Homework Answers
| S.no | Particulars | Debit | Credit |
| 1 | Bank | 50000 | |
| Equity Stock | 50000 | ||
| 2 | Insurance | 152 | |
| Prepaid Insurance | 1672 | ||
| Bank | 1824 | ||
| 3 | Rent | 1250 | |
| prepaid rent | 2500 | ||
| bank | 3750 | ||
| 4 | Musical instruments | 12000 | |
| Computer | 1440 | ||
| Furniture | 3900 | ||
| Bank | 17340 | ||
| 5 | Bank | 1650 | |
| Annual Registraton Fee | 550 | ||
| Tuition Fee | 1100 | ||
| 6 | Fliers | 220 | |
| bank | 220 | ||
| 7 | Stationery | 225 | |
| Bank | 225 | ||
| 8 | Advertisement | 145 | |
| Bank | 145 | ||
| 9 | Bank | 1250 | |
| Annual Registration Fee | 500 | ||
| Tuition Fee | 700 | ||
| 10 | Bank | 1500 | |
| Annual Registration Fee | 500 | ||
| unearned Revenue | 1000 | ||
| 11 | Salary | 2500 | |
| Salary Payable | 2500 | ||
| 12 | Depreciation on Musical Instruments | 100 | |
| Depreciation on Computers | 30 | ||
| Depreciation on Furniture | 65 | ||
| Provision for Depreciation | 195 | ||
| 13 | Electricity Charges | 196 | |
| Electricity Charges Payable | 196 |
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Kellers Music was organized in January of 2017. The company offers music lessons to people of...
Kellers Music was organized in January of 2017. The company offers music lessons to people of all ages and skill level. The company charges an annual $50 registration fee and $100 monthly due per student for music lessons. You have been hired by the company to install and maintain the company’s accounting system. The owner of Kellers Music would like see the following statements at the end of each month: Income Statement Balance Sheet Retained Earnings Statement The following transactions...
$ 300 Assets: Cash Accounts Receivable Supplies $12,500 700 630 FAST DELIVERIES, INC. Balance Sheet at...
$ 300 Assets: Cash Accounts Receivable Supplies $12,500 700 630 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity: Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11,770 1,760 $13,830 Total Assets $13,830 Two employees have been hired, at a monthly salary of $2,300 each. The following transactions occurred during January of the current year. Ch. 2 2 2 January 1 2 3 نہ یہ کہ یہ یہ بیا بیا بیا بیا 4 5 6...
P3.7A (LO 2, 3) AP Melody Lane Co. provides music lessons to many clients across the...
P3.7A (LO 2, 3) AP Melody Lane Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021, year end: Prepare adjusting entries. 1. On October 1, 2020, the company had a balance of $2,080 in its supplies account. Additional supplies were purchased during the year totalling $1,700. The supplies inventory on September 30, 2021, amounts to $810. 2. On November 1,...
Calibri 11 - BIV A. A JULY TRANSACTIONS Prepare and post journal entries to record the...
Calibri 11 - BIV A. A JULY TRANSACTIONS Prepare and post journal entries to record the July transactions. During July, Bob Lutz completed these transactions for Lutz Repair Service: July 1st Paid the monthly rent, $1,700. I July 1. made the monthly payment to Bilbao Company. $1,200. July 6. Purchased additional repair supplies for the first half of the month, $3,452 acer c des chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/views/app.html а Calibri 11 Β Ι Ο A. A July 15. Received cash repair revenue for...
Comprehensive Accounting Cycle Problem In January, Sammy Bearkat organized a corporation to provide tutoring services to...
Comprehensive Accounting Cycle Problem In January, Sammy Bearkat organized a corporation to provide tutoring services to students The company, called Stellar Student Tutoring began operations immediately. The business general ledger balances are shown below: Accounts I Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Stellar Student Tutoring Post-Closing Trial Balance January 31, 2020 Debit $32,000 11,000 5,600 68,000 4,200 85,000 27.400 $116,600 $116,600 During February 2020, the following transactions occur: Feb 1" The corporation issued an...
On January 1, 2017, Bruce Wayne created a new Crime Watch agency, Waynes Watchdog Service. The...
On January 1, 2017, Bruce Wayne created a new Crime Watch agency, Waynes Watchdog Service. The following transactions occurred during the company’s first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000 cash, computer equipment worth $125,000, and a patent on new technology worth $250,000. 2 Rented furnished office space by paying $20,000 cash for the first month’s rent (it was a nice office!). 3 Purchased $3,500 of office supplies for cash. 3 Paid $5,000 cash...
