struggling with a midterm practice packet. any help would be
greatly appreciated.Homework Answers
Journal entries are as follows:
May 3- Purchase account Dr. $750
To creditor's account $750
May 12- Debtors account Dr. $5000
Cash account Dr. $10000
To sales account $15000
May 22- Cash account Dr. $5000
To Debtors account $5000
May 31- Closing stock account Dr. $200
To trading account $200
Add Answer to:
struggling with a midterm practice packet. any help would be
greatly appreciated.
Problem 2 • Record...
Struggling on these problems. Any help would be greatly appreciated! Krantz Company pays salaries of $15,000...
Struggling on these problems. Any help
would be greatly appreciated!
Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Krantz pays the payroll. (Credit account titles are...
midterm review packet. i am struggling to form an income statement for this company. i am...
midterm review packet. i am struggling to form an income statement
for this company. i am unsure how to a statement for stockholders
equity for the year as well.
Below are the account balances for Hydrangea Incas of December 31, 2019 after adjusting entries. The accounts are listed in alphabetical order. There was no new investment by stockholders' during the year. Prepare financial statements for Hydrangea, Inc, on the templates on the following pages. o Single-Step Income Statement • Statement...
Confused on this one. Any help would be greatly appreciated! Current Attempt in Progress Bob Zeller...
Confused on this one. Any help would be greatly appreciated!
Current Attempt in Progress Bob Zeller Company has the following balances in selected accounts on December 31, 2020. Service Revenue Insurance Expense Supplies Expense $40,000 2,400 2,450 All the accounts have normal balances. Bob Zeller Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. 1. Bob Zeller Company paid $2,400 for...
eneral Journal Entries (30 points) 2. Gen al journal entries to record these transactions. Larry Matt...
eneral Journal Entries (30 points) 2. Gen al journal entries to record these transactions. Larry Matt completed these during December of the current year: are general jou sactions during Dec Regan a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. Purchased $1,200 of office equipment on credit Purchased $300 of office supplies on credit Completed work for a client and immediately received a payment of $900 cash Completed work for Precept Paper Co. on...
Please help, it would be greatly appreciated :) Using T-accounts, enter the beginning balances in the...
Please help, it would be greatly appreciated :)
Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal." from the list and enter for the amount.) Cash 4/1 Bal. 2910 4/30 1150 4/30 - Accounts Receivable Inventory Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances At the beginning of the current...
This is a lot, but I am seriously lost. Any help would be much appreciated. The...
This is a lot, but I am seriously lost. Any help would be much
appreciated.
The trial balance of Nina's Novelty, Inc., at September 30,
2018, and the data needed for the month-end adjustments
follow:
Data Table Credit Trial Balance September 30, 2018 Account Cash $ Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Debit 18,800 31,100 3,100 2,000 72,400 $ 34,100 3,500 Unearned service revenue Common stock Retained earnings 3,200 55,000 23,400 Dividends 4,500...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries 4 Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries...
i am struggling with these any help would be appreciated. please also leave step by step...
i am struggling with these any
help would be appreciated. please also leave step by step solutions
for learning purposes
Presented below are two independent situations. (a) Sage Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Sage uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July...
Survey of Accounting Exam 1 Review Packet Practice Problem +3 (Weeks #3:5 Material Little Lou Company...
Survey of Accounting Exam 1 Review Packet Practice Problem +3 (Weeks #3:5 Material Little Lou Company was formed on September 1, 2018 and completed the following transactions during its first month of operations: 1. Acquired $5,000 cash from the issue of common stock. 2. Paid $1,200 in advance for advertising for six months. 3. Received $8,000 cash in advance for services to be performed in September October, November, and December 4. Purchased supplies of $2,000 on account. 5. Borrowed $20,000...
Any help would be very much appreciated! Problem 11-2A The stockholders' equity accounts of Blue Spruce...
Any help would be very much appreciated!
Problem 11-2A The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock (S4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Eamings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 685,500 40,000 During 2017, the corporation had the following transactions and events...
Struggling on these problems. Any help
would be greatly appreciated!
Krantz Company pays salaries of $15,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz's employees have worked 2 days without being paid at the end of the fiscal year. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Krantz pays the payroll. (Credit account titles are...
midterm review packet. i am struggling to form an income statement
for this company. i am unsure how to a statement for stockholders
equity for the year as well.
Below are the account balances for Hydrangea Incas of December 31, 2019 after adjusting entries. The accounts are listed in alphabetical order. There was no new investment by stockholders' during the year. Prepare financial statements for Hydrangea, Inc, on the templates on the following pages. o Single-Step Income Statement • Statement...
Confused on this one. Any help would be greatly appreciated!
Current Attempt in Progress Bob Zeller Company has the following balances in selected accounts on December 31, 2020. Service Revenue Insurance Expense Supplies Expense $40,000 2,400 2,450 All the accounts have normal balances. Bob Zeller Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. 1. Bob Zeller Company paid $2,400 for...
eneral Journal Entries (30 points) 2. Gen al journal entries to record these transactions. Larry Matt completed these during December of the current year: are general jou sactions during Dec Regan a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. Purchased $1,200 of office equipment on credit Purchased $300 of office supplies on credit Completed work for a client and immediately received a payment of $900 cash Completed work for Precept Paper Co. on...
Please help, it would be greatly appreciated :)
Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal." from the list and enter for the amount.) Cash 4/1 Bal. 2910 4/30 1150 4/30 - Accounts Receivable Inventory Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances At the beginning of the current...
This is a lot, but I am seriously lost. Any help would be much
appreciated.
The trial balance of Nina's Novelty, Inc., at September 30,
2018, and the data needed for the month-end adjustments
follow:
Data Table Credit Trial Balance September 30, 2018 Account Cash $ Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Debit 18,800 31,100 3,100 2,000 72,400 $ 34,100 3,500 Unearned service revenue Common stock Retained earnings 3,200 55,000 23,400 Dividends 4,500...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries 4 Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries...
i am struggling with these any
help would be appreciated. please also leave step by step solutions
for learning purposes
Presented below are two independent situations. (a) Sage Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Sage uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July...
Survey of Accounting Exam 1 Review Packet Practice Problem +3 (Weeks #3:5 Material Little Lou Company was formed on September 1, 2018 and completed the following transactions during its first month of operations: 1. Acquired $5,000 cash from the issue of common stock. 2. Paid $1,200 in advance for advertising for six months. 3. Received $8,000 cash in advance for services to be performed in September October, November, and December 4. Purchased supplies of $2,000 on account. 5. Borrowed $20,000...
Any help would be very much appreciated!
Problem 11-2A The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock (S4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Eamings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 685,500 40,000 During 2017, the corporation had the following transactions and events...
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