Homework Answers
| No | ACCOUNT | Debit | Credit |
|---|---|---|---|
| 1 | Retained earnings | 2000 | |
| Dividends | 2000 | ||
| (to close dividends account) | |||
| 2 | Sales revenue | 58,000 | |
| Income summary | 58,000 | ||
| (to close revenue account) | |||
| 3 | Income summary | 16,000 | |
| Rent expense | 16,000 | ||
| (to close expense account) |
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1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed...
Question 18 1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be...
Question 18
1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg 5.000). If no dollar value is needed in a blank, put 'o' in the space provided. Account Title Credit Dar Debit 2. Purchased $2,000 of cleaning products on account. The cleaning products will be used to keep Wilson's store clean and will...
question 18 5-8 5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need...
question 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg, 5.000). If no dollar value is needed in a blank, put "o' in the space provided. Account Title Debit Credit 6. Provided $22,000 of services to a customer on account. NOTE: Debit entries need to be listed first. Please do...
question 19 3,4,5 3. By December 31, Crabb had provided $14.000 of services to a customer...
question 19 3,4,5
3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000...
Question 19 1 & 2 1. Crabb received $18,000 from a customer on November 1 related...
Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
Adjusting, Closing and Reversing Entries 1. Prepare the entries without making a reversing entry. For a...
Adjusting, Closing and Reversing Entries
1. Prepare the entries without making a reversing entry. For a
compound transaction, if an amount box does not require an entry,
leave it blank. If no entry is required, select "No Entry Required"
and leave the amount boxes blank or enter "0".
2. Prepare the entries with the use of a reversing entry. If
an amount box does not require an entry, leave it blank. If no
entry is required, select "No Entry Required"...
Kelly Jones and Tami Crawford borrowed $ 12,000 on a 7-month, 6% note from Gem State Bank to...
Kelly Jones and Tami Crawford borrowed $ 12,000 on a 7-month, 6% note from Gem State Bank to open their business, JC’s Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the...
The following are selected 2020 transactions of Buffalo Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Buffalo Corporation. Sept. 1 Purchased inventory from Encino Company on account for $37,400. Buffalo records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $37,400, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $37,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $40,800 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and...
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank...
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 Prepare the entry to accrue the...
Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8% note from Gem State Bank...
Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8%
note from Gem State Bank to open their business, JC’s Coffee House.
The money was borrowed on June 1, 2017, and the note matures
January 1, 2018.
Prepare the entry to record the receipt of the funds from the
loan. (Credit account titles are automatically indented
when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
Prepare the entry to accrue the...
Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank...
Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, JC’s Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Cash 10500 Notes Payable 10500 Prepare...
Question 18
1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg 5.000). If no dollar value is needed in a blank, put 'o' in the space provided. Account Title Credit Dar Debit 2. Purchased $2,000 of cleaning products on account. The cleaning products will be used to keep Wilson's store clean and will...
question 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg, 5.000). If no dollar value is needed in a blank, put "o' in the space provided. Account Title Debit Credit 6. Provided $22,000 of services to a customer on account. NOTE: Debit entries need to be listed first. Please do...
question 19 3,4,5
3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000...
Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
Adjusting, Closing and Reversing Entries
1. Prepare the entries without making a reversing entry. For a
compound transaction, if an amount box does not require an entry,
leave it blank. If no entry is required, select "No Entry Required"
and leave the amount boxes blank or enter "0".
2. Prepare the entries with the use of a reversing entry. If
an amount box does not require an entry, leave it blank. If no
entry is required, select "No Entry Required"...
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 Prepare the entry to accrue the...
Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8%
note from Gem State Bank to open their business, JC’s Coffee House.
The money was borrowed on June 1, 2017, and the note matures
January 1, 2018.
Prepare the entry to record the receipt of the funds from the
loan. (Credit account titles are automatically indented
when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
Prepare the entry to accrue the...
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