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Record the following transaction in the relevant accounts for the business using Debit and Credit entries....
Record the following transaction in the relevant accounts for the business using Debit and Credit entries....
Record the following transaction in the relevant accounts for the business using Debit and Credit entries. You are not required to close off the accounts. If you feel that an account does not need any entries made to it, simply enter a dash or hyphen - On the first day of the year a business purchases a car at a cost of £12,000 to be used for 4 years. The business uses a straight line depreciation policy. On the very...
A1. (Debit and credit recognition) Which of the following accounts increase with debits? a. Cash b....
A1. (Debit and credit recognition) Which of the following accounts increase with debits? a. Cash b. Interest expense c. Interest revenue d. Land e. Accounts payable f. Retained earnings g. Sales h. Cost of goods sold i. Dividends j. Bank loans payable A2 (Debit and credit recognition) Which of the followings accounts increase with credits? a. Common stock (an equity account) b. Contributed capital in excess of par value c. Accounts receivable d. Prepaid expenses e. Revenue for services rendered...
Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable;...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
External Transactions of Eagle Soccer Academy (2) Transaction Date Description (1) Dec. 1 Sell shares of...
External Transactions of Eagle Soccer Academy (2) Transaction Date Description (1) Dec. 1 Sell shares of common stock for $25,000 to obtain the funds necessary to start the business. Dec. 1 Borrow $10,000 from the local bank and sign a note promising to repay the full amount of the debt in three years. Dec. 1 Purchase equipment necessary for giving soccer training. $24,000 cash. Dec. 1 Pay one year of rent in advance, $6,000 ($500 per month). Dec. 6 Purchase...
Use the provided partial chart of accounts to prepare the general journal entries in the space...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash • Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable • Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of...
Restaurants do a large volume of business by credit and debit cards, Suppose Sand Island restaurant...
Restaurants do a large volume of business by credit and debit cards, Suppose Sand Island restaurant had these transactions on January 28, 2016 National Express credit card sales $ 11,000 ValueCard debit card sales 9,000 Requirements 1. Suppose Sand Island's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant 2. Suppose Sand Island's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for...
Use the provided partial chart of accounts to prepare the general journal entries in the space...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings • Sales Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
The business primarily repairs air-conditioners to existing households but is sometimes called upon to provide a...
The business primarily repairs air-conditioners to existing households but is sometimes called upon to provide a consulting service to owner/builders. As at February 28, 2015.The business accounts showed the following balances: Cash $5,500 Dr. Debtors $4,000 Dr . Creditors $3,500 Cr. Capital $6,000 Cr. The following transactions occurred during March 2015: • On March 1, prepaid three months rent on premises, at a cost of $2,400 (When payment is made it is treated as an asset - prepaid rent) •...
Do all parts A-i The Accounting Cycle: Statements and Closing Entries Chapter 6 Case Study CS-1...
Do all parts A-i
The Accounting Cycle: Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1 2 3 4 Grindstone Paving provides residential and commercial paving services. Its balance sheet at the end of June 2018 is shown below, along with its chart of accounts Grindstone Paving Balance Sheet As at June 30, 2018 Assets Liabilities Cash $7.580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Notes Payable 22.000 Equipment 55,000 Total Liabilities 44,000...
Exercise 4.20 LO 6, 7 Transaction analysis using T-accounts This exercise provides practice in under- standing...
Exercise 4.20 LO 6, 7 Transaction analysis using T-accounts This exercise provides practice in under- standing the operation of T-accounts and transaction analysis. For each situation, you must solve for a missing amount. Use a T-account for the balance sheet account, show in a horizontal model, or prepare journal entries for the information provided. In each case, there is only one debit entry and one credit entry in the account during the month. Example: Accounts Payable had a balance of...
Record the following transaction in the relevant accounts for the business using Debit and Credit entries. You are not required to close off the accounts. If you feel that an account does not need any entries made to it, simply enter a dash or hyphen - On the first day of the year a business purchases a car at a cost of £12,000 to be used for 4 years. The business uses a straight line depreciation policy. On the very...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
External Transactions of Eagle Soccer Academy (2) Transaction Date Description (1) Dec. 1 Sell shares of common stock for $25,000 to obtain the funds necessary to start the business. Dec. 1 Borrow $10,000 from the local bank and sign a note promising to repay the full amount of the debt in three years. Dec. 1 Purchase equipment necessary for giving soccer training. $24,000 cash. Dec. 1 Pay one year of rent in advance, $6,000 ($500 per month). Dec. 6 Purchase...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash • Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable • Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of...
Restaurants do a large volume of business by credit and debit cards, Suppose Sand Island restaurant had these transactions on January 28, 2016 National Express credit card sales $ 11,000 ValueCard debit card sales 9,000 Requirements 1. Suppose Sand Island's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant 2. Suppose Sand Island's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings • Sales Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
Do all parts A-i
The Accounting Cycle: Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1 2 3 4 Grindstone Paving provides residential and commercial paving services. Its balance sheet at the end of June 2018 is shown below, along with its chart of accounts Grindstone Paving Balance Sheet As at June 30, 2018 Assets Liabilities Cash $7.580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Notes Payable 22.000 Equipment 55,000 Total Liabilities 44,000...
Exercise 4.20 LO 6, 7 Transaction analysis using T-accounts This exercise provides practice in under- standing the operation of T-accounts and transaction analysis. For each situation, you must solve for a missing amount. Use a T-account for the balance sheet account, show in a horizontal model, or prepare journal entries for the information provided. In each case, there is only one debit entry and one credit entry in the account during the month. Example: Accounts Payable had a balance of...
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