Homework Answers
3. a. Purchase journal, Any purchases done by the company is first recorded in purchase journal
4. d, to identify the differences between the bank balance as per bank statement and our balance as per books
5. a. preparation and posting of adjusting entries.
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3. Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company,...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made to the general ledger. Company uses special journals to record like transaction to reduce the de to the general ledger. For each transaction below indicate which jou should be used by placing the correct letter in the space provided before each he space provided before each transa type. D. Cash disbursements journal E. General journal A. Sales journal B. Purchase journal C. Cash receipts...
i need help with practice set part B. Practice Set: Bob Morales owns a company called...
i need help with practice set part B.
Practice Set: Bob Morales owns a company called Road Rash Motorcycle Repair Shop. You have been hired by Bob as his bookkeeper. After talking to Bob, you prepare his chart of accounts: Road Rash Motorcycle Repair Shop Chart of Accounts Account Account Name 101 Cash 102 Accounts Receivable 103 Supplies 201 Accounts Payable 301 B. Morales, Capital 302 B. Morales, Drawing 401 Service Revenue 501 Rent Expense 502 Supplies Expense 503 Advertising...
AC 320 Ch. 3-Accounting Information Systems Case Introduction: You will compiete an entire accounting cycle for...
AC 320 Ch. 3-Accounting Information Systems Case Introduction: You will compiete an entire accounting cycle for a retail company using both paper records and Excel spreadsheets. Just a word of caution, be sure to complete the assignment on your own It is okay to discuss with athers in the class; just make sure vou are the one actually completing your case inciding the Excel spreadsheets Too often instructors discover copying because students peroeive it is easy to do in Excel;...
The bookkeeper at Jefferson Company has not reconciled the bank statement with the cash account saying,...
The bookkeeper at Jefferson Company has not reconciled the bank statement with the cash account saying, "I dont have time". You have been asked to prepare a reconciliation and review the procedures with the bookkeepers. The April 30, Current year bank statement and the april ledger account for cash showed the following (summarized): Bank Statement Checks Deposits Balance Balance, April 1, Current Year $31,600 Deposits During April $36,700 68,300 Interest Collected 1,320 69,620 Checks cleared during April $45,400 24,220 NFS...
Brown Co set up a petty cash fund for payments of small amounts. The following transactions...
Brown Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $114 for janitorial services. b. Paid $85 for miscellaneous expenses. c. Paid postage expenses of $57. d. Paid $28 to Facebook for...
The January 1, Year 1 trial balance for the Carter Company is found on the trial...
The January 1, Year 1 trial balance for the Carter Company is
found on the trial balance tab. The beginning balances are
assumed.
Gonzalez Co. entered into the following transactions involving
short-term liabilities. (Use 360 days a
year.)
Year 1
Apr.
20
Purchased $49,750 of merchandise on credit from Nguyen, terms
n/30.
May
19
Replaced the April 20 account payable to Nguyen with a 90-day,
8%, $38,000 note payable along with paying $11,750 in cash.
July
8
Borrowed $102,000 cash...
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance...
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Walsh Company is found on the trial balance tab. The beginning balances are assumed. Taylor Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $54,250 of merchandise on credit from Parker, terms n/30. 19 Replaced the April 20 account payable to Parker with a 90-day, 12%, $39,000...
for Set B, make a journal entry and fill put the ledger. Practice Set Part A:...
for Set B, make a journal entry and fill put the ledger.
Practice Set Part A: 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations. 3. Post the entries to the...
Wood, Corp was created on June 1, 2019. The company owns and operates a shoe store....
Wood, Corp was created on June 1, 2019. The company owns and operates a shoe store. Using the “Accounting Review” spreadsheet, complete the following: Prepare journal entries for each transaction below, which occurred in the first month, June 2019, of business for Wood, Corp. Issued 100,000 shares of common stock in exchange for $250,000 cash. Purchased fixtures (asset) at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. Paid $14,000...
GL0601 - Based on Problem 6-2A LO P2 Collins Co. set up a petty cash fund...
GL0601 - Based on Problem 6-2A LO P2 Collins Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May May 1 Prepared a company check for $500 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $176 for janitorial services. b. Paid $132 for miscellaneous expenses. c. Paid postage expenses...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made to the general ledger. Company uses special journals to record like transaction to reduce the de to the general ledger. For each transaction below indicate which jou should be used by placing the correct letter in the space provided before each he space provided before each transa type. D. Cash disbursements journal E. General journal A. Sales journal B. Purchase journal C. Cash receipts...
i need help with practice set part B.
Practice Set: Bob Morales owns a company called Road Rash Motorcycle Repair Shop. You have been hired by Bob as his bookkeeper. After talking to Bob, you prepare his chart of accounts: Road Rash Motorcycle Repair Shop Chart of Accounts Account Account Name 101 Cash 102 Accounts Receivable 103 Supplies 201 Accounts Payable 301 B. Morales, Capital 302 B. Morales, Drawing 401 Service Revenue 501 Rent Expense 502 Supplies Expense 503 Advertising...
AC 320 Ch. 3-Accounting Information Systems Case Introduction: You will compiete an entire accounting cycle for a retail company using both paper records and Excel spreadsheets. Just a word of caution, be sure to complete the assignment on your own It is okay to discuss with athers in the class; just make sure vou are the one actually completing your case inciding the Excel spreadsheets Too often instructors discover copying because students peroeive it is easy to do in Excel;...
Brown Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $114 for janitorial services. b. Paid $85 for miscellaneous expenses. c. Paid postage expenses of $57. d. Paid $28 to Facebook for...
The January 1, Year 1 trial balance for the Carter Company is
found on the trial balance tab. The beginning balances are
assumed.
Gonzalez Co. entered into the following transactions involving
short-term liabilities. (Use 360 days a
year.)
Year 1
Apr.
20
Purchased $49,750 of merchandise on credit from Nguyen, terms
n/30.
May
19
Replaced the April 20 account payable to Nguyen with a 90-day,
8%, $38,000 note payable along with paying $11,750 in cash.
July
8
Borrowed $102,000 cash...
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Walsh Company is found on the trial balance tab. The beginning balances are assumed. Taylor Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $54,250 of merchandise on credit from Parker, terms n/30. 19 Replaced the April 20 account payable to Parker with a 90-day, 12%, $39,000...
for Set B, make a journal entry and fill put the ledger.
Practice Set Part A: 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations. 3. Post the entries to the...
GL0601 - Based on Problem 6-2A LO P2 Collins Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May May 1 Prepared a company check for $500 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $176 for janitorial services. b. Paid $132 for miscellaneous expenses. c. Paid postage expenses...
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