Question:1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Receivable Allowance...
Question
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Receivable Allowance...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Receivable Allowance for Doubtful Accounts Notes receivable Investory Prepaid insurance Office Supplies Land Buildings Accumulated Depr. Building Equipment Accumulated Depr - Equip Patents Debit Credit $ 7,800 $ 12,530 $ 740 $ 6,000 $ 25,121 $ 840 $ 465 $ 74,350 $ 66,580 $ 21,400 $ 37,620 $ 11,480 $ 25,000 Debit Credit Accounts Payable $ 38,750 Unearned Revenue 4,000 Notes Payable $ 2,400 Common Stock, No par $ 165,000 Retained Earnings, Jan 1 $ 20,958 Sales Revenue $ 36,833 Cost of Goods Sold $ 32,000 Sales Salaries $ 6,200 Office Salaries $ 4,300 Advertising Expense $ 1.250 Utilities Expense $ 1,845 Interest Revenue $ 550 Interest Expense $ 210 During the month of December, the following transactions took place: Dec 1 Dec 3 Dec 4 Dec 7 Dec 9 Dec 11 Dec 13 Dec 15 Dec 17 Collected $5,000 on Account Receivable. Purchased $3,000 of inventory on credit (terms 2/10, 30). Collected $1,500 on a note receivable ($1,450 principle, $50 interest) Recorded cash sales of $3,300. Cost of inventory was $1,500 Paid for advertising. $350. Purchased equipment for $15,000. Paid, $1,500 down, balance on a note. Paid for the inventory purchased on Dec 3 Purchased Office Supplies, $300 Sold an old piece of equipment costing $10,000 for $2,000. Related accumulated depreciation was $7,000. Made a sale of $5,000 on account. Cost of goods sold was $3,000 Pald 2020 insurance in advance. $6.800. Pald sales salaries of $2.000 and office salaries of $1,500. Dec 20 Dec 21 Dec 24 Required: 1. Prepare the journal entries for the above transactions 2. Post to general ledger T-accounts. (Yes - you need to do the T-accts) 3. Prepare a trial balance for December 31, 2019 O Focus Ο Ρ Α !!! IM M ge % 5 C 4 6 7 8 9 0
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Recelvable Allowance for Doubtful Accounts Notes receivable Invesntory Prepaid insurance Office Supplies Iland Buildings Accumulated Depr-Building Equipment Accumulated Dept. Equip Patents Debit Credit S 7,800 S 12530 $ 740 S6,000 S 25.121 S 840 S 465 $ 74,350 S 66.580 S 21.400 $ 37,620 $ 11.480 S 25.000 Accounts Payable Uneamed Revenue Notes Payable Common Stock, No par Retained Earnings, Jan 1 Sales Revenue Cost of...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances
shown below.
Debits
Credits
Cash
$4,640
Accumulated Depreciation—Equipment
$1,380
Accounts Receivable
3,760
Accounts Payable
2,900
Inventory (2,700 x $0.50)
1,350
Common Stock
10,800
Equipment
19,400
Retained Earnings
14,070
$29,150
$29,150
The following transactions occurred during December.
Dec. 3
Purchased 3,700 units of inventory on account at a cost of
$0.78 per unit.
5
Sold 4,100 units of inventory on account for $0.90 per unit....
2. The Information below pertains to the Javelina Market's 2020 Information Javelina Market accounts for transactions on the cash basis during the year. At year, the accountant has to adjust the books to the accrual basis. Trial Balance 31-Jul-20 Debit Credit Cash 20,250 Account Receivable, 7/31/19 5,300 Inventory, 7/31/19 20,000 Equipment 35,000 Accumulated Depr 7/31/19 9,000 Account Payable, 7/31/19 4,800 Payroll Tax Withheld 850 Javelina, Withdrawals 24,000 Javelina, Capital 7/31/19 35,400 Sales 187,800 Cost of Goods Sold 82,700 Salaries 29,500...
On December 1, 2019, Ayayai Company had the account balances
shown below.
Debit
Credit
Cash
$6,800
Accumulated Depreciation—Equipment
$1,500
Accounts Receivable
3,700
Accounts Payable
3,000
Inventory
1,815
*
Common Stock
18,000
Equipment
21,600
Retained Earnings
11,415
$33,915
$33,915
*(3,300 x $0.55)
The following transactions occurred during December.
Dec. 3
Purchased 4,600 units of inventory on account at a cost of
$0.65 per unit.
5
Sold 4,900 units of inventory on account for $0.84 per unit.
(Ayayai sold 3,300 of the...
On December 1, 2017, Prosen Distributing Company had the
following account balances.
Debit
Credit
Cash
$7,000
Accumulated Depreciation—Equipment
$2,310
Accounts Receivable
4,800
Accounts Payable
4,900
Inventory
11,600
Salaries and Wages Payable
1,100
Supplies
1,500
Common Stock
30,000
Equipment
23,100
Retained Earnings
9,690
$48,000
$48,000
During December, the company completed the following summary
transactions.
Dec. 6
Paid $1,750 for salaries and wages due employees, of which $650
is for December and $1,100 is for November salaries and wages
payable.
8
Received...
