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Cash $100,000 $10,000 $20,000 $10,000 $10,000 $123,500 Aug-12 Aug-26 Aug-31 Aug-01 Aug-07 Aug-15 Aug-25 Aug-28 End....
Date General Journal Debit Credit Aug,01 Cash $ 100,000 Mr.A ,capital $ 100,000 (To record investment...
Date
General Journal
Debit
Credit
Aug,01
Cash
$ 100,000
Mr.A ,capital
$ 100,000
(To record investment by Mr.A)
Aug,05
Supplies - Bikes
$ 50,000
Accounts payable- XYZ company
$ 50,000
( To record purchase of supplies)
Aug,07
Cash
$ 10,000
Sales revenue
$ 10,000
( To record sales revenue)
Aug,12
Furniture
$ 5,000
Cash
$ 5,000
( To record purchase of furniture)
Aug,15
Cash
$ 20,000
Loan
$ 20,000
( To record loan)
Aug,20
Account receivable
$ 15,000
Sales revenue...
Investments (short-term) Beg. Bal. 3,000 Beg. Bal. Cash 22,000 10,000(a) 5,000(b) End. Bal. End. Bal. Accounts...
Investments (short-term) Beg. Bal. 3,000 Beg. Bal. Cash 22,000 10,000(a) 5,000(b) End. Bal. End. Bal. Accounts Receivable Beg. Bal. 3,000 Inventory 20,000 Beg. Bal. End. Bal. End. Bal. Notes Receivable (long-term) Beg. Bal. 1,000 Beg. Bal. Equipment 50,000 End. Bal. End. Bal. Factory Building 90,000 Intangibles 5,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. T Accounts Payable 15,000 Accrued Liabilities Payable Beg. Bal. 4,000 Beg. Bal. End. Bal. End. Bal. Notes payable (current) Beg. Bal. 7,000 Notes payable (noncurrent)...
Please help!! Accounting Help!! The general ledger of the Karlin Company, a consulting company, at January...
Please help!! Accounting Help!!
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing trial balance correct? (write Yes or No) A/R EQUIPMENT A/P 5,000 10,000 15,000 If not, list or describe the errors in the space below: COMMON STOCK RETAINED EARNINGS DIVIDENDS SERVICE REVENUE RENT EXPENSE 3,000 23,000 5,000 53,000 53,000 CASH VS ACCRUAL - 18 POINTS Determine Net Income under both the cash and accrual methods of accounting based on the following information: * The Company...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Mark Wall Consulting Trial Balance as at December 31 2007 Requirements: 1. Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture &...
ABC Co. Sales were $210,000 before a $10,000 cash return. Depreciation expense was $10,000. Salary Expense...
ABC Co. Sales were $210,000 before a $10,000 cash return. Depreciation expense was $10,000. Salary Expense was $5,000. Rent Expense was $5,000. Retained earnings had a beginning of the year balance of $25,000. Dividends paid were $5,000. Other balances include: Cash ending balance $50,000; Accounts Receivable ending balance of $80,000; Accumulated depreciation had a $40,000 ending balance; allowance for doubtful accounts had an ending $20,000 balance. Supplies had a beginning balance of $50,000, purchases during the year of $140,000, and...
Facts: Dec 1 2 3 4 10 15 20 24 26 28 31 31 Issued common...
Facts: Dec 1 2 3 4 10 15 20 24 26 28 31 31 Issued common stock in exchange for $1,000,000 cash. Purchased inventory on account for $80,000 (the perpetual inventory system is used). Purchased $500,000 in equipment for cash. Paid the company’s landlord $12,000 for rent for twelve months, debiting Prepaid Rent Expense. Sold merchandise on account for $130,000. The cost of the merchandise was $75,000. Borrowed $60,000 from a local bank and signed a note. Principal and interest...
Everly Company Unadjusted Trial Balance December 31, 2018 106,000 28,000 7,500 30,000 110,000 15,000 80,000 Cash...
Everly Company Unadjusted Trial Balance December 31, 2018 106,000 28,000 7,500 30,000 110,000 15,000 80,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 46,000 8,000 17,900 12,500 50,000 46,000 47,600 5,000 465,500 12,000 45,000 2,000 48,000 10,000 143,000 14,000 3,000...