Nanhoe Co, provides music lessons to many clients across the city. The following information is available...
Nanhoe Co, provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021. year end: 1 On October 1, 2020, the company had a balance of $1.990 in its supplies account. Additional supplies were purchased during the year totalling $1,790. The supplies inventory on September 30, 2021, amounts to $800. 2. On November 1, 2020, Ivanhoe purchased a one-year insurance policy for $3,120....
Fast Deliveries, Inc. (FDI) was organized in December last year, and had limited activity last year....
Fast Deliveries, Inc. (FDI) was organized in December last year, and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: FAST DELIVERIES, INC. Balance Sheet at January 1 Assets: Liabilities: Cash $10,900 Accounts Payable $ 500 Accounts Receivable 800 Stockholders' Equity: Supplies 400 Common Stock 11,000 Retained Earnings 600 ______ Total Liabilities and Stockholders' Equity ______ Total Assets $12,100 $12,100 Two employees have been hired, at a monthly salary of...
Fast Deliveries, Inc. (FDI) was organized in December last year, and had limited activity last year....
Fast Deliveries, Inc. (FDI) was organized in December last year, and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: FAST DELIVERIES, INC. Balance Sheet at January 1 Assets: Liabilities: Cash $10,900 Accounts Payable $ 500 Accounts Receivable 800 Stockholders' Equity: Supplies 400 Common Stock 11,000 Retained Earnings 600 ______ Total Liabilities and Stockholders' Equity ______ Total Assets $12,100 $12,100 Two employees have been hired, at a monthly salary of...
Record January transactions in the General Journal and post to the General Ledger. • Record...
Record January
transactions in the General Journal and post to the General
Ledger.
• Record adjusting
entries for January in the General Journal and post to the General
Ledger
. • Prepare the
adjusted trial balance as of January 31
-
Record January transactions in
the General Journal and post to the General Ledger.
• Record adjusting
entries for January in the General Journal and post to the General
Ledger
. • Prepare the
adjusted trial balance as of...
$ 300 Assets: Cash Accounts Receivable Supplies $12,500 700 630 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity: Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11,770 1,760 $13,830 Total Assets $13,830 Two employees have been hired, at a monthly salary of $2,300 each. The following transactions occurred during January of the current year. Ch. 2 2 2 January 1 2 3 نہ یہ کہ یہ یہ بیا بیا بیا بیا 4 5 6...
P3.7A (LO 2, 3) AP Melody Lane Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021, year end: Prepare adjusting entries. 1. On October 1, 2020, the company had a balance of $2,080 in its supplies account. Additional supplies were purchased during the year totalling $1,700. The supplies inventory on September 30, 2021, amounts to $810. 2. On November 1,...
Calibri 11 - BIV A. A JULY TRANSACTIONS Prepare and post journal entries to record the July transactions. During July, Bob Lutz completed these transactions for Lutz Repair Service: July 1st Paid the monthly rent, $1,700. I July 1. made the monthly payment to Bilbao Company. $1,200. July 6. Purchased additional repair supplies for the first half of the month, $3,452 acer c des chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/views/app.html а Calibri 11 Β Ι Ο A. A July 15. Received cash repair revenue for...
Comprehensive Accounting Cycle Problem In January, Sammy Bearkat organized a corporation to provide tutoring services to students The company, called Stellar Student Tutoring began operations immediately. The business general ledger balances are shown below: Accounts I Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Stellar Student Tutoring Post-Closing Trial Balance January 31, 2020 Debit $32,000 11,000 5,600 68,000 4,200 85,000 27.400 $116,600 $116,600 During February 2020, the following transactions occur: Feb 1" The corporation issued an...
Nanhoe Co, provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021. year end: 1 On October 1, 2020, the company had a balance of $1.990 in its supplies account. Additional supplies were purchased during the year totalling $1,790. The supplies inventory on September 30, 2021, amounts to $800. 2. On November 1, 2020, Ivanhoe purchased a one-year insurance policy for $3,120....
Record January
transactions in the General Journal and post to the General
Ledger.
• Record adjusting
entries for January in the General Journal and post to the General
Ledger
. • Prepare the
adjusted trial balance as of January 31
-
Record January transactions in
the General Journal and post to the General Ledger.
• Record adjusting
entries for January in the General Journal and post to the General
Ledger
. • Prepare the
adjusted trial balance as of...
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