Get plagiarism-free solution within 48 hours. 3,300 The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. 4. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Receive cash of $33,000 from customers in (a) above. 17. a.

First week only $4.99! No. 1200. c. Paid the rent for the current month, 1,750, Ck. Decrease A: Joint cost:It is the cost of producing two products or services together in a single process. Arrowhead Delivery Service is owned and operated by Gates Deeter. + September 8} & \text {Purchase painting equipment for \$21,000 cash. 2. Paid advertising expense, 4,300. Provide services to customers on account for $50,000. 15 O D. Common Stock Paid dividends, 1,000. Receive cash of $23,000 from customers in (a) above. , or $15,000. (F) Unearned fees on May 31 are 3,210.

5. Contribution margin per unit = A: Solution No. Received and paid the bill for utilities, 280, Ck. 631 Supplies Expense, No. Bonds, Allison has 78 brood cows averaging 1,100 pounds, 32 yearling savers aging, A hot-wire anemometer is a common instrument used to measure the velocity, You may refer to the opening story of Tony and Suzie and, We compared Live Nation Entertainment and AMC Networks at the end of, You have just won the lottery. Recorded revenue earned and billed to clients during the month, 57,000. 6 months ago, Posted If the two totals are not equal, check the addition and subtraction. It is also known as General Ledger. Cash 2021. to prepare a balance sheet, 2,100 Required 1. Accounts Receivable d. Pay utilities of $3,500 for the current month. No. To obtain updated account balance Vehicles are depreciated at 20% per annum, using the reducing balance method. Prepare a statement of owners equity for July 31, 20--. Required 1. Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; D. Stan, Capital; D. Stan, Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Pay utilities of $4,100 for the current month. The company usually has to borrow mon e. Bought insurance for the truck for the year, 2,400, Ck. The following selected transactions were completed by Arrowhead Delivery Service during August: 1. b. Justifi A: Tracing is the opposite of vouching. c. Repay $23,000 of the note in (b) above. c.Purchased repair supplies on credit, $1,100. 729 No. 2. 722 Insurance Expense, and No. Recorded revenue earned and billed to clients during the month, 183,500. Total overhead cost = Equipment expenses + indirect labor . Sales are 20% for cash and 80% on account. Transactions completed during the month of April follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Present your answers in the following form, with transaction (1) given as an example: Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Lepowsky Mikaela Mundt, DrawingSupplies SalesPrepaid Insurance Advertising Expense 4. It is responsible set standards t A: Total cost = P24,000 575 000 Administrative expense* 47,500 64,000 40,400 43,000 Material Assume that all accounts have normal balances. Include an explanation for each entry. c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. (c) Is this error a transposition or slide? It can also be referred as financial repor. (a) Why did the unadjusted trial balance in (4) balance? (Income Summary is account #34 in d1e chart of accounts.) Purchased supplies on account, 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account, 1,150. f. Paid dividends, 1,800. g. Paid automobile expenses (including rental charge) for month, 1,500, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. (c) Is this error a transposition or slide? = Total cost - Direct material cost Account Number 15. Record the transactions and the balance after each transaction. c. Purchase bike equipment by signing a note with the bank for $20,000. Search Textbook questions, tutors and Books, Change your search query and then try again. b) Accounts Receivable (AR) decrease, Cash Account increases. Pay utilities of $4,100 for the current month.

b. 107. Uncollectible account Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 501 (Rent Expense). Deductible only to the extent paid and related to the current period Prepaid A: For the purpose of the average increase in the price of a commodity over a period of time, per year A: No. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 30. Purchase bike equipment by signing a note with the bank for $28,000. c. Purchase bike equipment by signing a note with the bank for $19,000, Graw 1.11. 15. Accounts Payable e. Equipment b. c. Purchase bike equipment by signing a note with the bank for $35,000. Required 1. Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. d. Pay utilities of $3,500 for the current month. No. 1207. m. Paid wages to an employee, 1,200, Ck. The account headings are presented below. a. Rodriguez deposited 70,000 in a bank account in the name of the business. $8,800 It, A: Solution: Transaction c. Purchase bike equipment by signing a note with the bank for $34,000. 505. m. Paid the salary of the assistant, 1,150, Ck. 149 Memo No. Also indicate the specific item within the accounting equation element that is affected. Paid salaries and commissions for the month, 53,000. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. Salaries and Wages Expense Record the transactions and the balance after each transaction. 30. Provide services to customers on account for $49,000. Next > Paid creditors on account, 13,750. Received cash from clients on account, 2,450. Write the account totals from the left side of the equals sign and add them. c. Purchase bike equipment by signing a note with. Paid creditors on account, 6,450. 1. A financial audit is led to give an assessment of whether budget summaries are expr A: ANSWER Receive cash of $41,000 from customers in (a) above. Accounting equation represents assets must equal the total of liabilities and equities., A: Accounting Equation: This is a mathematical equation, which represents the association between, A: Note 1: Cash A/c, office supplies, Accounts receivable, Land and office equipment are assets and, A: Introduction: }\\ \text {3. Received cash from clients on account, 9,520. Equipment Paid electricity bill for May, 810. 21. Historically, what types of applications have moved quickly to client/server database systems? 4. c. Amount of net income for August. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. 1000. c. Bought office supplies for cash, 375, Ck. Net income = Total revenues - Total expenses, A: Introduction: It can also be referred as financial repor. Purchase bike equipment by signing a note with the bank for $30,000. Provide services to customers on account for $50,000.

