STUDY PROBLEM 1-12 Group A FINANCIAL TRANSACTIONS Invested $200,000 to start JHJ rental car company Paid...
STUDY PROBLEM 1-12
Group A
FINANCIAL TRANSACTIONS
Invested $200,000 to start JHJ rental car company
Paid cash of $10,000 for supplies
Paid cash of $24,000 for two year insurance policy
Purchased equipment on account in the amount of $10,000
Purchased $15,000 in supplies on account
Paid advertising expense of $10,000
Purchased ten autos for $30,000 each paying $50,000 down and signed a note for the balance
Received cash car rental revenue $400,000
Paid office salaries of $80,000
Paid rent expense of $40,000
Car rental revenue earned from corporate customers on account $100,000
Paid on accounts payable $20,000
Collection of cash from corporate customers $100,000
Invested an additional $100,000 in the business
Received cash car rental revenue $500,000
Paid sales salaries of $300,000
Car rental revenue earned from corporate customers $50.000
Collection of cash from corporate customers
Paid rent expense of $40,000
Paid delivery expenses of $4,000
Bad debt expense 1% of credit sales
REQUIRED:
PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER
PREPARE TRIAL BALANCE
PREPARE INCOME STATEMENT
PREPARE STATEMENT OF RETAINED EARNINGS
PREPARE BALANCE SHEET
PREPARE CLOSING ENTRIES
Homework Answers
Add Answer to:
STUDY PROBLEM 1-12
Group A
FINANCIAL TRANSACTIONS
Invested $200,000 to start JHJ rental car company
Paid...
DIRECT CASH FLOW Homework 1. Invested $200,000 to start JHJ rental car company 2. Paid cash...
DIRECT CASH FLOW Homework 1. Invested $200,000 to start JHJ rental car company 2. Paid cash of $10,000 for supplies 3. Paid cash of $24,000 for two-year insurance policy 4. Purchased equipment on account in the amount of $10,000 5. Purchased $15,000 in supplies on account 6. Purchased ten autos for $30,000 each paying $50,000 down and signed a long-term note for the balance 7. Received cash car rental revenue $400,000 8. Paid office salaries of $80,000 9. Car rental...
trial balance and journal entry for all problems 1. invested 80,000 to start business 2. purchase...
trial balance and journal entry for all problems 1. invested 80,000 to start business 2. purchase supplies on account 50,000 3. purchased land for 100,000 paying 200,000 down and signed a note for the rest of the balance 4. paid delivery expense of 20,000 5. car rental revenue earned from corporate customers on account 110,000 6. paid on accounts payable 25,000 7. collections of cash from corporate customers 80,000 8. paid on notes payable 30,000 on principles plus interest of...
Required: 19-27 300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE...
Required: 19-27
300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST OF GOODS SOLD 120 | Page PURCHASE RETURNS FREIGHT IN RENT EXPENSE...
Journalize, Trial balance and statements PROBLEM 1-9 JHJ ATHLETIC SHOE STORE 2012 LACCOUNTS WITBALANCES CASH ACCOUNTS...
Journalize, Trial balance and statements
PROBLEM 1-9 JHJ ATHLETIC SHOE STORE 2012 LACCOUNTS WITBALANCES CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS 800,000 RE 100,000 SUPP SHOE INVENTORY SUPPLIES 50,000 10,000 1,000,000 PREPAID INSURANCE EQUIPMENT ACCUMLATED DEPRECIATION EQUIP STAR 4 00,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 75.000 ACCOUNTS PAYABLE JOURNA 37. IN 2 38.P. 39.PI 80,000 WAGES PAYABLE TO $ 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMON STOCK JHJ RETAINED EARNINGS 90,000 2,000,000 440.C 541.P. 6 42.P 743. 1,500,000 JHJ DIVIDENDS...
Required: Journalize all entries JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased...
Required:
Journalize all entries
JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased $4,000 in SUPPLIES on account k3. PURCHASED 3,000 SHOES AT S50 EACH 4. PURCHASED 2,000 SHOES AT S60EACH 5. RECEIVED $5,000 IN ADVANCE FOR FUTURE SHOE SALES from 50 customers 6. PURCHASED $50,000 IN EQUIPMENT WITH A 10-year LIFE, PAYING $15,000 IN CASH AND PLACED THE REMAINING BALANCE ON A NOTIE 7. CASH SALES OF 1,500 SHOES AT $100 EACH 8. Sales on account,...
Can someone answer questions 19-27 in the "required" section of the third page please. 300,000 PROBLEM...
Can
someone answer questions 19-27 in the "required" section of the
third page please.
300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST...
journalize, T-Accounts, trial balance STORE 2012 PROBLEM 1-9 HUJ ATHLETIC SHOE STORE TACCOUNTS WITH BALANCES CEIVABLE...
journalize, T-Accounts, trial balance
STORE 2012 PROBLEM 1-9 HUJ ATHLETIC SHOE STORE TACCOUNTS WITH BALANCES CEIVABLE / 800.000 100.000 CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS SHOE INVENTORY SUPPLIES 50,000 10,000 PREPAID INSURANCE EQUIPMENT 1.000.000 ACCUMLATED DEPRECIATION - EQUIP 400,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 75,000 ACCOUNTS PAYABLE 80.000 WAGES PAYABLE UNEARNED REVENUE 40,000 NOTE PAYABLE JHJ COMMON STOCK 90,000 2,000,000 JHJ RETAINED EARNINGS JHJ DIVIDENDS SHOE SALES SHOE SALE RETURNS 1,500,000 COST OF GOODS SOLD PURCHASE RETURNS FREIGHT IN...
help me please !! ABC Company was formed on May 1, 2017. The following transactions took place during the first mont...
help me please !!