2. The information below pertains to the Javelina Market's 2020 information. Javelina Market accounts for transactions on the cash basis during the year. At year, the accountant has to adjust the books to the accrual basis. Trial Balance 31-Jul-20 Debit Credit Cash 20,250 Account Receivable, 7/31/19 5,300 Inventory, 7/31/19 20,000 Equipment 35,000 Accumulated Depr, 7/31/19 9,000 Account Payable, 7/31/19 4,800 Payroll Tay Withheld 850 Javelina, Withdrawals 24,000 Javelina, Capital 7/31/19 35,400 Sales 187,800 Cost of Goods Sold 82,700 Salaries 29,500...
On December 1, 2022, Sheridan Company had the account balances shown below. Debits Credits Cash $1,390 Accounts Receivable 2,720 Inventory (3,300 x $0.60) $4,760 Accumulated Depreciation-Equipment 4,090 Accounts Payable 1,980 Common Stock 22,700 Retained Earnings $33,530 10,200 Equipment 19,220 $33,530 The following transactions occurred during December Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4,700 units of inventory on account for $0.90 per unit. (It sold 3,300 of the $0.60...
Need help with e and f
Both are ending inventory and COGS
Cash Accounts Receivable Inventory Equipment Debit $4,500 4,800 2,400* 24,000 $35,700 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,100 3,200 31,400 $35,700 *(4,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.74 per unit. 5 Sold 4,300 units of inventory on account for $0.90 per unit. (Bonita sold 4,000 of the $0.60 units and 300...
On December 1, 2022, Crane Distributing Company had the following account balances. Debit Credit Cash $6,300 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 3,700 Accounts Payable 3,600 Inventory 11,100 Salaries and Wages Payable 1,000 Supplies 15,000 1,200 22,000 $44,300 Common Stock Retained Earnings Equipment 22,500 $44,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1.900 cash from customers...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Recelvable Allowance for Doubtful Accounts Notes receivable Invesntory Prepaid insurance Office Supplies Iland Buildings Accumulated Depr-Building Equipment Accumulated Dept. Equip Patents Debit Credit S 7,800 S 12530 $ 740 S6,000 S 25.121 S 840 S 465 $ 74,350 S 66.580 S 21.400 $ 37,620 $ 11.480 S 25.000 Accounts Payable Uneamed Revenue Notes Payable Common Stock, No par Retained Earnings, Jan 1 Sales Revenue Cost of...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
2. The Information below pertains to the Javelina Market's 2020 Information Javelina Market accounts for transactions on the cash basis during the year. At year, the accountant has to adjust the books to the accrual basis. Trial Balance 31-Jul-20 Debit Credit Cash 20,250 Account Receivable, 7/31/19 5,300 Inventory, 7/31/19 20,000 Equipment 35,000 Accumulated Depr 7/31/19 9,000 Account Payable, 7/31/19 4,800 Payroll Tax Withheld 850 Javelina, Withdrawals 24,000 Javelina, Capital 7/31/19 35,400 Sales 187,800 Cost of Goods Sold 82,700 Salaries 29,500...
On December 1, 2019, Ayayai Company had the account balances
shown below.
Debit
Credit
Cash
$6,800
Accumulated Depreciation—Equipment
$1,500
Accounts Receivable
3,700
Accounts Payable
3,000
Inventory
1,815
*
Common Stock
18,000
Equipment
21,600
Retained Earnings
11,415
$33,915
$33,915
*(3,300 x $0.55)
The following transactions occurred during December.
Dec. 3
Purchased 4,600 units of inventory on account at a cost of
$0.65 per unit.
5
Sold 4,900 units of inventory on account for $0.84 per unit.
(Ayayai sold 3,300 of the...
2. The information below pertains to the Javelina Market's 2020 information. Javelina Market accounts for transactions on the cash basis during the year. At year, the accountant has to adjust the books to the accrual basis. Trial Balance 31-Jul-20 Debit Credit Cash 20,250 Account Receivable, 7/31/19 5,300 Inventory, 7/31/19 20,000 Equipment 35,000 Accumulated Depr, 7/31/19 9,000 Account Payable, 7/31/19 4,800 Payroll Tay Withheld 850 Javelina, Withdrawals 24,000 Javelina, Capital 7/31/19 35,400 Sales 187,800 Cost of Goods Sold 82,700 Salaries 29,500...
On December 1, 2022, Sheridan Company had the account balances shown below. Debits Credits Cash $1,390 Accounts Receivable 2,720 Inventory (3,300 x $0.60) $4,760 Accumulated Depreciation-Equipment 4,090 Accounts Payable 1,980 Common Stock 22,700 Retained Earnings $33,530 10,200 Equipment 19,220 $33,530 The following transactions occurred during December Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4,700 units of inventory on account for $0.90 per unit. (It sold 3,300 of the $0.60...
Need help with e and f
Both are ending inventory and COGS
Cash Accounts Receivable Inventory Equipment Debit $4,500 4,800 2,400* 24,000 $35,700 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,100 3,200 31,400 $35,700 *(4,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.74 per unit. 5 Sold 4,300 units of inventory on account for $0.90 per unit. (Bonita sold 4,000 of the $0.60 units and 300...
On December 1, 2022, Crane Distributing Company had the following account balances. Debit Credit Cash $6,300 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 3,700 Accounts Payable 3,600 Inventory 11,100 Salaries and Wages Payable 1,000 Supplies 15,000 1,200 22,000 $44,300 Common Stock Retained Earnings Equipment 22,500 $44,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1.900 cash from customers...