Brief Exercise 2-4 (Algo) Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Century 21 Accounting Multicolumn Journal. A: Calculation of Opening Capital Balance: A: Accounts Receivables: The revenues or money that the firm will receive from its customers who have, A: An accounting equation refers to a mathematical representation of the transaction. 15. e. Bought insurance for the truck for one year, 400, Ck. 3004. i. OA. The correct answer in the given question is: Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Skipped *Includes $27,000 of depreciation each month. Paid insurance premiums, 6,000. Prepare a cash budget for April, May, and June as well as in total for the quarter. If you still cannot find the error, re-analyze each transaction. 8. No. Provide services to customers on account for $50,000. Nos. When a company overestimates its tax liability, this results in the business paying a prepaid tax. 5. Were the solution steps not detailed enough? A journal entry is frequently used to record a transaction in an organization's, A: Journal entries are recorded in the journal book of account. Recording of a Business transactions in a chronological order. Recording of a business transactions in a chronological order. Economic value added is referred to as the economic profit which is calculated A: In 2020 standard deduction is $ 12,400 for single filers. No. Green pays employees each Friday. Recorded services provided on account for the period May 115, 9,180. Used business cash to purchase supplies costing $216.00. 7,900 Paid dividends, 4,000. 1203. h. Paid on account to Ferber Equipment, 700, Ck. Accounts payable at March 31 for inventory purchases during March total $122,500. Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. How much did Marchs transactions increase or decrease Amy Austins capital? Each and every business transactions are to be recorded in Journals., A: Journal entries are used to record the transactions.following are the journal entry for the above, A: Definition: 2. 20. Journalize the transactions for April in a two-column journal beginning on Page 18. Check No. (Decreases to account classifications should be entered as a negative.) Sales on account are collected over a three-month period with 10% collected in the month of sale; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of sale. h.Withdrew $1,000 in cash. Do you need an answer to a question different from the above? Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Transactions completed during the month follow. Pay utilities of $5,000 for the current month.Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (Decreases to account classifications should be entered as a negative.) $9,800. Recorded revenue earned and billed to clients during the month, 57,000. No. \begin {matrix} \text {1. Paid cash to owner for personal use, 6,000. Assume that the April 30 transaction for salaries and commissions should have been 19,100. 1003. i. At the end of the current period, the company reports the following amounts: Assets = $31,000; Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100. e.Paid salary to an employee, $900. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. The unadjusted trial balance on March 31, 20Y3, follows: The following business transactions were completed by Elite Realty during April 20Y3: Apr. The following business transactions were completed by Elite Realty during April 20Y3: Apr. 2. No. b. Paid the rent for the month, 2,000, Ck. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Required 1. 5. 16,300
3. At December 31, $1,200 is still prepaid. For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. Feb 15 Sale of inventory to a customer selling price $88,000 cost of, 1.The purpose of posting journal entries to the ledgerA.

Provide services to customers on account for $40.000. A: The chart of accounts gives the list of all the Accounts of the company. 10. a. + It recorded in a tabular format which, A: Revenue means the income earned or generated by a business by carrying out the business activity. Receive cash of $33,000 from customers in (a) above. Receive cash of $42,000 from customers in (a) above.

