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A law firm collected $3,600 for work to be performed in the following month. Which of...
A law firm billed a client $2,600 for work performed in the current month. Which of...
A law firm billed a client $2,600 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction?
In March of 2020, the law firm of Schnell & Capple collected $100,000 from a client...
In March of 2020, the law firm of Schnell & Capple collected $100,000 from a client prior to doing any work. Throughout the year, employees at the law firm worked on the client's case. As of December 31, 2020, the law firm's year-end, $65,000 worth of work was performed throughout the year. The adjusting journal entry at year-end would include: Credit to Cash for $100,000 Debit to Unearnd Legal Fees for $65,000 Debit to Accounts Receivable for $65,000 Credit to...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
A: Received cash of $35,000 from the issue of common stock. B: Performed $54,000 of services...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries: Market-Tech, a market research firm, had the following...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries:
Market-Tech, a market research firm, had the following transactions
in June, its first month of operations.
4 expense for June is $320. P P3-2B. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Market-Tech, a market search firm, had the following transactions in June, its first month of operations. I J. Witson invested $28,000 of personal funds in the firm in exchange for common stock. 2 The firm purchased the following from an...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
need help answering question 2 4 During February, the following transactions occurred: Feb. 1 Performed work...
need help answering question 2
4 During February, the following transactions occurred: Feb. 1 Performed work for a client and received cash of $8,5ee. 5 paid $5,eee regarding outstanding accounts payable. 10 Received cash of $3,600 for work to be done in March. 12 called Fasco Rentals to book the use of some equipment next month. The $400 rental fee will be paid in full when the equipment is returned. 17 The owner withdren cash of $3,000 for personal use....
a. The company provided $3,600 in services to customers that are expected to pay the company...
a. The company provided $3,600 in services to customers that are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,600 have been incurred but are not paid as of December 31. c. The company has a $6,600 bank loan and has incurred (but not recorded) 7% interest expense of $462 for the year ended December 31. The company will pay the $462 interest in cash on January 2 following the company's year-end....
A law firm billed a client $2,600 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction?
In March of 2020, the law firm of Schnell & Capple collected $100,000 from a client prior to doing any work. Throughout the year, employees at the law firm worked on the client's case. As of December 31, 2020, the law firm's year-end, $65,000 worth of work was performed throughout the year. The adjusting journal entry at year-end would include: Credit to Cash for $100,000 Debit to Unearnd Legal Fees for $65,000 Debit to Accounts Receivable for $65,000 Credit to...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries:
Market-Tech, a market research firm, had the following transactions
in June, its first month of operations.
4 expense for June is $320. P P3-2B. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Market-Tech, a market search firm, had the following transactions in June, its first month of operations. I J. Witson invested $28,000 of personal funds in the firm in exchange for common stock. 2 The firm purchased the following from an...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
need help answering question 2
4 During February, the following transactions occurred: Feb. 1 Performed work for a client and received cash of $8,5ee. 5 paid $5,eee regarding outstanding accounts payable. 10 Received cash of $3,600 for work to be done in March. 12 called Fasco Rentals to book the use of some equipment next month. The $400 rental fee will be paid in full when the equipment is returned. 17 The owner withdren cash of $3,000 for personal use....
a. The company provided $3,600 in services to customers that are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,600 have been incurred but are not paid as of December 31. c. The company has a $6,600 bank loan and has incurred (but not recorded) 7% interest expense of $462 for the year ended December 31. The company will pay the $462 interest in cash on January 2 following the company's year-end....
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