Question

Questions: 1. Provide the journal entries for Lane and Myer, year 2: 1. Receiving $1,000 in cash in exchange for stock. 2. Paying their workers the $200 owed to them from last year. 3. Receiving a utility bill for $40. The bill is for the current year. 4. Purchasing $200 in equipment using cash. 5. Purchasing some advertising space in a local newspaper for $500. The add will run 4 times, 3 times this year and one time next year. 6. Purchasing $2,000 in inventory using cash. 7. Borrowing $500 from a bank. 8. Selling $1,200 of their inventory for $4,200. Of this amount, $2,200 is in cash and the remainder is on account. 9. Paying for their utility bill, $40 in cash. 10. Paying $10 in interest on their $500 debt from earlier in the year. 11. Recognizing they owe their employees $200 for services provided for the current year. 12. All of the equipment and other fixed assets are depreciated using straight-line basis, assume the equipment purchased during the year has a 3-year useful life with no salvage value. 13. Recognized the interest owed to Al's Bank. 14. A dividend was declared at fiscal year-end for $30. 2. Show the t-accounts for each account used above. 3. Prepare the trial balance, balance sheet, income statement, and statement of cash flows for the company for the year.

Answer 1

	1. Journal entries					2
	Particulars		Debit	Credit
1	Cash		1000
	To Common stock			1000
2	Accounts payable/ workers account payable	200
	To Cash			200
3	Utility expense		40
	To Utility expense payable			40
4	Equipment		200
	To cash			200
5	Advertising expense		375
	Prepaid adverstisement expense		125
	To Cash			500
6	Inventory/ stock		2000
	To Cash			2000
7	Bank		500
	To Bank loan			500
8	Cash		2200
	Accounts receivable		2000
	Cost of goods sold		1200
	To sales			4200
	To Inventory			1200
9	Utility expense payable		40
	To Cash			40
10	Interest payable		10
	To Cash			10
11	Salary		200
	To Salary payable			200
12	Depreciation		67
	To Equipment			67
	(Refer note 1)
13	Interest		20
	To Interest payable			20
	(Refer note 2)
14	Retained earnings		30
	To Dividend payable			30
Note 1:	Depreciation = Cost of equipment / Useful life (200/3)
Note 2:	Interest has been calculated at the rate of 2% ( 10/500*100) based on similar 500$ debt of last year
	It has been assumed that last year borrowing has not been paid , hence total borrowings (1000$*2%)
	Total borrowings	1000
	Interest rate	2%
	Interest payable for current year	20
	If Interest is recognised for this year borrowing only then it will $10
	Add a comment Know the answer? Add Answer to: Questions: 1. Provide the journal entries for Lane and Myer, year 2: 1. Receiving $1,000 in... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions Q1- Provide an example of each title here and then record the journal entries. Following the... Q1- Provide an example of each title here and then record the journal entries. Following the first given answer. 1-Providing consulting services receiving cash. Given answer: Aziz company provides consulting service and receives 1,000 cash. Cash. 1,000 Consulting Revenue. 1,000 2-Investment by an owner. 3-Purchasing equipment for cash. 4-Purchasing supplies on credit. 5-Borrowing money from a bank. 6-Paying investors their shares of dividends. Q2- Pick two principles or assumptions of accounting and briefly explain it with an example. Q3- On... Q1- Provide an example of each title here and then record the journal entries. Following the... Q1- Provide an example of each title here and then record the journal entries. Following the first given answer. 1-Providing consulting services receiving cash Given answer: Aziz company provides consulting service and receives 1,000 cash Cash 1,000 Consulting Revenue. 1,000 2-Investment by an owner. 3-Purchasing equipment for cash 4-Purchasing supplies on credit. 5-Borrowing money from a bank. 6-Paying investors their shares of dividends. Q2- Pick two principles or assumptions of accounting and briefly explain it with an example. Q3- On... Provide an example of each title here and then record the journal entries. Following the first... Provide an example of each title here and then record the journal entries. Following the first given answer. 1-Providing consulting services receiving cash. Given answer: Aziz company provides consulting service and receives 1,000 cash. Cash. 1,000 Consulting Revenue. 1,000 2-Investment by an owner. 3-Purchasing equipment for cash. 4-Purchasing supplies on credit. 5-Borrowing money from a bank. 6-Paying investors their shares of dividends. Q1- Provide an example of each title here and then record the journal entries (2 Marks).... Q1- Provide an example of each title here and then record the journal entries (2 Marks). Following is the first given answer. Issuing common stocks for cash Given answer: ABC Company Received an investment of 1,000 from the owner . Jouranl entry: Cash           1000            Common Stock      1000 2- Purchasing an equipment for cash. 3- Purchasing goods on credit. 