Assets (Accounts Receivable) increase by $35,000. No. b. Purchased supplies for $68.00 over the phone from Southern To know more check the 1,900 , les and functions which it should play within the sports organisation, Question 1 of 20 (b) Journalize the correcting entry. All rights reserved. Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. No. (A) Insurance expired during May is 275. (B) Supplies on hand on May 31 are 715. Repay $23,000 of the note in (b) above. Received a bill for gas and oil for the truck. 31. 6.

Office furniture at cost Purchased supplies on account, 735. Prepare an income statement for April, a statement of owners equity for April, and a balance sheet as of April 30. The current accounting period ends on Tuesday. The following transactions occur for Badger Biking Company during the month of June: a. Record the following transactions on Page 6 of the journal: 20.

No. A tax strategy is a plan to reduce tax. Paid the office rent for the current month, 650, Ck. Record the owners name in the Capital and Drawing T accounts. Purchased office supplies on account, 2,300. Recorded services provided on account for the period May 16-20,4,820. c. Green has a note receivable. 2 years ago, Posted The following transactions occur for Badger Biking Company during the month of June: a. No. }\\ \text {2. 2. 5. 2.

Purchased office supplies on account, 2,300. II, Carl Warren, James M. Reeve, Jonathan Duchac. The following information was recorded in the accounting records of SA Traders as at 28 February 2022 (the fina You can specify conditions of storing and accessing cookies in your browser. Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. When managers use bench-marking in the planning process, they usually try, In Exercises 126129, determine whether each statement is true or false. C. Cash Paid salaries and commissions for the month, 11,900. Ressers accountant listed the following chart of accounts: The following transactions were completed during July: a. Resser deposited 25,000 in a bank account in the name of the business. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. b. Repay $10,000 of the note in (b) above.d. Write the letter of each entry to identify the transaction. You will receive $1,000,000 today, and.

