Homework Answers
PE 2-4B:
Journal Entry for Owner's withdrawal:
| Date | Account title and Explanation | Debit | Credit |
| June 30 | Dawn Pierce, Withdrawal | $11,500 | |
| Cash | $11,500 | ||
| [To record withdrawal for personal use] |
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EE 4-1 p. 165 PE 4-1A Flow of accounts into financial statements OBJ. 1 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 5. Rent Revenue 2. Depreciation Expense 6. Supplies Expense 3. Nat Hager, Capital (beginning of period) 7. Unearned Rent 1. Office Equipment 8. Wages Payable PE 4-2A Statement...
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OBJ. 4 Cost of goods sold budget PE 6-5A EE 6-5 p. 243 Prepare a cost of goods sold budget for MyLife Chronicles Inc. using the information in Practice Exercises 6-3A and 6-4A. Assume the estimated inventories on Januanu 2016, for finished goods and work in process were $25,000 and $19,000, respectively Also assume the desired inventories on December 31, 2016, for finished goods and work in process were $31,500 and $16,700, respectively. Factory overhead was budgeted at $197,100. Direct...
71% 3:46 PM Homework1- Read-only PE 4-4B Closing entries OBJ. 3 After the accounts have been adjusted at April 30, the end of the fiscal year, the follow ing balances were taken from the ledger of Nuclear Landscaping C. Felix Godwin, Capital Felix Godwin, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $643,600 10,500 356,500 283,100 56,000 11,500 13,000 Journalize the two entries required to close the accounts.
71% 3:46 PM Homework1- Read-only PE 4-4B Closing entries OBJ. 3 After the accounts have been adjusted at April 30, the end of the fiscal year, the follow ing balances were taken from the ledger of Nuclear Landscaping C. Felix Godwin, Capital Felix Godwin, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $643,600 10,500 356,500 283,100 56,000 11,500 13,000 Journalize the two entries required to close the accounts.
Production budget PE 6-2A EE 6-2 a 238 OBJ. 4 MyLife Chronicles Inc. projected sales of 240,000 diaries for 2016. The estimated January 1, 2016, inventory is 19,900 units, and the desired December 31, 2016, inventory is 18,800 units. What is the budgeted production (in units) for 2016?
PR 2-2A Journal entries and trial balance OBJ. 1, 2, 3, 4 On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $40.000. b. Paid rent on office and equipment for the month, $6,000. c. Purchased supplies on account, $3,200. d. Paid creditor on account, $1,750. e. Earned fees, receiving cash, $18.250. f. Paid...
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