I have completed the first 3 questions and I was wondering if my answers I have are correct. I am unsure about the T-account for inventory. Also for question 2 letter f do I need to create a journal entry for this one or not?
The journal entries for question 2 are all correct except a minor change in 2d. The account to be debited should be Salaries Payable instead of Salaries, since we are paying the salaries due of last year. As regards 2f, yes there needs to be a journal entry for this transaction as supplies have been purchased on credit, and is correctly recorded.
As regards T-accounts, in the Cash account, you have forgotten to enter point no 2 h. Cash refund of $200. This will be in debit column and will increase the cash closing balance to $207,900
Inventory account
Opening balance | $23000 | ||
Accounts payable | $7460 | Cash | $200 |
Closing balance | $30,260 | ||
Total | $30,460 | Total | $30,460 |
Supplies account
Opening balance | 0 | ||
Accounts payable | $5300 | Closing balance | $5300 |
Total | $5300 | Total | $5300 |
Loan from bank
Opening balance | 0 | ||
Closing balance | $50,000 | Cash | $50,000 |
Total | $50,000 | Total | $50,000 |
The rest of the t-accounts are all correct
I have completed the first 3 questions and I was wondering if my answers I have...
Is what I did correct. If not what do I need to do differently for the income statement and balance sheet? 圜り HWK ★1 In trictinnsand worksheets in Frerl to dnwnlnad Fenel john sullivan File Home Insert Draw Page Layout Formulas Data Review View Help power pivot P Tell me what you want to d Share Cut Times New Rom1 Corditional Format as Cell Insert Drletr Fomat Sort & Find Filler Selecl BI Clear- Format Pintor Aignmart 018 2 Part...
How do you do question 3? HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Sparty Corporation has been operating for two years. The December 31, 2017 account balances are Cash Accounts Receivable Inventory Short-term Investments Fquipment $102,540 46,500 149,600 113,650 113,540 $132,000Accounts Payable Salaries Payable 42,610 23,000Notes Payable - long term 16,420Contributed Capital 142,000 169,800 Retained Farnings an...
How do you create the journal entries and T-accounts for this problem HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Rplar Select Copy Pastr Dictate tyles Spa Corporation has been operating tor two years. The December 31, 2017 account balances are: S132,000 Accounts Payable Salaries Payable Notes Payable long term $102,340 Accounts Receivable Inventory Short-tenm Investments 42,610Sala 46.500...
The first table (Accounts and Explanations) is completed with the correct answers. I have provided the options for the second (Account and Explanation) table. I need help with filling the second table. Consider the following transactions: a. Loopy Shirts, Inc., sold 1,200 T-shirts to the FSU Bookstore for $13,200 cash. Loopy originally paid $3,600 for the shirts. b. Investment Industries, Inc., received a utility bill for the last month of the year in the amount of $550 but won't actually...
I need the statement of retained earnings and balance sheet completed based on the worksheet and income statement provided. AutoSave Off A 2 0 Milestone One - Ex... Search Paul Hudson-Bourdeau - X Comments File Home Insert Page Layout Formulas Data Review View Developer PH Share E 27 J Or Arial 12 A A == = Our ab Help Conditional Formatting v Format as Table ĀCell Styles Accounting $ % ) Paste LE BIUDA ES 3 Insert Ex Delete -...
need the answers to study for my actual exam. so i can write them on a flashcards. thank you! :) Question 18 A credit balance in which of the following accounts would indicate a likely error? Fees Earned Salary Expense Janet James, Capital Accounts Payable Question 19 Which of the following entries records the payment of an account payable? debit Cash: credit Accounts Payable debit Accounts Receivable; credit Cash debit Cash; credit Supplies Expense O debit Accounts Payable; credit Cash...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $ 11,800 148,000 5,800 29,000...
I need help for verification of the first part of the exercise(general journal). I completed it how I thought it was correct but I need to be 100% good to keep going and Im not sure. Mueva hoja de calculos hacia su derecha Anne Aile transactions for her Profesional Services business Month September Transactions Amount Invested cash in her business, $ 20,000 2 Purchased equipment on account 17,280 Record depreciation using a 5 year useful life on the equipment, using...
I am in desperate need of help with this project. Apparently my answers are all wrong. 3:02 PM Thu Feb 27 4796% AC 321 Intl - FA19 - Comprehensive Project Insert Draw Formulas Data Review View 8 Q o Calibri (Body) 12 B U Home B ^ A = 1 EE tx ã į 19 2 3 4 All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, proper form....
Sorry for the long problem, but I have done this problem twice and I get different totals for assets and liabilities...Thanks. Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory $250.000 65.000 29,000 20.000 180.000 210.000 Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 Short-term Investments Equipment Land During the year 2019, the company had the below activities. Note that...