ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE
DETAILS
Homework Answers
| Date | Account | Debit | Credit |
| a | Cash | 20,000 | |
| Owner'equity | 20,000 | ||
| b | Account payable | 6,500 | |
| Cash | 6,500 | ||
| c | Drawings | 5,100 | |
| Cash | 5,100 | ||
| d | Cash | 7,500 | |
| Unearned revenue | 7,500 |
Add Answer to:
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS Required For each of the following incorrect entries, journali...
For each of the following incorrect entries, journalize the appropriate correcting entries. A. The investment by...
For each of the following incorrect entries, journalize the appropriate correcting entries. A. The investment by owner of $20,000 was recorded as Cash 20,000 ......................... Revenue 20,000 ......................... B. A payment on an accounts payable balance was made in full: $6,500. This was recorded as Office supplies 6,500 ......................... Cash 6,500 ......................... C. The owner withdrew cash of $5,100. This was recorded as Salaries Expense 5,100 ......................... Cash 5,100 ......................... D. $7,500 was received in advance for work that will...
can you please mark the explanations while answering this practice problem? 1. 2. 3. etc Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The busine...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
In need of assistance in journalizing these entries correctly. Journalize the following transactions in the general...
In need of assistance in journalizing these entries
correctly.
Journalize the following transactions in the general journal using the following blank form (make as many copies as needed). Each journal entry's debits should equal its credits. This is a fundamental GAAP that can't be violated. (Ajournal entry error, such as posting $1,010 instead of $1,100, can be corrected at the adjusting correcting journal entries step.) 2. a. On January 1, 2018, a payment in cash for $12,000 is made for...
Journalize the following business transactions in general journal form. Identify each transaction by letter. Be sure...
Journalize the following business transactions in general journal form. Identify each transaction by letter. Be sure to show ALL work! The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased $500 of supplies on credit. Purchased equipment for $9,000, paying $4,000 in cash and signed a 30-day, $5,000, note payable. Real estate commissions billed to clients amount to $4,000. Paid $800 in cash for the current month’s rent. Paid $200...
Required: Journalize all entries JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased...
Required:
Journalize all entries
JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased $4,000 in SUPPLIES on account k3. PURCHASED 3,000 SHOES AT S50 EACH 4. PURCHASED 2,000 SHOES AT S60EACH 5. RECEIVED $5,000 IN ADVANCE FOR FUTURE SHOE SALES from 50 customers 6. PURCHASED $50,000 IN EQUIPMENT WITH A 10-year LIFE, PAYING $15,000 IN CASH AND PLACED THE REMAINING BALANCE ON A NOTIE 7. CASH SALES OF 1,500 SHOES AT $100 EACH 8. Sales on account,...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service began operations by receiving 517.000 cash and a truck with a fair value of $20,000 from the owner, Katelynn Taylor. The business gave Taylors capital in exchange for this contribution Dec 1 Paid S1,500 cash for 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid office rent $600 for the month of December. Dec 8 Completed a large delivery job,...
Required information [The following information applies to the questions displayed below.] On December 1, Year 1,...
Required information [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on December 31 is 89,000 representing the receipt of an advance payment on December 1 of four months' rent from tenants. . Wages accrued but not paid at December 31 are $3.220. • Fees earned but unbilled at...
Required information Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December...
Required information Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance...
4-4 APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were...
4-4 APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were already journalized and posted Transactions: Apr. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00. M66 5. Discovered that a cash investment by Manuel Ricardo, owner, was journalized and posted in error as a credit to Sales instead of Manuel Ricardo, Capital, $600.00. M67. Instructions: Journalize each correcting...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
In need of assistance in journalizing these entries
correctly.
Journalize the following transactions in the general journal using the following blank form (make as many copies as needed). Each journal entry's debits should equal its credits. This is a fundamental GAAP that can't be violated. (Ajournal entry error, such as posting $1,010 instead of $1,100, can be corrected at the adjusting correcting journal entries step.) 2. a. On January 1, 2018, a payment in cash for $12,000 is made for...
Required:
Journalize all entries
JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased $4,000 in SUPPLIES on account k3. PURCHASED 3,000 SHOES AT S50 EACH 4. PURCHASED 2,000 SHOES AT S60EACH 5. RECEIVED $5,000 IN ADVANCE FOR FUTURE SHOE SALES from 50 customers 6. PURCHASED $50,000 IN EQUIPMENT WITH A 10-year LIFE, PAYING $15,000 IN CASH AND PLACED THE REMAINING BALANCE ON A NOTIE 7. CASH SALES OF 1,500 SHOES AT $100 EACH 8. Sales on account,...
Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019. Doel Taylors Delivery Service began operations by receiving 517.000 cash and a truck with a fair value of $20,000 from the owner, Katelynn Taylor. The business gave Taylors capital in exchange for this contribution Dec 1 Paid S1,500 cash for 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid office rent $600 for the month of December. Dec 8 Completed a large delivery job,...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on December 31 is 89,000 representing the receipt of an advance payment on December 1 of four months' rent from tenants. . Wages accrued but not paid at December 31 are $3.220. • Fees earned but unbilled at...
4-4 APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were already journalized and posted Transactions: Apr. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00. M66 5. Discovered that a cash investment by Manuel Ricardo, owner, was journalized and posted in error as a credit to Sales instead of Manuel Ricardo, Capital, $600.00. M67. Instructions: Journalize each correcting...
Most questions answered within 3 hours.
-
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 2 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 2 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 2 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 2 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 2 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 2 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 2 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 3 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 2 hours ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 2 hours ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 3 hours ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 3 hours ago