ABC Company was formed on May 1, 2017. The following transactions took place during the first month. 1. Shareholders invested £46,200 cash in exchange for ordinary shares. Hired two employees to work in the warehouse. They will each be paid a salary of £2,820 per month. 2. 3. Signed a 2-year rental agreement on a warehouse; paid £24,310 cash in advance for the first year. Purchased furniture and equipment costing £31,470. A cash payment of £6,000...
Tony’s Equipment Rental Inc. (TERI) On September 1, 2020, Tony Ferria organized a business called Tony’s...
Tony’s Equipment Rental Inc. (TERI) On September 1, 2020, Tony Ferria organized a business called Tony’s Equipment Rental Inc. (TERI) for the purpose of operating an equipment rental yard. The new business was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. TERI uses the following chart of accounts: Assets: Cash, Accounts Receivable, Prepaid Rent, Office Supplies, Rental Equipment, Accumulated depreciation: Rental Equipment...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $14,500 cash in the company...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $14,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $421 cash.
The company purchased $8,019 of office equipment on
credit.
The company received $1,711 cash as fees for services provided
to a customer.
The company paid $8,019 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,074 as fees for services
provided.
The...
Required: 19-27
300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST OF GOODS SOLD 120 | Page PURCHASE RETURNS FREIGHT IN RENT EXPENSE...
Journalize, Trial balance and statements
PROBLEM 1-9 JHJ ATHLETIC SHOE STORE 2012 LACCOUNTS WITBALANCES CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS 800,000 RE 100,000 SUPP SHOE INVENTORY SUPPLIES 50,000 10,000 1,000,000 PREPAID INSURANCE EQUIPMENT ACCUMLATED DEPRECIATION EQUIP STAR 4 00,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 75.000 ACCOUNTS PAYABLE JOURNA 37. IN 2 38.P. 39.PI 80,000 WAGES PAYABLE TO $ 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMON STOCK JHJ RETAINED EARNINGS 90,000 2,000,000 440.C 541.P. 6 42.P 743. 1,500,000 JHJ DIVIDENDS...
Required:
Journalize all entries
JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased $4,000 in SUPPLIES on account k3. PURCHASED 3,000 SHOES AT S50 EACH 4. PURCHASED 2,000 SHOES AT S60EACH 5. RECEIVED $5,000 IN ADVANCE FOR FUTURE SHOE SALES from 50 customers 6. PURCHASED $50,000 IN EQUIPMENT WITH A 10-year LIFE, PAYING $15,000 IN CASH AND PLACED THE REMAINING BALANCE ON A NOTIE 7. CASH SALES OF 1,500 SHOES AT $100 EACH 8. Sales on account,...
Can
someone answer questions 19-27 in the "required" section of the
third page please.
300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST...
journalize, T-Accounts, trial balance
STORE 2012 PROBLEM 1-9 HUJ ATHLETIC SHOE STORE TACCOUNTS WITH BALANCES CEIVABLE / 800.000 100.000 CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS SHOE INVENTORY SUPPLIES 50,000 10,000 PREPAID INSURANCE EQUIPMENT 1.000.000 ACCUMLATED DEPRECIATION - EQUIP 400,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 75,000 ACCOUNTS PAYABLE 80.000 WAGES PAYABLE UNEARNED REVENUE 40,000 NOTE PAYABLE JHJ COMMON STOCK 90,000 2,000,000 JHJ RETAINED EARNINGS JHJ DIVIDENDS SHOE SALES SHOE SALE RETURNS 1,500,000 COST OF GOODS SOLD PURCHASE RETURNS FREIGHT IN...
help me please !!
ABC Company was formed on May 1, 2017. The following transactions took place during the first month. 1. Shareholders invested £46,200 cash in exchange for ordinary shares. Hired two employees to work in the warehouse. They will each be paid a salary of £2,820 per month. 2. 3. Signed a 2-year rental agreement on a warehouse; paid £24,310 cash in advance for the first year. Purchased furniture and equipment costing £31,470. A cash payment of £6,000...
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $14,500 cash in the company in
exchange for common stock.
The company purchased office supplies for $421 cash.
The company purchased $8,019 of office equipment on
credit.
The company received $1,711 cash as fees for services provided
to a customer.
The company paid $8,019 cash to settle the payable for the
office equipment purchased in transaction c.
The company billed a customer $3,074 as fees for services
provided.
The...
Most questions answered within 3 hours.
-
If you’re standing at the bottom of a hill and asked to evaluate
it while being...
asked 32 minutes ago -
1. Which region has taken the lead in the world of
e-waste handling?
a) European Union...
asked 26 minutes ago -
A 8.15- g bullet from a 9-mm pistol has a velocity of 366.0 m/s.
It strikes...
asked 1 hour ago -
The outstanding bonds of Alpha Extracts have a yield to maturity
of 7.4 percent and a...
asked 1 hour ago -
The Problem: The Case of the Harmonizing Vacations
Your CEO is exploring partnering with a European...
asked 3 hours ago -
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 3 hours ago -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 3 hours ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 4 hours ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 3 hours ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 4 hours ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 5 hours ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 5 hours ago