Homework Answers
| S No. | Account Title and Names | Debit | Credit |
| a | Cash | $30,000 | |
| Loan Payable | $30,000 | ||
| b | Cash | $6,000 | |
| Accounts receivable | $14,000 | ||
| Services revenue | $20,000 | ||
| c | Prepaid Insurance | $12,000 | |
| Cash | $12,000 | ||
| d | Inventory | $16,000 | |
| Accounts Payable | $16,000 | ||
| e | Cash | $10,000 | |
| Accounts Receivable | $10,000 | ||
| f | Accounts Payable | $16,000 | |
| Cash | $16,000 | ||
| g | Insurance expense | $12,000 | |
| Prepaid Insurance | $12,000 |
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2. (21 pts) Journalize the following transactions from ABC's perspective: a. ABC takes out a $30,000...
(21 pts) Journalize the following transactions from ABC's perspective: a. ABC issues $30,000 of common stock....
(21 pts) Journalize the following transactions from ABC's perspective: a. ABC issues $30,000 of common stock. b. ABC performs services valued at $20,000 to a customer. The customer pays $6,000 cash and asks ABC to put the balance on account. C. On July 1, ABC pays $12,000 for six months' insurance. d. ABC purchases $8,000 worth of inventory on account. e. The customer in (b.) sends $10,000 to ABC. f. ABC pays off the supplier in (d.) g. Record the...
Score: 0 of 2 pts E17-24 (similar to) Journalize the following transactions for Flores' Benches. Explanations...
Score: 0 of 2 pts E17-24 (similar to) Journalize the following transactions for Flores' Benches. Explanations are not required. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) a. Incurred and paid Web site expenses. $2,100. Date Accounts Debit Credit - X D More Info a. Incurred and paid Web site expenses, $2,100. b. Incurred manufacturing wages of $14,000. 70% of which was direct labor and 30% of which was indirect...
How to fill out balance sheet? Required Information ABC Corporation was formed at the beginning of...
How to fill out balance sheet?
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In...
I need help filling out the charts with the given information. Thanks in advance! Acct 2400...
I
need help filling out the charts with the given information. Thanks
in advance!
Acct 2400 Project 1 - Accounting Cycle Name: This assignment is due at the beginning of class on Tue. Oct. 1 ... late submissions (even within the class period on the due date) will be assessed a late penalty. This project is worth 30 points Note: This cover page must be printed with the rest of the packet and submitted as the first page of the...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
1. Using the Direct Write-off Method. Journalize the write off of $1000 for B Able. 2....
1. Using the Direct Write-off Method. Journalize the write off of $1000 for B Able. 2. Use the Allowance Method for the following transactions: For the month of December, XYZ has credit sales of $100,000. The bad debt expense is estimated at 1% of credit sales. Journal the adjusting entry for doubtful accounts. 3. Use the Allowance Method for the following transactions: For the month of December, ABC has an Accounts Receivable of $250,000 and an Allowance for Doubtful Accounts...
Required Information ABC Corporation was formed at the beginning of last year. The balances on its...
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common Retained Earnings 2,5ee 4,800...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. C. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in Transaction d. 1. January 30: Paid salaries of $2,500 for the current month....
please complete all 37 transactions in the general journal. Tony and Suzie graduate from college in...
please complete all 37 transactions in the general
journal.
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run,...
(21 pts) Journalize the following transactions from ABC's perspective: a. ABC issues $30,000 of common stock. b. ABC performs services valued at $20,000 to a customer. The customer pays $6,000 cash and asks ABC to put the balance on account. C. On July 1, ABC pays $12,000 for six months' insurance. d. ABC purchases $8,000 worth of inventory on account. e. The customer in (b.) sends $10,000 to ABC. f. ABC pays off the supplier in (d.) g. Record the...
Score: 0 of 2 pts E17-24 (similar to) Journalize the following transactions for Flores' Benches. Explanations are not required. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) a. Incurred and paid Web site expenses. $2,100. Date Accounts Debit Credit - X D More Info a. Incurred and paid Web site expenses, $2,100. b. Incurred manufacturing wages of $14,000. 70% of which was direct labor and 30% of which was indirect...
How to fill out balance sheet?
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In...
I
need help filling out the charts with the given information. Thanks
in advance!
Acct 2400 Project 1 - Accounting Cycle Name: This assignment is due at the beginning of class on Tue. Oct. 1 ... late submissions (even within the class period on the due date) will be assessed a late penalty. This project is worth 30 points Note: This cover page must be printed with the rest of the packet and submitted as the first page of the...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
Required Information ABC Corporation was formed at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common Retained Earnings 2,5ee 4,800...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. C. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in Transaction d. 1. January 30: Paid salaries of $2,500 for the current month....
please complete all 37 transactions in the general
journal.
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run,...
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