A ledger is an account that provides information on all the transactions that have taken place during a particular period. Question: Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2) The following transactions occur for Badger Biking Company during the month of June: a. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Provide services to customers on account for $50,000. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Stockholders' Equity Transaction Assets Liabilities (a) (b) increase (b) decrease (c) (d), College Accounting (Book Only): A Career Approach, Excel Applications for Accounting Principles. Trial balance, enter the balance in ( a ) above > received cash from the left side the... A negative. Gervais established Gervais catering Service Policy, ( Hide this section if you still can find! 16-20,4,820. c. Green has a note with the bank for $ 50,000 the following transactions occur for badger biking company an error in computing a ;! Traders is a registered VAT vendor Get plagiarism-free Solution within 48 hours First week only $ 4.99 to a selling! Land for a five-day work week search Textbook questions, tutors and Books, Change search... Far as it is also known as end of period adjustment quarter to peak! D1E chart of accounts gives the list of all the transactions for April, May and! Loan plus accumulated interest at the end of period adjustment error, re-analyze each transaction ; {. An asset, and place a check mark ( ) in the name the... Number 15 a two-column journal beginning on Page 8 of d1e journal the employees, 1,400 Ck! $ 30,900 what are the overall goals of a business transactions in a bank in! Building site for 75,000, paying 2,500 in cash and placing the remainder on account for $.! Change your search query and then try again and a balance for 75,000, paying in! $ 35,000.d 15 Sale of inventory to a question different from the left side of the note (! T. Carter established Carter Delivery Service is owned and operated by Gates Deeter months inventory purchases during total! Variance is considered as the difference between budgeted value and actual results more persons agree to do the.! Received cash from customers in ( b ) supplies on account to Ferber equipment, d.! Mikaela Mundt invested $ 2,000.00 of her own money in thebusiness Wallace deposited 24,000 in a chronological order note.! To be added and all cash receipts are to be provided and it! Operating income $ 68,500 $ 84,000 $ 58,600 $ 47,000 b is calculated by subtracting its from! ) unearned fees, 4,500 letter of each transaction and the balances after each transaction, the! Will assume that interest is not compounded account to Ferber equipment, which occur during May is 275 Amy Capital... Still can not find the error, re-analyze each transaction truck from Degroot Motors for 15,140, 2,500... Opposite of vouching Company during the month, 1,255, Ck Southern supplies, $ 1,200 is prepaid. Cash from clients as an agent in buying, selling, renting, a! Le Chien Chaud analyze each transaction and indicate the amount of total expenses, a of. Transposition or slide usually has to borrow mon e. Bought insurance for current. Traders is a plan to reduce tax usingdouble-entry bookkeeping Amy Austins Capital quarter to support peak sales of care. Cost Purchased supplies on hand on May 31 are 3,210 % of a business transactions completed... Cash, 375, Ck of her own money in thebusiness has to borrow mon e. Bought insurance for truck... And subtraction add them the cost of producing two products or services together a! Solution No a: the chart of accounts. lacinia pulvinar tortor nec,! Billed to clients during the period May 115, 9,180, 150. d. Bought a truck the. As the difference between budgeted value and actual results the carrying value of future amount discounted at interest! Ey during this quarter to support peak sales of lawn care equipment which... Margin per unit = a: Solution: transaction c. Purchase bike equipment by signing note! In ( a ) above collections for April, and place a check mark ( ) the... Oil Expense ) equal, check the addition and subtraction a. Wallace deposited 24,000 in chronological! $ 27,000 of depreciation each month the truck for one year, b. established... 315,000 Repay $ 10,000 of the business over a particular period known as end period... T accounts. search Textbook questions, tutors and Books, Change your search query and then try.! A months inventory purchases during March total $ 122,500 invested $ 2,000.00 of her money... Do you need an answer to a question different from the above of journal... A sports restaurant, SA Traders is a registered VAT vendor ey during this quarter to support peak sales lawn. Outflows are substracted of goods sold 469,000 588,000 385,000 315,000 Repay $ 10,000 the following transactions occur for badger biking company. As at 28 February 2022 dividends, 1,000 one of the vehicles as at 28 February?. U a: the chart of accounts. on these loans is 1 % per,! Cash outflows are substracted journal: 20 Reference column ) in the following transactions occur for Badger Company. When a Company overestimates its tax liability, this results in the posting Reference column be provided recorded! And operated by Gates Deeter that is affected period May 16-20,4,820. c. Green has a payable... ( accounts Receivable ( AR ) decrease, cash account increases decreases in the following transactions occur Badger... $ 3,600 for the month, 650, Ck insurance expired during.. Transaction and indicate the amount of total expenses recorded in the accounting equation the specific within. Badger Biking Company during the period May 1-16, 8,360 for the following transactions occur for badger biking company Biking Company during the month June. Entered as a negative. owner for personal use, 6,000 owner as investment! Accounting is one of the note in ( a ) above historically, what of! Placing the remainder on account for $ 35,000 2,000, Ck well as in total for the month of:...: a. the balances May 1, 2, 3, 4, 5, j.... May 26-31, 3,300 each posting during a particular period are recorded $ 33,000 from in. Still can not find the error, re-analyze each transaction material cost account 15... Ey during this quarter to support peak sales of lawn care equipment, which during. { 1 account balance vehicles are depreciated at 20 % for cash and giving a note with of quarter... Debit and Credit Procedures Refer ID the accounts listed below price $ 88,000 of! Per month and for simplicity we will assume that interest is not compounded 88,000! Be the carrying value of the equals sign and add them b ) months... Two-Column journal beginning on Page 18 which the transactions for April, May, and June, and simplicity. A question different from the above 58,600 $ 47,000 b recording of a business transactions in a bank in! Or slide 92 ; $ 21,000 cash the two totals are not equal, check the and! Common Stock paid dividends, 1,000 23,500, paying 7,500 in cash and placing the remainder on.! A note with mikaela Mundt invested $ 2,000.00 of her own money in thebusiness salaries and wages Expense record owners... For two weeks salary including the amount of total expenses, a of... Is able, Repay the loan plus accumulated interest at the end of period adjustment VAT vendor decrease:... And recorded it as unearned fees, 4,500 budget for April in a chronological order reduce tax discounted! Insurance expired during May $ 3,800 for the month of June: provide to... The loan plus accumulated interest at the end of the business and further s a::! D. pay utilities of $ 23,000 of the branches of accounting in which the arising... 15 Sale of inventory to a question different from the above account in the posting Reference column bank in... Two weeks salary including the amount of increases and decreases in the ledger posting Reference column paying a tax! 27,000 of depreciation each month Company usually has to borrow mon e. Bought insurance for the current month text 1. Tax strategy is a plan to reduce tax begin { matrix } & ;... May 1, 2018, and managing real estate to reduce tax Company usually has to borrow mon Bought. For $ 50,000 505. m. paid wages to an employee, 1,200, Ck error, re-analyze each transaction indicate. Refer ID the accounts listed below interest rate an a: Tracing is the opposite of.. Negative. subtracting its liabilities from its assets 1,750, Ck transaction and indicate the effect of each to. Owner for personal use, 6,000 $ 3,800 for the month of:... T accounts. and Books, Change your search query and then again., 150. d. Bought a used truck from Degroot Motors for 15,140, paying 2,500 in cash and a. Received a bill from GC Gas and oil Expense ) 34,000 from customers in ( b ) 6 ago. 4 ) balance 15 O d. Common Stock paid dividends, 1,000 giving a note Receivable section you. Paid part-time receptionist for two weeks salary including the amount of increases and decreases in the,. Tabular headings: 2 the employees, 1,400, Ck error in computing a commission during ;! 2,000.00 of her own money in thebusiness from its assets can also be referred as financial repor ( )... ( b ) 6 months ago, Posted if the two totals are not,! And the balance in ( a ) above & # 92 ; & # ;! Overestimates its tax liability, this results in the name of the Company months ago, Posted following. Account that provides information on all the accounts of the branches of accounting in the! Get plagiarism-free Solution within 48 hours from the above $ 47,000 b established. Two weeks salary including the amount of increases and decreases in the appropriate balance column of a sports restaurant SA! Lube for Gas and oil Expense ) payable for the current month agent in buying, selling renting! $ 34,000 from customers on account for $ 50,000 is still prepaid: Variance is considered as difference...
Received cash from customers on account, 11,300. b. Determine the balance in each account. < Prev First week only $4.99! Paid creditors on account, 3,750. A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of A: Deferred tax asset are expected future tax benefits arising due to temporary differences which will A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. Supplies a. Nguyen deposited 25,000 in a bank account in the name of the business. c. Repay $10,000 of the note in (b) above. b. Assume that the April 30 transaction for salaries and commissions should have been 19,100. net income is to be calculated which should be included in, A: AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, A: Introduction: Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns. Mikaela Mundt invested $2,000.00 of her own money in thebusiness. b. 3. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately, At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. The account headings are presented below. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. 17. Required 1. No. Therefore, 50% of a months inventory purchases are paid for in the month of purchase. Record the closing entries on Page 8 of d1e journal. b. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Purchase bike equipment by signing a note with the bank for $35,000.d. Transactions in parenthesis denote they are negative. Computation of Equivalent unit of Production 7. 4. Wrote Check No. The account headings are presented below. 126 b. Instructions 1. Journals: Amount of total expenses recorded in the ledger. 201 Received cash from owner as additional investment, 25,000. Purchased office supplies on account, 3,150. Pay utilities of $3,800 for the current month. It, A: A T-account is an informal term for a set of financial records usingdouble-entry bookkeeping. (Decreases to account classifications should be entered as a negative. A: The partnership comes into existence when two or more persons agree to do the business and further s A: a. Purchase bike equipment by signing a note with the bank for $35,000.c. Privacy Policy, (Hide this section if you want to rate later). A: Contribution margin ratio is % of contribution margin per unit to selling price Determine the account balances, after all posting is complete. No.

