The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $73,900. 2. Purchased supplies on account, $1,960. 3. Received cash from customers on account, $62,770. 4. Paid creditors on account, $820. a. Journalize these transactions in a two-column journal, using the appropriate number

The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $73,900. 2. Purchased supplies on account, $1,960. 3. Received cash from customers on account, $62,770. 4. Paid creditors on account, $820. a. Journalize these transactions in a two-column journal, using the appropriate number

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 21E: Entries for notes receivable The series of five transactions, (a) through (e), recorded in the...

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The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
The following selected transactions were completed during August of the current year: Transactions Aug. 1 Billed customers for fees earned, $74,140. 4 Purchased supplies on account, $2,150. 8 Received cash from customers on account, $62,770. 11 Paid creditors on account, $890. Required: A. Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles. B. Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date. C. Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean that an error has occurred?
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Payment of six months’ rent in advance.b. Purchase of an office computer on account.c. Purchase of office supplies on account.d. Adjustment to record depreciation at the end of the month.e. Adjustment to record accrued salaries at the end of the period.f. Purchase of services on account.g. Adjustment to prepaid rent at the end of the month.h. Purchase of office equipment for cash.i. Adjustment to prepaid insurance at the end of the month.j. Purchase of office supplies for cash.k. Advance payment of a one-year fire insurance policy on the office.
Transactions and T accountsThe following selected transactions were completed during July of the current year.1. Billed customers for fees earned, $112,700.2. Purchased supplies on account $4,500.3. Received cash from customers on account $88,220.4. Paid creditors on account, $3.100.a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted.b. Post the entries prepared in (a) to the following T accounts: Cash. Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transaction.c. Assume that the unadjusted trial balance on July 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
Presented below are transactions related to Cullumber Company. On December 3, Cullumber Company sold $ 621,900 of merchandise on account to Bramble Co., terms 2/10, n/30, FOB destination. Cullumber paid $ 430 for freight charges. The cost of the merchandise sold was $ 365,200. 1. On December 8, Bramble Co. was granted an allowance of $ 23,200 for merchandise purchased on December 3. On December 13, Cullumber Company received the balance due from Bramble Co. 2. 3. Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Crei 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. > 3.
1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted. How does grading work? LEDGER Score: 28/510 Account: Cash11Account No. DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 ✔ 3 4 5 6 7 ✔ 8 9…
Required Provide all journal entries pertaining to Singer's line of credit for the first three months of Year 1. (Round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the cash borrowed. 2 Record the interest expenses paid. 3 Record the cash borrowed. Record the interest expenses paid. 5 Record the repayment of borrowed amount. 4 6 Record the interest expenses paid. ****** X w**** 2 of 4 # Next >
ACCOUNTING PROCEDURES, POLICIES, AND INSTRUCTIONS I. Maja’s Consultancy reports its operations monthly. II. Maja’s Consultancy uses voucher system for every cash disbursement. III. Prepaid expenses are recorded using asset method. IV. Instructions: a) Journalize each transaction using the source documents provided. b) Post the journalized transactions to its corresponding general ledger. c) Prepare trial balance. d) Determine the balances in each account and prepare the unadjusted trial balance in the worksheet. e) Answer the data for adjustments. f) Journalize the adjusting entries and prepare it in the worksheet. g) Complete the worksheet. h) Prepare the financial statements. i) Post the adjusting entries j) Journalize and post the closing entries. k) Prepare the post-closing trial balance. V. Data for adjusting entries: a) Per count, the office supplies on hand amounted to P2,000. b) Received the September billing from PLDT, P1,500. c) 1% of accounts receivable is uncollectible.…
c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box blank. Account Accounts Payable DATE Sept. 1, 20Y4 ITEM Balance ✔ GENERAL LEDGER POST. REF. DEBIT CREDIT Account No. 21 BALANCE DEBIT CREDIT
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
Transactions Birdy Consulting Services has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; B. J. Faust, Capital; B. J. Faust, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; and Miscellaneous Expense. Journalize the following selected transactions for January 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Jan. 1. Paid rent for the month, $2,900. 4. Paid advertising expense, $1,830. 5. Paid cash for supplies, $790. 6. Purchased office equipment on account, $12,100. 12. Received cash from customers on account, $3,930. 20. Paid creditor on account, $1,150. 27. Paid cash for miscellaneous expenses, $500. 30. Paid utility (heating) bill for the month, $180. 31. Fees earned and billed to customers for the month, $26,200. 31. Paid utility (electricity) bill for the month, $310. 31. Paid B. J. Faust cash for personal…
The transactions completed by the MJW Company during January, its first month of operations, are listed below. Assume that MJW Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses an Accounts Receivable and an Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used to record each transaction (a journal may be used multiple times). Also, indicate with a “Yes” (in the “Posting” column) if recording the entry requires a posting to a subsidiary ledger (note: there are only 5 of the 10 that require a posting to the subsidiary ledger). Journal Posting _____ ____ (1) Purchased equipment on account. _____ ____ (2) Issued an invoice to a customer. _____ ____ (3) Received a check from a customer for payment on account. _____ ____ (4) Issued check for advertising expense. _____ ____…