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QUESTION 1 Determine whether the Utrecht company needs to record an adjusting entry during the month...
Prepare journal entries for the transactions below. A company entered into the following transactions during April....
Prepare journal entries for the transactions below. A company entered into the following transactions during April. This is the first month of their operation. April 1st: Signed a lease and made a payment of $4,500 to the landlord comprised of three month’s rent covering April, May, and June. April 3rd: Purchased equipment on account for $35,000. April 4th: Purchased supplies for $2,000, paid with cash. April 10th: Performed services and sent a bill of $57,000 to a customer. April 15th:...
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry....
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry. If so, determine the effect the adjustment has on net income for the quarter ended March 31, 2019 (i.e., January 1 through March 31). Note: Enter your answers in digits without $ signs or commas, entering 0 (zero) if no adjustment is necessary. Use a minus sign (-) for negative income effects (i.e., all expenses should be of the form -xxx). 1. Blythe purchased...
a Company started tasks in 2021 and went into the accompanying exchanges during the year February...
a Company started tasks in 2021 and went into the accompanying exchanges during the year February 15: ||| common stock was sold to owners for $252,000 cash.||| May 22: ||| Purchased inventory costing $59,000 on account.||| June 1: |||Received $43,000 cash from a customer for services||| to be performed over the next ten months. August 1: |||Purchased a 4-year insurance policy for $84,000 cash.||| August 19: |||Sold ¾ of the inventory purchased on May 22 for $131,000.||| ||| The customer...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $239,000 cash. March 1: Purchased equipment for $85,000 cash. The eqyipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 12% note receivable. May 22: Purchased inventory costing $59,000 on account. June 1: Received $66,000 cash from a customer for services to be performed...
ADJUSTING & CLOSING PROCESS XYZ Company began operations in 2019 and entered into the following transactions...
ADJUSTING & CLOSING PROCESS XYZ Company began operations in 2019 and entered into the following transactions during the year: May 1: Sold common stock to owners for $200,000 cash. June 1: Purchased equipment for $75,000 cash. The equipment was assigned a life of eight years and a residual value of $3,000. July 10: Purchased inventory costing $40,000 on account. August 1: Purchased a 3-year insurance policy for $36,000 cash. September 1: Received $12,000 cash from a customer for services to...
Prepare the following journal entries in proper journal entry form. 1. Bought supplies on credit for...
Prepare the following journal entries in proper journal entry form. 1. Bought supplies on credit for $700. 2. Received $3,600 to start a six-month job, beginning next month. 3. Started a company by contributing equipment worth $3,400, land worth $80,000 and cash of $10,000 into a business checking account. 4. Billed a customer for a $2,100 job. 5. Received a gas bill, $150. 6. Paid $300 for van repairs. 7. Purchased supplies for $500 in cash. 8. Withdrew $1,600 and...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February 15: Sold common stock to owners for $359,000 cash. May 22: Purchased inventory costing $30,000 on account. June 1: Received $53,000 cash from a customer for services to be performed over the next ten months. August 1: Purchased a 4-year insurance policy for $84,000 cash. August 19: Sold ¾ of the inventory purchased on May 22 for $106,000. The customer paid ½ of the...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...
EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February 15: Sold common stock to owners for $280,000 cash. May 22: Purchased inventory costing $37,000 on account. June 1: Received $44,000 cash from a customer for services to be performed over the next ten months. August 1: Purchased a 4-year insurance policy for $84,000 cash. August 19: Sold ¾ of the inventory purchased on May 22 for $119,000. The customer paid ½ of the...
Meals-On-Demand Inc. is a company which delivers frozen meals directly to individuals' homes. Many customers purchase...
Meals-On-Demand Inc. is a company which delivers frozen meals directly to individuals' homes. Many customers purchase a month supply at one time. Customers usually pay for their orders as they are delivered but new customers must pay Meals-On-Demand Inc. in advance. Meals-On Demand Inc. prepares financial statements monthly. Meals-On-Demand Inc. had the following normal account balances at the beginning of October 2018, but these are not necessarily listed in good order: Name Cash Deferred Revenue Retained earnings Inventory Accounts payable...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $230,000 cash. March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4.000 April 30: Lent a customer 560,000 on a 10-month, 11% note receivable May 22: Purchased inventory costing 561,000 on account. June 1: Received 573,000 cash from a customer for services to be performed...
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry. If so, determine the effect the adjustment has on net income for the quarter ended March 31, 2019 (i.e., January 1 through March 31). Note: Enter your answers in digits without $ signs or commas, entering 0 (zero) if no adjustment is necessary. Use a minus sign (-) for negative income effects (i.e., all expenses should be of the form -xxx). 1. Blythe purchased...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $239,000 cash. March 1: Purchased equipment for $85,000 cash. The eqyipment was assigned a life of six years and a residual value of $4,000. April 30: Lent a customer $60,000 on a 10-month, 12% note receivable. May 22: Purchased inventory costing $59,000 on account. June 1: Received $66,000 cash from a customer for services to be performed...
ADJUSTING & CLOSING PROCESS XYZ Company began operations in 2019 and entered into the following transactions during the year: May 1: Sold common stock to owners for $200,000 cash. June 1: Purchased equipment for $75,000 cash. The equipment was assigned a life of eight years and a residual value of $3,000. July 10: Purchased inventory costing $40,000 on account. August 1: Purchased a 3-year insurance policy for $36,000 cash. September 1: Received $12,000 cash from a customer for services to...
Meals-On-Demand Inc. is a company which delivers frozen meals directly to individuals' homes. Many customers purchase a month supply at one time. Customers usually pay for their orders as they are delivered but new customers must pay Meals-On-Demand Inc. in advance. Meals-On Demand Inc. prepares financial statements monthly. Meals-On-Demand Inc. had the following normal account balances at the beginning of October 2018, but these are not necessarily listed in good order: Name Cash Deferred Revenue Retained earnings Inventory Accounts payable...
B9-1R Company began operations in 2025 and entered into the following transactions during the year: February 15: Sold common stock to owners for $230,000 cash. March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4.000 April 30: Lent a customer 560,000 on a 10-month, 11% note receivable May 22: Purchased inventory costing 561,000 on account. June 1: Received 573,000 cash from a customer for services to be performed...
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