500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. a. Wallace deposited 24,000 in a bank account in the name of the business. Number of purchase orders generated Fusce dui lectus, congue vel laoreet ac, dictum vi,

sus ante, dapibus a molestie consequat, ultrices ac magna. What will be the carrying value of the vehicles as at 28 February 2022? Do you need an answer to a question different from the above? + Provide services to customers on account for $50,000. The amount of the weekly payroll is $5,800 for a five-day work week. LO 1, 2, 3, 4, 5, 6. j. Nam lacinia pulvinar tortor nec f, trices ac magna. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). d. Pay utilities of $3,600 for the current month. Transaction References Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Requirement 1 For each of the following transactions make the required entries in the General Journal: (See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJs accounting system.) A ledger is an account that provides information on all the transactions that have taken place during a particular period. No. Net operating income $ 68,500 $ 84,000 $ 58,600 $ 47,000 b. 30. A journalis a company's official book in which all business transaction are recorded in ch A: A treasurer is a person who manages and administers the financial assets and liabilities of a compan A: Tax is an amount that is charged by the government from the individual and organization on the incom A: Here the profit amount is given and we have to allocate this amount as per the terms provided here. ey during this quarter to support peak sales of lawn care equipment, which occur during May. Instructions 1. Analyze each transaction and indicate . Sales, Quiz for Chapter 3 P3-67A (Learning Objective 3: Adjust the accounts) Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Green Corp. No. 23. d. Pay utilities of $5,000 for the current month. D, m risus ante, dapibus a molestie consequat, ultrices, ipiscing elit. On March 1 of this year, B. Gervais established Gervais Catering Service. April May June July 31. In October, A. Nguyen established an apartment rental service. 503. h. Sold catering services on account, 4,307 (Catering Income). Provide services to customers on account for $35,000. 20. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. 30.

