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QUESTION 3 For each of the following transactions for the Banner Company, mark the account that...
1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy...
1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy covers the first six months of 2018. What will Banner record in December? a. Dr. b. Cr. 2. What will Banner record in January, 2018, related to the insurance in part(1). a. Dr. b. Cr. 3. Banner purchased equipment on January 1, 2018, for $120,000. The monthly depreciation is $1,000. What should Banner record on January 1, when the equipment is purchased? a. Dr....
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...
PREPARING JOURNAL ENTRIES Prepare journal entries (without explanations) for the transactions A. The owner invested $75,000...
PREPARING JOURNAL ENTRIES Prepare journal entries (without explanations) for the transactions A. The owner invested $75,000 to start her own consulting busine capital cash B. The company performed $5,500 of services on account. 500 De 5.50 C. The company purchased equipment on account $4,000. equipment ACCOUnts Royable DR 4.000 CR D. The company collected $2,250 on account Accounts receivable cash E. The company received but did not pay the December telephone bill, $475. DR CR - 475 475 F. The...
The JORDAN & AMANAY Company is in the process of preparing their financial statements for the...
The JORDAN & AMANAY Company is in the process of preparing their financial statements for the YEAR ended December 31,2016. The Company has provided you with the following selected account balances from its UNADJUSTED trial balance: DEBIT $40,000 28,000 380,000 CREDIT Cash Accounts Receivable Machinery Accumulated Depreciation Insurance expense Supplies expense Service Revenue Accounts payable Miscellaneous expenses $15,000 24,000 6,000 21,000 40,000 5,000 ADDITIONAL DATA: (a) At the end of the year it was determined that S2000 of supplies were...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017,...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017, the first month of operations. OOO O Freddy Fudd contributed $325,000 in exchange for common stock Purchased supplies of $5,400 on account Performed services for cash $7,600 Purchased some equipment for $42,300 paying $20,000 in cash and giving a note for the balance Paid the rent on a retail store for September in the amount of $4,600 Received cash from a client for future...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? Group of answer choices The company records service revenue on October 15. 18) Question 183 pts Carrier Rent-to-Own, a furniture rental and sales company, records annual depreciation expense on December 31 each year. Which account will Carrier credit when they record their depreciation on December 31st? Group of answer choices Equipment Depreciation...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the achtily each statement as true or false. If false, indicate how to correct the statement. E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit (a) What is the...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $11,520. The company debited insurance expense for the entire amount 2. Depreciation on equipment totaled $11,750 for the year, 3. Employee salaries of $15,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $170,000 from a bank. The note requires principal and interest at...
GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy covers the first six months of 2018. What will Banner record in December? a. Dr. b. Cr. 2. What will Banner record in January, 2018, related to the insurance in part(1). a. Dr. b. Cr. 3. Banner purchased equipment on January 1, 2018, for $120,000. The monthly depreciation is $1,000. What should Banner record on January 1, when the equipment is purchased? a. Dr....
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...
PREPARING JOURNAL ENTRIES Prepare journal entries (without explanations) for the transactions A. The owner invested $75,000 to start her own consulting busine capital cash B. The company performed $5,500 of services on account. 500 De 5.50 C. The company purchased equipment on account $4,000. equipment ACCOUnts Royable DR 4.000 CR D. The company collected $2,250 on account Accounts receivable cash E. The company received but did not pay the December telephone bill, $475. DR CR - 475 475 F. The...
The JORDAN & AMANAY Company is in the process of preparing their financial statements for the YEAR ended December 31,2016. The Company has provided you with the following selected account balances from its UNADJUSTED trial balance: DEBIT $40,000 28,000 380,000 CREDIT Cash Accounts Receivable Machinery Accumulated Depreciation Insurance expense Supplies expense Service Revenue Accounts payable Miscellaneous expenses $15,000 24,000 6,000 21,000 40,000 5,000 ADDITIONAL DATA: (a) At the end of the year it was determined that S2000 of supplies were...
Problem 3 Following are transactions completed by Elmer Fudd, Inc. during the month of September 2017, the first month of operations. OOO O Freddy Fudd contributed $325,000 in exchange for common stock Purchased supplies of $5,400 on account Performed services for cash $7,600 Purchased some equipment for $42,300 paying $20,000 in cash and giving a note for the balance Paid the rent on a retail store for September in the amount of $4,600 Received cash from a client for future...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the achtily each statement as true or false. If false, indicate how to correct the statement. E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit (a) What is the...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $11,520. The company debited insurance expense for the entire amount 2. Depreciation on equipment totaled $11,750 for the year, 3. Employee salaries of $15,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $170,000 from a bank. The note requires principal and interest at...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
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