To start her own business, Betty Hill put $25,000 of her personal cash into the business account.Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted:Cash, Deferred Revenue, Service Revenue, Utilities Expense, and Accounts PayableItem123DescriptionCashDeferred RevenueDeferred RevenueService RevenueUtilities ExpenseAccounts PayableAccounts PayableCashRef. Debit1,255635320225Cred1,255320225CashDeferred RevenueService RevenueUtilities ExpenseAccounts Payable$000

Lets understand the basics. There are various steps through which statement of financial position…

Answered: To start her own business, Betty Hill…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 9PB: Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...

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Similar questions

Assuming the entity bought 300,000 worth of supplies on account. The proper journal entry to this transaction is by debiting the Supplies account and crediting what account? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts Payable
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Directions: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a separate sheet of paper. Account Titles Cash Accounts Receivable Office Furniture Office Equipment Accounts Payable Estrada, Capital Consulting Revenues Salaries Expense Rent Expense 101 301 102 401 103 501 104 502 201 Jinky Estrada is an experienced event planner. Her transactions for December 2018 are: Dec. 1 Jinky invested P100,000 in cash to start her own business. She paid 5,000 for one month's rent. 4 She bought office furniture for P15,000 in cash. 4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days. 6 She performed services for P12,000 in cash. 7 She did services for P11,000 on credit. She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days. 11 She received P5,400 from…
for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answer
Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…
Lavender Company started its business on April 1, 2019. Using the following accounts, prepare the journal entries below in the General Journal. PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. Cash Petty Cash Accounts Receivable Office Supplies Computer Equipment Accounts Payable Unearned Services Income Services Income Lavender, Capital Dividends Maintenance Expense Miscellaneous Expense Rent Expense Wages Expense Cash Short and Over The following are the transactions that happened during the month of April. PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). The owner invested $7,500 from their personal account to the business account DR CR Paid rent $600 with check #101. DR CR Initiated a petty cash fund $250 check #102. DR CR…
To start his own business, Sam Wilson put $21,500 of his personal cash into the business account. Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted: Cash, Utilities Expense, Accounts Payable, Supplies, and Supplies Expense Item 1 2 Description 4 Utilities Expense Accounts Payable Accounts Payable Cash 3 Supplies Cash Supplies Expense Supplies Ref. Debit 320 235 1,670 470 Credit 320 235 1,670 470 Cash Utilities Expense Accounts Payable Supplies Supplies Expense × Ś
the Journal entries for the November transactions. Use the following accounts : cash , account receivable, prepaid insurance,equipment,account payable,Alfonso capital,Alfonso withdrawal,landscaping revenue,salaries expense,rent expense,gas and oil expense, supplies expense,utilities expense,miscellaneous expense Juanito Alfonso landscaping service has the following transactions: Nov.3- Alfonso deposited 250 000 in a bank in the nme of entity.N Nov.5-alfonso used trailer from Cruz sales 15 000 with down payment 6 500 and the remaining on account. Nov.6- invested personal gardening tools, with a fair market value of 8 000 in the business Nov.7- paid rent for the month 7 000 Nov.10 -acquired a used backhoe from mobile equipment 62 000 paying 34 000 in cash and the balance on account Nov.10- bought liability insurance for one year 18 000 Nov.13- performed landscaping services for flores hospital 28 000 Nov.14 - bought supplies on account from office decor 3 000 Nov.15- performed…

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