4-Borrowing money from a bank. 5-Paying employees their salaries. Q2- What types of accounts should be closed at the end of... Record the following entries for year 1: The corporation sells $55,000 of stock (1,000 shares). The... Record the following entries for year 1: The corporation sells $55,000 of stock (1,000 shares). The corporation pays $6,000 for a six-year lease. The corporation purchases $1,700 of supplies for cash. The corporation buys $10,600 of inventory on account. The corporation buys $5,000 of equipment for $3,000 cash and $2,000 notes payable. The corporation pays the vendor bill in (d). The corporation buys $4,500 of inventory on account again. The corporation pays the stockholders $3,000 for dividends. The corporation has... I need help with the journal entries, adjusting entries, classified balance sheet and the post closing... I need help with the journal entries, adjusting entries, classified balance sheet and the post closing balance PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar 1 3 14 18 Invested $10,000 cash in the business. Purchased used truck for $6,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,200 on account. Pald $1,200 cash on one-year insurance policy effective March 1. Billed customers $4,800 for cleaning... Using the information and Excel, provided for Jacks Maintenance Services to: 1. Record the journal entries... Using the information and Excel, provided for Jacks Maintenance Services to: 1. Record the journal entries for June transactions. Include narrations. 2. Record adjusting entries for the end of June. Include narrations. 3. Construct the "T" formatted ledger accounts. 4. Prepare the profit and loss statement for the year ended 30 June 2020. 5. Prepare the classified narrative formatted balance sheet as at 30 June 2020. You must use excel formula to construct the leger accounts, profit and loss statement,... Please show T-Accounts as well. JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 poin... Please show T-Accounts as well. JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 points each) Sold office equipment for $700. The equipment originally cost $2,000 and has accumulated depreciation of $1,500. Sold merchandise on account for $2,000. Cost of the merchandise was $1,200. 3. Received advance payment of $3,000 for services to be provided next month. Purchased new office equipment costing $4,000 by paying $1,500 in cash and signing a note for the balance. Received payment... Question 2. Prepare journal entries, T ledger accounts and a trial balance for the below given... Question 2. Prepare journal entries, T ledger accounts and a trial balance for the below given transactions. (40 marks) Ms. Aisha started a consultancy business in October 2019 and has following transactions in first month of her business. Oct. 1 Invested AED 100,000 cash into the business. Oct.9 Purchased office equipment for AED 15,000 on credit. (ered Purchased Office supplies for AED 1.500 by paying cash. (cash) Provided consultancy services on cash $9.500 Oct.12 Oct.15 Oct.20 Oct. 22 Paid for... 2. Prepare a bank reconciliation for Collier Jarden company as of November 30, using the following... 2. Prepare a bank reconciliation for Collier Jarden company as of November 30, using the following information. Cash on November 30 bank statement $10.410 Cash account balance in general ledger 9,890 Deposit made on November 30, not recorded on bank statement 1,865 Note collected by bank ($1,200 plus $60 in interest) 1,260 Outstanding checks: No. 567, $800; No. 569, $452 1,252 Debit memorandum from bank for a NSF check written by J. Lane In payment of his account 100 In... ADVERTISEMENT Free Homework Help App Download From Google Play Scan Your Homework to Get Instant Free Answers Need Online Homework Help? Ask a Question Get Answers For Free Most questions answered within 3 hours. ADVERTISEMENT Share Your Knowledge Post an Article +5 Coins Post an Answer +5 Coins Post a Question with Answer +5 Coins ADVERTISEMENT Active Questions find the critical value associated with a right sided hypothesis of the mean using a sample... asked 1 hour ago Which of the following statements is true with respect to a simple linear regression model? a.... asked 2 hours ago The energy required to remove an electron from a surface of a solid element is called... asked 3 hours ago How would you train your employees to avoid risks of using mobile devices? asked 4 hours ago Assume Kw = 1.01 ✕ 10−14 For pure water, we can calculate [H3O+ ] = [OH... asked 5 hours ago Suppose that on a temperature scale X, water boils at 203.0°X and freezes at -105.7°X. What... asked 5 hours ago BaS crystallizes in a cubic unit cell with S2- ions on each corner and each face.... asked 6 hours ago A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i B. P(Oi)≤0P(Oi)≤0 C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC) D. P(Oi)≥1P(Oi)≥1 If an experiment consists of... asked 8 hours ago A battery has an emf of 9.20V and an internal resistance of 1.20 ohm. a)What resistance... asked 7 hours ago The area of an elastic circular loop decreases at a constant rate, dA/dt = −6.60×10−3 m2/s... asked 9 hours ago The denaturation of proteins can be described by the equilibrium F⇌U where F and U represent... asked 10 hours ago Please answer what the maximum and minimum force is, and the angle on the ion is... asked 10 hours ago ADVERTISEMENT DMCA About Contact Terms of Use Privacy Policy Academic Honesty Policy Homework Answer Scanner App © 2013-2022 ZuoTi.Pro user contributions licensed under cc by-sa 4.0