On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd.
| Accounts payable | $2,500 | Interest receivable | 20 | ||||
| Accounts receivable | 4,740 | Note receivable, due October 31, 2018 | 4,000 | ||||
| Accumulated depreciation—equipment | 2,030 | Retained earnings | 6,040 | ||||
| Cash | 5,520 | Salaries payable | 1,460 | ||||
| Common shares | 12,000 | Supplies | 1,030 | ||||
| Equipment | 10,100 | Unearned revenue | 1,380 |
During August, the following summary transactions were
completed.
| Aug. 1 | Paid $440 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) | ||
| 3 | Paid August rent $380. (Hint: Use the Prepaid Rent account.) | ||
| 6 | Received $3,040 cash from customers in payment of accounts. | ||
| 10 | Paid $2,910 for salaries due employees, of which $1,450 is for August and $1,460 is for July salaries payable. | ||
| 13 | Received $4,100 cash for services performed in August. | ||
| 15 | Purchased additional equipment on account $1,910. | ||
| 17 | Paid creditors $1,910 of accounts payable due. | ||
| 22 | Purchased supplies on account $720. | ||
| 24 | Paid salaries $3,110. | ||
| 27 | Performed services worth $4,400 on account and billed customers. | ||
| 29 | Received $750 from customers for services to be provided in the future. | ||
| 31 | Declared and paid a $550 dividend. |
| Date | Account Titles and Explanation | Debit | Credit |
| August 1 | Prepaid advertisement | $440 | |
| Cash | $440 | ||
| ( To record advertisement expense) | |||
| August 3 | Prepaid rent | $380 | |
| Cash | $380 | ||
| ( To record prepaid rent) | |||
| August 6 | Cash | $3,040 | |
| Accounts receivable | $3,040 | ||
| ( To record cash received from customer) | |||
| August 10 | Salaries expense | $1,450 | |
| Salaries payable | $1,460 | ||
| Cash | $2,910 | ||
| ( To record salaries expense) | |||
| August 13 | Cash | $4,100 | |
| Service revenue | $4,100 | ||
| ( To record service revenue) | |||
| August 15 | Equipment | $1,910 | |
| Accounts payable | $1,910 | ||
| ( To record equipment) | |||
| August 17 | Accounts payable | $1,910 | |
| Cash | $1,910 | ||
| ( To record payment to creditors) | |||
| August 22 | Supplies | $720 | |
| Accounts payable | $720 | ||
| ( To record supplies ) | |||
| August 24 | Salaries expense | $3,110 | |
| Cash | $3,110 | ||
| ( To record salaries expense) | |||
| August 27 | Accounts receivable | $4,400 | |
| Service revenue | $4,400 | ||
| ( To record service revenue) | |||
| August 29 | Cash | $750 | |
| Unearned revenue | $750 | ||
| ( To record unearned revenue) | |||
| August 31 | Dividends | $550 | |
| Cash | $550 | ||
| ( To record dividends) |
(b)
Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter 0 for the normal balance for that account.)
Homework Answers
(b) Kindly fill as required in the format since the same has not been provided with the question.
| Accounts Payable | Accounts Receivable | Accumulated Depreciation-Equipment | ||||||||||||||
| Aug. 17 | 1910 | Aug. 1 Bal. | 2500 | Aug. 1 Bal. | 4740 | Aug. 6 | 3040 | Aug. 1 Bal. | 2030 | |||||||
| Aug. 15 | 1910 | Aug. 27 | 4400 | |||||||||||||
| Aug. 22 | 720 | |||||||||||||||
| Aug. 31 Bal. | 3220 | Aug. 31 Bal. | 6100 | Aug. 31 Bal. | 2030 | |||||||||||
| Cash | Common Shares | Equipment | ||||||||||||||
| Aug. 1 Bal. | 5520 | Aug. 1 Bal. | 12000 | Aug. 1 Bal. | 10100 | |||||||||||
| Aug. 6 | 3040 | Aug. 1 | 440 | Aug. 31 Bal. | 12000 | Aug. 15 | 1910 | |||||||||
| Aug. 13 | 4100 | Aug. 3 | 380 | Aug. 31 Bal. | 12010 | |||||||||||
| Aug. 29 | 750 | Aug. 10 | 2910 | |||||||||||||
| Aug. 17 | 1910 | |||||||||||||||
| Aug. 24 | 3110 | |||||||||||||||
| Aug. 31 | 550 | |||||||||||||||
| Aug. 31 Bal. | 4110 | |||||||||||||||
| Interest Receivable | Note Receivable | Retained Earnings | ||||||||||||||
| Aug. 1 Bal. | 20 | Aug. 1 Bal. | 4000 | Aug. 1 Bal. | 6040 | |||||||||||
| Aug. 31 Bal. | 20 | Aug. 31 Bal. | 4000 | Aug. 31 Bal. | 6040 | |||||||||||
| Salaries Payable | Supplies | Unearned Revenue | ||||||||||||||
| Aug. 10 | 1460 | Aug. 1 Bal. | 1460 | Aug. 1 Bal. | 1030 | Aug. 1 Bal. | 1380 | |||||||||
| Aug. 31 Bal. | 0 | Aug. 22 | 720 | Aug. 29 | 750 | |||||||||||
| Aug. 31 Bal. | 1750 | Aug. 31 Bal. | 2130 | |||||||||||||
| Prepaid Advertising | Prepaid Rent | Service Revenue | ||||||||||||||
| Aug. 1 | 440 | Aug. 3 | 380 | Aug. 13 | 4100 | |||||||||||
| Aug. 31 Bal. | 440 | Aug. 31 Bal. | 380 | Aug. 27 | 4400 | |||||||||||
| Aug. 31 Bal. | 8500 | |||||||||||||||
| Salaries Expense | Dividends | |||||||||||||||
| Aug. 10 | 1450 | Aug. 31 | 550 | |||||||||||||
| Aug. 24 | 3110 | Aug. 31 Bal. | 550 | |||||||||||||
| Aug. 31 Bal. | 4560 | |||||||||||||||
Add Answer to:
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
Most questions answered within 3 hours.
-
Human relations refer to the way a company arranges people,
jobs, and communications so that work...
asked 11 seconds from now -
The specific radiocarbon activity of a sample of wood is 6.25
gms dpm/gm of carbon. The...
asked 3 minutes ago -
An aqueous magnesium chloride solution is made by dissolving
6.96 moles of MgCl2 in sufficient water...
asked 5 minutes ago -
Ken believes the average age of men who come to get a haircut at
his barber...
asked 27 minutes ago -
(Ratio Analysis): Last year Co. XYZ had sales of $ 400,000, with
“cost of goods sold”...
asked 36 minutes ago -
can someone please write the balanced chemical
equation for the synthesis of Bromoacetanilide
from;
aniline +...
asked 32 minutes ago -
1. If a corporation purchases land and building and subsequently
tears down the building and uses...
asked 43 minutes ago -
Consider a 23-year bond with 7 percent annual coupon payments.
The market rate (YTM) is 6.4...
asked 46 minutes ago -
a tuba creates a 4th harmonic of frequency 116.5 Hz. what is the
frequency of the...
asked 52 minutes ago -
A coconut mass 2kg falls from a 30m tall tree. The coconut falls
and comes to...
asked 55 minutes ago -
Group Policies
Research GROUP POLICY OBJECTS (GPO'S)
You can start in the Windows Server 2012 eBook...
asked 59 minutes ago -
software engineering
Problems.
Create a use case diagram for class registration for a
university.
Create a...
asked 59 minutes ago