Requirement #2 Record journal entries John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with t...
| Requirement #2 Record journal entries | |||
| John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with the following summary information for the first 12 months of operations. All cash receipts and payments have occurred as indicated in the summary. John expects to pay income taxes of 35% on the company’s profits. | |||
| Transaction Summary | |||
| 01-January-2018 | Open business bank account with transfer of personal funds | $270,000 | |
| 02-January-2018 | EFT for rental of office space. Immediate occupancy. 48 months at $2500 per month. | $120,000 | |
| 20-January-2018 | Office equipment purchased for cash to get discount from the retail price of $67,000. | $60,000 | |
| 20-January-2018 | The office equipment will be replaced in 5 years at an expected cost of $80,000. | $80,000 | |
| 22-January-2018 | Bank loan approved and credited to account. Payable in 2021 | $310,000 | |
| 30-May-2018 | Credit sales. EFT payment to be received in 90 days. | $80,000 | |
| 07-June-2018 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $5,600 | |
| 01-July-2018 | Cash sales. | $30,500 | |
| 07-December-2018 | Credit sales. EFT payment to be received in 90 days. | $30,000 | |
| 25-December-2018 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $6,160 | |
| EFT = electronic funds transfer | |||
| You may assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days. | |||
Q. GENERAL JOURNAL showing all journal entries
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Requirement #2 Record journal entries John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with t...
Requirement #2 Record journal entries John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with t...
Requirement #2 Record journal entries John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with the following summary information for the first 12 months of operations. All cash receipts and payments have occurred as indicated in the summary. John expects to pay income taxes of 35% on the company’s profits. Transaction Summary 01-January-2018 Open business bank account with transfer of personal funds $270,000 02-January-2018 EFT for...
Assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days. What would be the income tax? And its journal en...
Assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days. What would be the income tax? And its journal entries CR and DR 01-January-2016 Open business bank account with transfer of personal funds $210,000 02-January-2016 EFT for rental of office space. Immediate occupancy. 60 months at $3500 per month. $210,000 11-January-2016 Office equipment purchased for cash to get discount from the retail price...
Accounting
Mike plans to begin his consulting business as a proprietary company (Mike Pty Ltd) on 1 January 2022. He has provided projected data for the first 36 months of operations. He expects to pay income taxes of 45% on the company's profits six months after each year-end. No taxes if the company incurred a loss for the year.COMPLETE THE PROJECTED FINANCIAL STATEMENTS FOR EACH OF THE 3 YEARSTransaction 1-Jan-22 Open business bank account with transfer of personal funds 1-Jan-22 EFT...
Prepare Adjusting entries for the information provided. 1 January 3 Employees are paid monthly on the...
Prepare Adjusting entries for the information provided. 1 January 3 Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previous month is $110,000. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. 2 GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $92,820...
Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the...
Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the company's financial records. The following transactions occurred in February, the first month of operations a Received shareholders' cash contributions on February 1 totaling $24,000 to form the corporation, issued 1,000 shares of common stock b. Paid $3180 cash on February 2 for three months' rent for office space TIP For convenience, simply record the full amount of the payment as an asset (Prepaid Rent)....
Prepare Journal entries(1-39) with transactions and list of accounts given Number Name 1110 Cash 1120 Accounts...
Prepare Journal entries(1-39) with transactions
and list of accounts given
Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 3400 Income...
в Byte of Accounting, Inc. John Clark 3394 Description of transaction June 1: Byte of Accounting,...
в Byte of Accounting, Inc. John Clark 3394 Description of transaction June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $25,300 in cash and computer equipment with a fair market value of $35,650 were received. Transaction 01. June 1: Byte of Accounting, Inc. issued 2.451 shares of its common stock after acquiring from Courtney S42,550 in cash, computer equipment with a fair market value of $12,880 and office equipment with a fair value...
what are the journal entries for 32,34,&35? fx The note payable relating to the June 2,...
what are the journal entries for 32,34,&35?
fx The note payable relating to the June 2, and 10 transactions is a five-year - The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment - 7.0 years Use the straight-line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $7,500. The...
2) prepare the T-accounts. To complete the journal entries, do not forget that you need to...
2) prepare the T-accounts. To complete the journal
entries, do not forget that you need to make the adjusting entries
per the descriptions of transactions in the project
document.
3) The last tab in the Excel template is for you to
prepare the unadjusted trial balance, as well as the adjusted trial
balance. Note that you need to enter all the adjustments in the
worksheet.
4) The last step of the project is to make the closing
entries. You shall...
<div class=""><p dir="ltr">What are the proper descriptions for these journal entries?<br/></p> <div style="font-family:Aspira;color:#333333;" align="left"> <p dir="ltr"><img src="//img.homeworklib.co...
What are the proper descriptions for these journal
entries?
Byte of Accounting, Inc. Peyton Tavlor 7864 Transaction Description of transaction June 1: Byte of Accounting, Inc. acquired $70,200 in cash from Lauryn and issued 2,600 shares of is common stock June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Peyton Taylor after $29,430 in cash and computer equipment with a fair market value of $40,230 wore received lune 1: Byte of Accounting, Inc. issued 1,920...
Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the company's financial records. The following transactions occurred in February, the first month of operations a Received shareholders' cash contributions on February 1 totaling $24,000 to form the corporation, issued 1,000 shares of common stock b. Paid $3180 cash on February 2 for three months' rent for office space TIP For convenience, simply record the full amount of the payment as an asset (Prepaid Rent)....
Prepare Journal entries(1-39) with transactions
and list of accounts given
Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 3400 Income...
в Byte of Accounting, Inc. John Clark 3394 Description of transaction June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $25,300 in cash and computer equipment with a fair market value of $35,650 were received. Transaction 01. June 1: Byte of Accounting, Inc. issued 2.451 shares of its common stock after acquiring from Courtney S42,550 in cash, computer equipment with a fair market value of $12,880 and office equipment with a fair value...
what are the journal entries for 32,34,&35?
fx The note payable relating to the June 2, and 10 transactions is a five-year - The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment - 7.0 years Use the straight-line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $7,500. The...
2) prepare the T-accounts. To complete the journal
entries, do not forget that you need to make the adjusting entries
per the descriptions of transactions in the project
document.
3) The last tab in the Excel template is for you to
prepare the unadjusted trial balance, as well as the adjusted trial
balance. Note that you need to enter all the adjustments in the
worksheet.
4) The last step of the project is to make the closing
entries. You shall...
What are the proper descriptions for these journal
entries?
Byte of Accounting, Inc. Peyton Tavlor 7864 Transaction Description of transaction June 1: Byte of Accounting, Inc. acquired $70,200 in cash from Lauryn and issued 2,600 shares of is common stock June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Peyton Taylor after $29,430 in cash and computer equipment with a fair market value of $40,230 wore received lune 1: Byte of Accounting, Inc. issued 1,920...
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