Long River Company had the following transactions during the month of January. (i) Paid $5,000 cash...
Long River Company had the following transactions during the month of January. (i) Paid $5,000 cash for supplies, of which $600 was used during January, and $4,400 will be used dui4ng February through April. (ii) Paid $24,480 for salaries, one-half of which employees had earned in December and one- half of which related to January. (iii) Purchased $3d,000 of equipment; made an $8,000 down payment and signed a note payable for the balance. (iv) Made payment of $4,800 on the amount owed for equipment. Prepaid insurance of $1,500 has been expired in January. Previously received unearned sales revenue of $60,000 has now been earned.
Required: (a) Prepare the journal entries and adjusting entries based on the information above. (Explanation of the journal entry is not required) (15 marks)
(b) Compute the balance in the Cash account at the end of January. Assume the beginning balance of the Cash account as at January 1 is $65,000 (debit balance). (2 marks)
(c) Compute the balance in the Notes Payable account at the end of January. Assume there is no beginning balance of the Notes Payable account as at January 1. (1 marks)
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Long River Company had the following transactions during the
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Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable Accounts Receivable...
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On January 1, Pulse Recording Studio (PRS) had the following
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Accounts Payable
$
8,200
Accounts Receivable
6,900
Accumulated Depreciation—Equipment
6,700
Cash
3,640
Cash Equivalents
1,640
Common Stock
10,400
Deferred Revenue
3,900
Equipment
30,300
Notes Payable (long-term)
12,400
Prepaid Rent
3,420
Retained Earnings
4,810
Supplies
510
The following transactions occurred during January.
Received $2,420 cash on 1/1 from customers on account for
recording services completed in December.
Wrote checks on 1/2 totaling $4,370 for amounts owed on account
at...
need help solving On January 1, 2018, Dakota, Inc., had the following account balances in its...
need help solving
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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....
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On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice O A SO balance. O A $4,300 debit balance, O A $4,300 credit balance. A $5,700 debit balance. A $5,700 credit balance. 16 24 Next > During the month of March, Harley's Computer...
Geo Inc. had the following account balances on January 1, Year 2 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies $ 713 1,800 1,800 15,000 2,100 3.400 3,911 4,300 1,060 Required Prepare journal entries for each of the following January activities, and post results to the relevant T- accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transactionlevent, select "No...
On January 1, Pulse Recording Studio (PRS) had the following
account balances.
Accounts Payable
$
8,200
Accounts Receivable
6,900
Accumulated Depreciation—Equipment
6,700
Cash
3,640
Cash Equivalents
1,640
Common Stock
10,400
Deferred Revenue
3,900
Equipment
30,300
Notes Payable (long-term)
12,400
Prepaid Rent
3,420
Retained Earnings
4,810
Supplies
510
The following transactions occurred during January.
Received $2,420 cash on 1/1 from customers on account for
recording services completed in December.
Wrote checks on 1/2 totaling $4,370 for amounts owed on account
at...
need help solving
On January 1, 2018, Dakota, Inc., had the following account balances in its general ledger. All accounts have a "normal" type of balance, i.e., a debitor credit balance, depending on the type of acc Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Utilities Payable Unearned Revenue Notes Payable Owner Capital Withdrawals Service Revenue Rent Expense Salaries Expense Insurance Expense Supplies Expense Utilities Expense Depreciation Expense Interest Expense $255,000 160,000 60,000 0 550,000...
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