Solution: | ||||
Account Number | Purchase of building with Note | |||
Account 1 | Account Type | Increase/Decrease | Debit/Credit | |
145 | Building | Assets | Increase | Debit |
Account 2 | Account Type | Increase/Decrease | Debit/Credit | |
250 | Note payable | Liabilities | Increase | Credit |
Collected Cash for future services | ||||
Account Number | Account 1 | Account Type | Increase/Decrease | Debit/Credit |
101 | Cash | Assets | Increase | Debit |
Account 2 | Account Type | Increase/Decrease | Debit/Credit | |
235 | Unearned services revenue | Liabilities | Increase | Credit |
Earned $90000 by establishing a note receivable with a face value of $120000. This note has no | ||||
stated interest. | ||||
Account Number | Account 1 | Account Type | Increase / Decrease | Debit / Credit |
112 | Note Receivables | Asset | Increase | Debit |
Account 2 | Account Type | Increase / Decrease | Debit / Credit | |
113 | Discount on notes receivable | Contra Asset (Asset) | Increase | Credit |
Account 3 | Account Type | Increase / Decrease | Debit / Credit | |
435 | Sales revenue | Revenue | Increase | Credit |
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions > 0.00 > Analyze the Transactions Activity...
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions >000 > Analyze the Transactions Activity 2.b - Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Purchase of building with note. Account 1 Account Type Increase/Decrease Debit/Credit Account 02...
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are DR/CR. List accounts in the order they would be in the journal entry. Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Common Stock Debit Account #2 Account Type Increase/Decrease Debit/Credit Accounts Receivable Received cash on account from a customer. Accounta Account Type Increase/Decrease Debit/Credit Account az Account Type increase/Decrease Debit/Credit Earned 590,000 by establishing...
HIN Activity 2.b - Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets; liabilities: owner, capital; owner, withdrawals; revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Accrued liability for utilities, Debit/Credit Incre/Decrease Account #1 Account Type Increase/Decrease Debit/Credit Account Type Account #2 Paid for a one year insurance policy Account #1...
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. 2 Н Provided services on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Owner contribution of furniture in exchange for common stock Account 1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Pald for a one year insurance...
Accounting Cycle Tutorial . Step 7: Prepare the Adjusted Trial Balance 0.00 2 Prepare the Adjusted Trial Balance Activity 2.a - Prepare the Adjusted Trial Balance Post the transactions to the ledger in chronological order and complete the Adjusted Trial Balance. Transactions Dec. issued common stock for $22,100 cash Explanation Debit Credit Balance 21.000 43100 Received cash in advance for service to Paid rent in advance Billed clients for $13.900 of work performed Received payment of 1500 in advance for...
Comprehensive Accounting Cycle Review 9-1 (Part Level Submission) Milo Corporation's unadjusted trial balance at December 1, 2017, is presented below. Credit Debit $22,000 36,800 10,000 36,200 3,600 20,000 150,000 60,000 9,000 $500 50,000 24,000 27,300 11,000 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2018) Income Taxes Payable Interest Payable Notes Payable (due in...
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Paid cash for land. Account #1 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs ExpensesRetained EarningsSalaries ExpenseService RevenueTruckUtilities ExpenseUtilities PayableUnearned Revenue Account Type AssetExpenseLiabilityCommon StockRevenueDividends Increase/Decrease IncreaseDecrease Debit/Credit DebitCredit Account #2 Accounts PayableAccounts ReceivableAdvertising ExpenseBuildingCashCommon StockDividendsEquipmentFurnitureLandNotes PayableOffice FurnitureOffice SuppliesPrepaid InsurancePrepaid RentRent ExpenseRepairs...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and records adjusting entries annually. Sold a delivery truck for $16.310 cash. The truck cost $57.930 when it was purchased on January 1, 2015, and was depreciated based on a four year useful life with a $6,310 residual value. an. 1 Sold computers that were purchased on January 1, 2016. They cost $10,476 and had a useful life of three years with no residual value....
Please help with finding the right account titles! Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a finance lease on December 31, 2016. Windsor's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The...
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $112,260 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $585,360; the expiration date is March 1, 2027. Paid cash of $36,670 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for...