Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| Apr 2 | Rent expense | 1900 | |
| Cash | 1900 | ||
| Oct 2 | Salaries expense | 2700 | |
| Cash | 2700 | ||
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ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the rules of Jour June 23 September 10 Cox Company pays $2,200 of monthly salaries. Owner deposits $44,000 in business bank account as an initial investment. Date Account Title Debit Credit to ?
Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and th...
Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system. May September 30 8 Walker Company receives $6,100 payment from a customer on account Walker Company pays balance due of $3,300 on tools previously purchased. Date Account Title Debit Credit May Cash 8 6,100 Accounts Receivable 6,100 Sept. Supplies Expense 30 3,300 Accounts Payable 3,300
ns Journalize the following transactions into the general journal in accordance with the rules of lour...
ns Journalize the following transactions into the general journal in accordance with the rules of lour March 25 September 5 Owner deposits $22,000 in business bank account as an initial investment. Thompson Company receives utility bill of $800 and pays it. Date Account Title Debit Credit 5 ?
nstructions Journal The following errors took place in journalizing and posting transactions: Journalize the entries on...
nstructions Journal The following errors took place in journalizing and posting transactions: Journalize the entries on December 31 to correct the errors. Use two entries to correct the error described in A. (That is, record an entry to reverse the incorrect entry and a second entry to record the corre a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit wording of account titles. to Prepaid Insurance b. Dividends of...
8-1 APPLICATION PROBLEM Journalizing and posting adjusting entries A journal and general ledger accounts for Len's...
8-1 APPLICATION PROBLEM Journalizing and posting adjusting entries A journal and general ledger accounts for Len's Laundry are given below. A partial work sheet for the month ended April 30 of the current year is shown below. ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT (a) 45000 )200o0 Supplies Prepald Insurance Insurance Expense Supplles Expense ) 20000 14 Miscellaneous Expense a)45000 Use page 12 of the journal. Journalize and post the adjusting entries. 1. Application Problem 8-1 Aa Aa Page 12 JOURNAL Doc.Post....
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Stewart Company placed an ad in the local paper for the current month to be paid next month, $1,600. which two accounts are affected? Choose one Choose one V What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the...
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the proper format Label the general journal page number as 2. 12/10: Billed customers $16.000 for services rendered. 12/20: paid the rent for the month, $3,000. 12/26: received the electric bill $400. 12/30: received $10.000 from credit customers. Chart of accounts Assets Llabilities Revenue expenses 101: cash 200: AP Owners' equity 300: capital 301: drawing 400:fees income 102:AR 201: notes 500: rent expense 501:...
In need of assistance in journalizing these entries correctly. Journalize the following transactions in the general...
In need of assistance in journalizing these entries
correctly.
Journalize the following transactions in the general journal using the following blank form (make as many copies as needed). Each journal entry's debits should equal its credits. This is a fundamental GAAP that can't be violated. (Ajournal entry error, such as posting $1,010 instead of $1,100, can be corrected at the adjusting correcting journal entries step.) 2. a. On January 1, 2018, a payment in cash for $12,000 is made for...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the rules of Jour June 23 September 10 Cox Company pays $2,200 of monthly salaries. Owner deposits $44,000 in business bank account as an initial investment. Date Account Title Debit Credit to ?
Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system. May September 30 8 Walker Company receives $6,100 payment from a customer on account Walker Company pays balance due of $3,300 on tools previously purchased. Date Account Title Debit Credit May Cash 8 6,100 Accounts Receivable 6,100 Sept. Supplies Expense 30 3,300 Accounts Payable 3,300
ns Journalize the following transactions into the general journal in accordance with the rules of lour March 25 September 5 Owner deposits $22,000 in business bank account as an initial investment. Thompson Company receives utility bill of $800 and pays it. Date Account Title Debit Credit 5 ?
nstructions Journal The following errors took place in journalizing and posting transactions: Journalize the entries on December 31 to correct the errors. Use two entries to correct the error described in A. (That is, record an entry to reverse the incorrect entry and a second entry to record the corre a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit wording of account titles. to Prepaid Insurance b. Dividends of...
8-1 APPLICATION PROBLEM Journalizing and posting adjusting entries A journal and general ledger accounts for Len's Laundry are given below. A partial work sheet for the month ended April 30 of the current year is shown below. ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT (a) 45000 )200o0 Supplies Prepald Insurance Insurance Expense Supplles Expense ) 20000 14 Miscellaneous Expense a)45000 Use page 12 of the journal. Journalize and post the adjusting entries. 1. Application Problem 8-1 Aa Aa Page 12 JOURNAL Doc.Post....
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Stewart Company placed an ad in the local paper for the current month to be paid next month, $1,600. which two accounts are affected? Choose one Choose one V What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
SECTION 3: GENERAL JOURNAL continued 40 points) Journalize the following transactions on the general journal in the proper format Label the general journal page number as 2. 12/10: Billed customers $16.000 for services rendered. 12/20: paid the rent for the month, $3,000. 12/26: received the electric bill $400. 12/30: received $10.000 from credit customers. Chart of accounts Assets Llabilities Revenue expenses 101: cash 200: AP Owners' equity 300: capital 301: drawing 400:fees income 102:AR 201: notes 500: rent expense 501:...
In need of assistance in journalizing these entries
correctly.
Journalize the following transactions in the general journal using the following blank form (make as many copies as needed). Each journal entry's debits should equal its credits. This is a fundamental GAAP that can't be violated. (Ajournal entry error, such as posting $1,010 instead of $1,100, can be corrected at the adjusting correcting journal entries step.) 2. a. On January 1, 2018, a payment in cash for $12,000 is made for...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
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