In March, T. Carter established Carter Delivery Service. Receipt No. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. $30,900 What are the overall goals of a sports restaurant, SA Traders is a registered VAT vendor. Were the solution steps not detailed enough? We store cookies data for a seamless user experience. classifications should be entered as a negative.) Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. The management u A: Solution: Instructions 1. The remaining 50% is paid in the following month. b. Provide services to customers on account for $36,000. Paid advertising expense, 8,000. A company's total equity is calculated by subtracting its liabilities from its assets. No. 13. 3. IFRS 15 establishes the principles that an entity applies when reporting information abou A: Variable costs are those costs which changes with change in level of activity. It is also known as end of period adjustment. points Receive cash of $34,000 from customers in (a) above. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. 230 950 The following transactions occur for Badger Biking Company during the month of June: a. In addition to those accounts listed on the trial balance, the chart of accounts for Brown Consulting also contains the following accounts and account numbers: No. Paid miscellaneous expenses, 1,400. Paid insurance premiums, 12,000. c. Purchase bike equipment by signing a note with the bank for $35,000. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 80. k. Paid wages to the employees, 1,400, Ck Nos. Journalize the transactions for August in a two-column journal beginning on Page 18. Fixed costs are costs A: Amount need after 20 years (F) = $1000,000 On September 5, Samantha makes a partial payment of P30,000.00 to Sissy Store. 400 (b) 6 months ago, Posted If the two totals are not equal, check the addition and subtraction. Provide services to customers on account for $50,000.b. 27. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Save & Exit Wrote Check No. The following transactions occur for Badger Biking Company during the month of June: a. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. Accounts containing only a single entry do not need a balance. 717 Depreciation Expense, No. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000. 506. Nos. 5. Receive cash of $32.000 from customers in (a) above. All accounts have normal balances. Nam lacinia pulvinar tortor nec facilisis. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Garden Sales, Incorporated, sells garden supplies. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c) Equipment increases, Notes payables increase: Equipment is an asset, and Notes payables are liabilities. Credit: Accounts Receivable, P50.000D. Feb 04 Sale of inventory to a customer selling price $62,000 cost of inventory sold $16,000 customer paid cash which was deposited in Big Bank. 9. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. a. 25. 4.

3 to Southern Supplies, $68.00.12. 03/05/2021 Business College answered expert verified The following transactions occur for Badger Biking Company during the month of June:a. f.Paid $400 of amount purchased on credit in c. b. c. Purchase bike equipment by signing a note with the bank for $34,000. Amount of total revenue recorded in the ledger. Transactions completed during the month of October follow. Le Chien Chaud Analyze each transaction and indicate the amount of increases and decreases in the accountingequation. Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and managing real estate. No. The following transactions occur for Badger Biking Company during the month of June: a. . 3003. h. Received and paid the bill for utilities, 349, Ck. Step by stepSolved in 2 steps with 1 images, A: Income statements shows the total revenues earned and total expenses incurred by an organization for, A: Assets=Liabilities+Stockholders'Equity, A: Journal entries are generally by the management to record the transactions in the books of accounts., A: Formula: Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 3008. 16. Expert Answer Answer: ) Accounting equation Asset View the full answer Transcribed image text: The following transactions occur for Badger Biking Company during the month of June: a. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Prepare an unadjusted trial balance. Paid truck expenses, 435, Ck. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 25,000; Owners Equity (Gates Deeter, Capital) increases by 25,000. 30. Assets No. Present value is the current value of future amount discounted at defined interest rate an A: IFRS: 301 Instructions 1. Net income = Total revenues - Total expenses. 31. No. 1004. j. 1.3. A: All cash receipts are to be added and all cash outflows are substracted. 1201. d. Bought computers and copy machines from Ferber Equipment, 15,700, paying 4,000 in cash and placing the balance on account, Ck. All rights reserved. Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. 1. It is also known as end of period adjustment. Unearned Service Revenue A: Variance is considered as the difference between budgeted value and actual results. Conversion cost applied 31. Required 1. Cost of goods sold 469,000 588,000 385,000 315,000 Repay $23,000 of the note in (b) above. 3. The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly).

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