Homework Answers
| S.No. | Transaction | Correct Journal From List |
| a | Purchase Of Office Supplies For Cash | Cash Payments Journal |
| b | Advance Payment Of One Year Fire Insurance Policy | Cash Payments Journal |
| c | Purchase Of Office Equipment For Cash | Cash Payments Journal |
| d | Adjustment To Prepaid Insurance At The End Of Month | General Journal |
| e | Adjustment To Prepaid Rent At The End Of Month | General Journal |
| f | Adjutment For Accrued Salaries At The End Of Month | General Journal |
| g | Purchase Of Services On Account | Purchases Journal |
| h | Purchase Of Office Supplies On Account | Purchases Journal |
| i | Adjustment To Record Depreciation At The End Of Month | General Journal |
| j | Payment Of Six Months' Rent In Advance | Cash Payments Journal |
| k | Purchase Of An Office Computer On Account | Purchases Journal |
| Note: | Type of Special Journal | Transactions Recorded |
| Cash Payments Journal | To record Cash Disbursements | |
| Purchases Journal | To record Credit Purchases | |
| General Journal | To record adjusting entries, closing entries, & other entries that do not fit in one of the Special Journals. | |
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OBJ. 2 EX 5-4 Identify journals Assuming the use of a two-column (all-purpose) general journal, a...
EX 5-3 Identify journals OBJ. 2 Assuming the use of a two-column (all-purpose) general journal, a...
EX 5-3 Identify journals OBJ. 2 Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Closing of drawing account at the end of the year. b. Providing services for cash. c. Sale of office supplies on account, at cost, to a neighboring business. d. Receipt of cash from sale of office equipment. e....
1) If a two-column (all purpose) general journal, a purchases journal, and a cash payments journal...
1) If a two-column (all purpose) general journal, a purchases journal, and a cash payments journal are used, indicate the journal in which each of the following transactions should be recorded: a. Payment of rent b. Purchase of supplies on account C. Purchase of computer on account d. Purchase of supplies for cash e. Advance payment of a one-year fire insurance policey on the office f. Adjustment to record accrued salaries at the end of the period g. Adjustment to...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting Entries for Accrued Salaries • Obj. 2 Paradise Realty Co, pays weekly salaries of $25,500 on Friday for a five- day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday EX 3-9 Adjusting Entries for Unearned Fees • Obj. 3 The balance in the...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Prepare general journal entries to record these transactions. 3) Prepare general journal entries on December 31 to recor...
Prepare general journal entries to record these transactions. 3) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on equipment for the year, $4,500. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $600 of insurance expired. c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has...
Exercise 1 (5 points) Prepare general journal entries on December 31 to record the following unrelated...
Exercise 1 (5 points) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, KD 5,000. b. The Prepaid Insurance account has a KD 4,680 debit balance before adjustment. An examination of insurance policies shows KD 950 of insurance expired (used). C. The Prepaid Insurance account has a KD 3.400 debit balance before adjustment. An examination of insurance policies shows KD 800 of unexpired insurance. d. The...
16. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a....
16. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, S4,000. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired. c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance. d. The company has three office employees who each earn $100...
Requirements 1, 2, 3. Sparkling LakeSparkling Lake Golf Shop records purchase returns in the general journal....
Requirements 1, 2, 3.
Sparkling LakeSparkling Lake
Golf Shop records purchase returns in the general journal. Use
the appropriate journal to record the transactions in a purchases
journal, a cash payments journal (omit the Check No. column), and
a general journal. The company uses a perpetual inventory system.
Total each column of the special journals. Show that total debits
equal total credits in each special journal. Show how postings
would be made from the journals by writing the account numbers...
I need help answering these questions: EX 2-7 Transactions OBJ. 2 Concrete Consulting Co. has the...
I need help answering these questions:
EX 2-7 Transactions OBJ. 2 Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions for October 2019 in a two-column journal. Journal entry explanations may be omitted. Oct. 1. Paid rent for the month, $3,600. 3. Paid advertising expense, $1,200. 5. Paid cash for...
accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete...
accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete accounting cycle e past several years, Steffy Lopez has operated a part-time consulting business from his home. As ofJuly 1, 2016, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July: July 1. The following assets were received from Steffy Lopez:...
EX 5-3 Identify journals OBJ. 2 Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: a. Closing of drawing account at the end of the year. b. Providing services for cash. c. Sale of office supplies on account, at cost, to a neighboring business. d. Receipt of cash from sale of office equipment. e....
1) If a two-column (all purpose) general journal, a purchases journal, and a cash payments journal are used, indicate the journal in which each of the following transactions should be recorded: a. Payment of rent b. Purchase of supplies on account C. Purchase of computer on account d. Purchase of supplies for cash e. Advance payment of a one-year fire insurance policey on the office f. Adjustment to record accrued salaries at the end of the period g. Adjustment to...
Normal No Spa Heading Heading 2 4 Reg Font Title Paragraph Styles Editing EX 3-5 Adjusting Entries for Accrued Salaries • Obj. 2 Paradise Realty Co, pays weekly salaries of $25,500 on Friday for a five- day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Monday and (b) on Thursday EX 3-9 Adjusting Entries for Unearned Fees • Obj. 3 The balance in the...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Exercise 1 (5 points) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, KD 5,000. b. The Prepaid Insurance account has a KD 4,680 debit balance before adjustment. An examination of insurance policies shows KD 950 of insurance expired (used). C. The Prepaid Insurance account has a KD 3.400 debit balance before adjustment. An examination of insurance policies shows KD 800 of unexpired insurance. d. The...
16. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, S4,000. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired. c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance. d. The company has three office employees who each earn $100...
Requirements 1, 2, 3.
Sparkling LakeSparkling Lake
Golf Shop records purchase returns in the general journal. Use
the appropriate journal to record the transactions in a purchases
journal, a cash payments journal (omit the Check No. column), and
a general journal. The company uses a perpetual inventory system.
Total each column of the special journals. Show that total debits
equal total credits in each special journal. Show how postings
would be made from the journals by writing the account numbers...
I need help answering these questions:
EX 2-7 Transactions OBJ. 2 Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions for October 2019 in a two-column journal. Journal entry explanations may be omitted. Oct. 1. Paid rent for the month, $3,600. 3. Paid advertising expense, $1,200. 5. Paid cash for...
accounts by inserting a li 7. Prepare a post-closing trial balance. OBJ. 4,5 PR 4-5A Complete accounting cycle e past several years, Steffy Lopez has operated a part-time consulting business from his home. As ofJuly 1, 2016, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond Consulting entered into the following transactions during July: July 1. The following assets were received from Steffy Lopez:...
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