you in advance .
BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of...
Can someone help me determine how to complete this question I am
very confused
( the last photo is required
part 2)
Conundrum Corporation manufactures furniture. Due to a fire in the administrative offices, the accounting records for November of the current year were partially destroyed. You have been able to piece together the following information from the ledger. Raw-Material Inventory 40,000 Bal. 11/30 45,000 Accounts Payable 12,100 Bal. 10/31 Work-in-Process Inventory Bal. 10/31 8,000 Finished-Goods Inventory Bal. 10/31 35,000...
Need some help with this T account i'm confused on the wording I
guess of the T account. Thanks for the help!
No Transaction General Journal Debit Credit 695 Cash Sales Revenue 695 Cash Rent Revenue 325 15,600 Cash Service Revenue 15,600 8,000 Accounts Receivable Service Revenue 8,000 5 5,400 Cash Accounts Receivable 5,400 Utilities Expense Accounts Payable 670 No Journal Entry Required 3,000 Accounts Payable Cash 3,000 15,500 Salaries and Wages Expense Cash 5.500 10 j 1,185 Supplies Cash...
i am very confused with these questions. can someone help me
solve? and can you explain neatly and clearly? will rate, thank
you.
1. In this experiment, you will be generating time measurements that have both random uncertainty (Stran) and systematic uncertainty (dtsys). Using Eq. 4 as a starting point, write down an equation that will allow you to calculate &t from Stran and otsys 2. The acceleration due to gravity is related to the time, t, it takes the...
Not sure how to do this or if im on the right track can anyone
help?
Cameron Co. established a $166 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $32.29 in cash and receipts for these expenditures: postage, $46.48; transportation-in, $29.88; store supplies, $36.27; and a withdrawal of $21.08 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the...
Most questions answered within 3 hours.
-
Need help with coming up with competitive strategies in
the furniture retail industry. Any help would...
asked 55 seconds ago -
how to select perpendicular gd&t tolerance value
using IT tolerance. and gave example
asked 8 minutes ago -
plz explain: A sound that changes pressure from 100 mPa to 10
mPa has a change...
asked 7 minutes ago -
What is the measured air concentration from a sample that has 38
μg of contaminant when...
asked 27 minutes ago -
In support of the argument that we have free will, what are the
implications of seemingly...
asked 28 minutes ago -
Share your thoughts concerning the pros and cons of using
natural products as anticancer agents. (please...
asked 37 minutes ago -
Describe in detail how your own actions reflect the
ideas shared in the discussion, and relate...
asked 42 minutes ago -
Name and clearly describe one technique for determining the age
of fossils in geological context. Are...
asked 55 minutes ago -
A ball is thrown with an initial velocity of 20.0 m/s at an
angle of 35.00...
asked 49 minutes ago -
When assessing pension risk, analysts compute ratios for both
long- and short-term risk. Which statement below...
asked 48 minutes ago -
What is the relativistic momentum of a proton traveling at
0.990c?
A. 3.55E–18 kg·m/s
B. 3.52E–18...
asked 57 minutes ago -
Question 1: B cells secrete these types of immunoglobulin
antibodies. Choose all correct.
1. IgD
2....
asked 1 hour ago