The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 55,000 Accounts receivable 275,000 Prepaid rent 7,500 Inventory 40,000 Office equipment 500,000 Accumulated depreciation—office equipment 210,000 Accounts payable 50,000 Note payable (due in six months) 30,000 Salaries payable 6,500 Interest payable 1,000 Common stock 400,000 Retained earnings 95,000 Sales revenue...
136 chapter 2 T-accounts, and Group A ournal entries to T > Problems Learning Objectives 3, 4 P2-29A Joumalizing tn Dor the f Yune trial balance completed the tollowing transactions in exchange for capital preparing a Cash dalance 163.18 madicine under the business title Vernon Vermon Yung prasmicial 2. Cash Salance $63.480 Daring July. che medical practice sep 1 ung...
Barrington Company has the following chart of accounts: Cash Michelle Barrington, Drawing Accounts Receivable Fees Income Supplies Advertising Expense Office Furniture Rent Expense Equipment Salaries Expense Accounts Payable Telephone Expense Michelle Barrington, Capital Utilities Expense Use this chart of accounts to write journal entries for each of the following transactions. Michelle Barrington invested $16,000 cash to start the business Issued...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 125,000 shares of 3% preferred stock, $60 par and 650,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 120,000 shares...
Accounts Payable $500 Accounts Receivable $1000 Accumulated Depreciation, Equipment $500 Cash $600 Common Stock $1200 Depreciation Expense, Equipment $0 Equipment $2300 Insurance Expense $0 Inventory $2000 Prepaid Insurance $600 Retained Earnings $2800 Service Fee Revenues $3500 Supplies $700 Supplies Expense $0 Wages Expense $1300 Wages Payable $0 Please 1) Give the account name 2) Include a description 3) and if...
Financial Accounting Problem T-accounts / Statement of earnings / Ratio Joanne Beauport, a connoisseur of fine chocolate, opened Joanne's Chocolates Inc. in Newtown on March 1. 2017. The shop specializes in a selection of gourmet chocolates and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries. (1) Record the yearly depreciation expense for equipment. (2) Accrue utilities expense. (3) Adjust the Unearned Services Revenue account to recognize earned revenue. 23...
Required information Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any...
Journalize the following transactions 2017 Jan 2. Issued 7 percent 10 year bond with maturity value of $5,000,000 at 97.00. Jan 2. Signed a five year capital lease on equipment. The agreement requires annual lease payment of $400,000, with the first payment due immediatelt( BGN). The present value of the five lease payments is $1,724,851 (8 percent is the interest...