On December 15, Branch Company received $3,000 cash for 30 days of consulting services that will be completed on January 13.
On December 15, Branch Company received $3,000 cash for 30 days of consulting services that will be completed on January 13. Branch records all such prepayments by customers in a liability account. Prepare the December 31 adjusting entry. For the toolbar, press ALT+F10 (PC or ALT+FN+F10 (Mac).
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On December 15, Branch Company received $3,000 cash for 30 days of consulting services that will be completed on January 13.
Total Assets 1 400,000 385,000 350,000 60. On December 14 Branch Company received $3,100 cash for...
Total Assets 1 400,000 385,000 350,000 60. On December 14 Branch Company received $3,100 cash for consulting services that will be completed on January 12. Branch records all such prepayments by customers in a liability account. Prepare the January 12 adjusting journal entry.
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
On December 1, ABC Company received $3,000 cash from a customer for 3 months of business...
On December 1, ABC Company received $3,000 cash from a customer for 3 months of business services beginning December 1st. Prepare the journal entry to record the receipt of the 3,000 and the adjusting entry required on December 31st.
(Questions 7–9). On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares...
(Questions 7–9). On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares for cash at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows (Assume the company prepares the optional Accumulated Depreciation Elimination Entry): Standard Co. Zigma Co. Debit Credit Item Debit Credit $238,000 $95,000 300.000 Current Assets Depreciable Assets Investment in Standard Co. 170,000 100,000...
In January, Tongo, Inc., a branding consultant, had the following transactions. Received $13,200 cash for consulting...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
Received $13,200 cash for consulting services rendered in
January.
Issued common stock to investors for $8,000 cash.
Purchased $11,200 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
Received $11,800 cash for consulting services to be performed
in February.
Bought and received $1,750 of supplies on account.
Received utility bill for January for $2,060, due February
15.
Consulted for customers...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
NOVI Agreed to provide consulting services to XYZ Company. XYZ paid $10.000 in advance work will...
NOVI Agreed to provide consulting services to XYZ Company. XYZ paid $10.000 in advance work will be done in December 2017 and January 2018 Account Debit Credit Date ald 10,000 in advance. The Onearned revenue Dec. Date Received $4.000 cash from Jodi Thompson for services rendered on Account Debit Nov Credit 4.000 Dec 31 Completed half of the work paid for by XYZ Company on Nov 15th. Make the necessary adjusting entry to reflect the work completed. Account Debit Credit...
2. The following is a partial list of business transactions for Ortega Consulting Company. They all...
2. The following is a partial list of business transactions for Ortega Consulting Company. They all took place during the months of November and December 2017. Record each of the transactions in the general journal form on the next page. Use proper journalizing format/procedures. (18 pts) (3 points per transaction entry) Nov. 1 Services in the amount of $8,000 were provided to Jodi Thompson, payment due in 30 days. Date Account Debit Credit Nov Date 9 Purchased equipment for $20,000...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $15,000 cash for...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
5. (30 pts) Stohr Company (a lighthouse consulting company) completed the transactions given below. The company...
5. (30 pts) Stohr Company (a lighthouse consulting company) completed the transactions given below. The company prepares financial statements every month and the company's year-end is December 31st Please prepare journal entries for each a) January 20, 2012 - Issued capital stock to a new stockholder for $10,000 cash b) January 31, 2012 - Received twelve months rent in advance (on a warehouse) - total $36.000 c) February 28, 2012 - Record any entry necessary relating to the warehouse rental....
Total Assets 1 400,000 385,000 350,000 60. On December 14 Branch Company received $3,100 cash for consulting services that will be completed on January 12. Branch records all such prepayments by customers in a liability account. Prepare the January 12 adjusting journal entry.
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
(Questions 7–9). On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares for cash at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows (Assume the company prepares the optional Accumulated Depreciation Elimination Entry): Standard Co. Zigma Co. Debit Credit Item Debit Credit $238,000 $95,000 300.000 Current Assets Depreciable Assets Investment in Standard Co. 170,000 100,000...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
Received $13,200 cash for consulting services rendered in
January.
Issued common stock to investors for $8,000 cash.
Purchased $11,200 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
Received $11,800 cash for consulting services to be performed
in February.
Bought and received $1,750 of supplies on account.
Received utility bill for January for $2,060, due February
15.
Consulted for customers...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
NOVI Agreed to provide consulting services to XYZ Company. XYZ paid $10.000 in advance work will be done in December 2017 and January 2018 Account Debit Credit Date ald 10,000 in advance. The Onearned revenue Dec. Date Received $4.000 cash from Jodi Thompson for services rendered on Account Debit Nov Credit 4.000 Dec 31 Completed half of the work paid for by XYZ Company on Nov 15th. Make the necessary adjusting entry to reflect the work completed. Account Debit Credit...
2. The following is a partial list of business transactions for Ortega Consulting Company. They all took place during the months of November and December 2017. Record each of the transactions in the general journal form on the next page. Use proper journalizing format/procedures. (18 pts) (3 points per transaction entry) Nov. 1 Services in the amount of $8,000 were provided to Jodi Thompson, payment due in 30 days. Date Account Debit Credit Nov Date 9 Purchased equipment for $20,000...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
5. (30 pts) Stohr Company (a lighthouse consulting company) completed the transactions given below. The company prepares financial statements every month and the company's year-end is December 31st Please prepare journal entries for each a) January 20, 2012 - Issued capital stock to a new stockholder for $10,000 cash b) January 31, 2012 - Received twelve months rent in advance (on a warehouse) - total $36.000 c) February 28, 2012 - Record any entry necessary relating to the warehouse rental....
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