Problem 3 J.V. Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fisc...
Problem 3 J.V. Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year G Hi B C D E Unadjusted Trial Balance Debit 40,000 Adjusting Entries Credit Adjusted Trial Balance 1 Debit Credit Credit Debit 2 ఉ0 3 Cash 35,000 4 Accounts Receivable 5 Prepaid Insurance 6 Supplies 7 Land 15,000 20,000 a 4,000 11,000 15,000- 80,000- 150.000 20,000 60,000 150,000 200,000 200,000 8 Building 9 Accum. Depr.-Building 10 Accounts Payable 11 Wages...
I'm not sure what goes in the Retained Earnings under the T-account. I'd tried crediting 32000...
I'm not sure what goes in the Retained Earnings under the
T-account. I'd tried crediting 32000 for the closing entry and it
is still wrong. Then I am also not sure what goes in the entry
under 2500 debit. The unadjusted trial balance for the salaries
payable I put in 0 and was wrong; same when I left it blank.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits...
Date
General Journal
Debit
Credit
Aug,01
Cash
$ 100,000
Mr.A ,capital
$ 100,000
(To record investment by Mr.A)
Aug,05
Supplies - Bikes
$ 50,000
Accounts payable- XYZ company
$ 50,000
( To record purchase of supplies)
Aug,07
Cash
$ 10,000
Sales revenue
$ 10,000
( To record sales revenue)
Aug,12
Furniture
$ 5,000
Cash
$ 5,000
( To record purchase of furniture)
Aug,15
Cash
$ 20,000
Loan
$ 20,000
( To record loan)
Aug,20
Account receivable
$ 15,000
Sales revenue...
Investments (short-term) Beg. Bal. 3,000 Beg. Bal. Cash 22,000 10,000(a) 5,000(b) End. Bal. End. Bal. Accounts Receivable Beg. Bal. 3,000 Inventory 20,000 Beg. Bal. End. Bal. End. Bal. Notes Receivable (long-term) Beg. Bal. 1,000 Beg. Bal. Equipment 50,000 End. Bal. End. Bal. Factory Building 90,000 Intangibles 5,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. T Accounts Payable 15,000 Accrued Liabilities Payable Beg. Bal. 4,000 Beg. Bal. End. Bal. End. Bal. Notes payable (current) Beg. Bal. 7,000 Notes payable (noncurrent)...
Please help!! Accounting Help!!
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing trial balance correct? (write Yes or No) A/R EQUIPMENT A/P 5,000 10,000 15,000 If not, list or describe the errors in the space below: COMMON STOCK RETAINED EARNINGS DIVIDENDS SERVICE REVENUE RENT EXPENSE 3,000 23,000 5,000 53,000 53,000 CASH VS ACCRUAL - 18 POINTS Determine Net Income under both the cash and accrual methods of accounting based on the following information: * The Company...
Everly Company Unadjusted Trial Balance December 31, 2018 106,000 28,000 7,500 30,000 110,000 15,000 80,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 46,000 8,000 17,900 12,500 50,000 46,000 47,600 5,000 465,500 12,000 45,000 2,000 48,000 10,000 143,000 14,000 3,000...
Problem 3 J.V. Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year G Hi B C D E Unadjusted Trial Balance Debit 40,000 Adjusting Entries Credit Adjusted Trial Balance 1 Debit Credit Credit Debit 2 ఉ0 3 Cash 35,000 4 Accounts Receivable 5 Prepaid Insurance 6 Supplies 7 Land 15,000 20,000 a 4,000 11,000 15,000- 80,000- 150.000 20,000 60,000 150,000 200,000 200,000 8 Building 9 Accum. Depr.-Building 10 Accounts Payable 11 Wages...
I'm not sure what goes in the Retained Earnings under the
T-account. I'd tried crediting 32000 for the closing entry and it
is still wrong. Then I am also not sure what goes in the entry
under 2500 debit. The unadjusted trial balance for the salaries
payable I put in 0 and was wrong; same when I left it blank.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits...
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