record journal entries using the accounts for these transactions
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record journal entries using the accounts for these transactions Week-1 Basic Journal Entries Mason Yachts, a...
please show journal entries for transactions 10 - 16 and the income statement requested Week-1 Basic Journal Entries Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. Mason specializes in selling and repairing yachts. Alisting of all of Mason trial balance accounts can be found in 'trial balance tab below. For the transactions below, please record the necessary journal entries in the Journal Entries tab and update the balances in the trial balance. I have provided a "T-Account tab...
Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. For the transactions below, please update the t-accounts and the trial balance. On January 1, 2017, Ted Mason invest $200,000 in exchange of 1,000 shares of $1 par Common Stock. On January 1, 2017, Mason Yachts buys $6,000 worth of office supplies with cash. On January 1, 2017, Mason Yachts pre-Pays the following expenses for the next 12 months: Rent Expense $6,000 and Insurance Expense $3,600 On January 1, 2017...
QUESTION 1 Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began business by depositing $10000 in a bank account in the name of the company in...
Instructions: 1. Prepare the journal entries for transactions A-T below and record them on the "Journal Entries" tab. 2. Once you have created the journal entries, post them to the "T-Accounts" tab. 3. Prepare journal entries for adjusting journal entries 1-6. 4. Post the adjusting entries to the correct T-Accounts in the "T-Accounts" tab. Transaction No. Transaction Chapter January 1: Pane purchases inventory on account to make stained glass windows. The contract has terms of 2/10, n/30. The goods were...
General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab - Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis...
Part 3: Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template. Transactions June 1st ABC Company receives $50,000 cash from the owner as a contribution. June 3rd ABC Company pays $32,000 cash for equipment. June 5th ABC Company purchases $15,000 of merchandise inventory on credit from a supplier. June 8th ABC Company pays $...
Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Requirement 2. The following four-column accounts have been opened: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture,...
"Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare the income statement and balance sheet for their company. As such, January 1st , 2018 was the first day that Mason was in business. For the month of January, record all the necessary journal entries for transactions that occurred during the month. In addition, please prepare...
without description Record P2-36B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Beth Stewart started her practice as a design consultant on November 1, 2018. During the first month of operations, the business completed the following transactions: Nov. 1 4 6 7 10 14 15 17 Received $41,000 cash and gave capital to Stewart. Purchased office supplies, $1,200, and furniture, $2,300, on account. Performed services for a law firm and received $2,100 cash. Paid $27,000 cash...
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...