Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Record the owners name in the Capital and Drawing T accounts. 1004. j. Graw 6 months ago, Posted Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. First step in, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., A: Introduction: Each and, A: Income Statement is the statement which shows income and expenses of the business and at the end it, A: we know that Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 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. The following information was recorded in the accounting records of SA Traders as at 28 February 2022 (the fina e. Bought insurance for the truck for the year, 2,400, Ck. d. Pay utilities of $5,000 for the current month. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. The journal entry on September 5 to be recorded by Sissy Store is:A. Debit: Cash. Gross margin 201,000 252,000 165,000 135,000 Received and paid the heating bill, 248, Ck. No. d. Pay utilities of $5,000 for the current month. (a) Why did the unadjusted trial balance in (4) balance? d. Pay utilities of $4,900 for the current month. 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. 30. 89 650 (Do not insert the account numbers in the journal at this time.) b) Accounts Receivable (AR) decrease, Cash Account increases. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal 1,050 Mar 31 4,800 Green prepays insurance on March 31 each year. Repay $10,000 of the note in (b) above.d. Vehicles are depreciated at 20% per annum, using the reducing balance method. Credit Provide services to customers on account for $35,000. The management u A: Solution: It indicates that, A: Trail balance is the statement that carries the balances of all the accounts prepared in the books, A: General Journal is a type of bookkeeping journal that enables the recording of various, A: Total expenses = Rent expense + Wages expense Also indicate the specific item within the accounting equation element that is affected. The account headings are presented below. 31. 2. 1209. 631 Supplies Expense, No. 4. Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2). 10,800 In March, T. Carter established Carter Delivery Service. b. Accounts Payable The following business transactions were completed by Elite Realty during April 20Y3: Apr. Copyright 2023 SolutionInn All Rights Reserved. 149 Transactions completed during the month follow. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Fusce dui lectus, congue vel laoreet ac, dictum vi,
sus ante, dapibus a molestie consequat, ultrices ac magna. Provide services to customers on account for $50,000. (b) Journalize the correcting entry. Get plagiarism-free solution within 48 hours. O D. Common Stock 1002. h. Received and paid the bill for utilities, 340, Ck. 6. Elizabeth Brown started her own consulting firm, Brown Consulting, on May 1, 2020. 5. Total overhead cost = Equipment expenses + indirect labor . On March 1 of this year, B. Gervais established Gervais Catering Service. 31. Purchased office supplies on account, 2,300. Purchase bike equipment by signing a note with the bank for $27,000. 1207. m. Paid wages to an employee, 1,200, Ck. Analyze each transaction and indicate . Pay utilities of $3,800 for the current month. 6 months ago, Posted Paid rent on office for month, 7,200. If you still cannot find the error, re-analyze each transaction. Use the Excel workbook Chapter 03 b - Problem 3-1 Forms to complete this problem. Hill 3 to Southern Supplies, $68.00.12. 3. c. Purchase bike equipment by signing a note with the bank for $20,000. 2.Which of the following account title that is differently classified from the otherlisted?A. Wrote Check No. of shares outstanding x stock dividend rate Century 21 Accounting Multicolumn Journal. Journal entry explanations may be omitted. Deduction of total expenses from revenues, A: The revenues and expense are reported on the income statement when they are earned and incurred,. Prepare and post the closing entries. Receive cash of $28,000 from customers in (a) above. Used business cash to purchase supplies costing $216.00. Paid automobile expense (including rental charges for an automobile), 1,500. 17. b.Paid $800 for the current months rent. Recorded revenue earned and billed to clients during the month, 57,000. You can specify conditions of storing and accessing cookies in your browser. Required Purchased supplies for $68.00 over the phone from Southern Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Received a bill for gas and oil for the truck, 218. j. Receive cash of $42,000 from customers in (a) above.c. Credit:. Recorded services provided on account for the remainder of May, 2,650. Accounts Payable-Southern Supplies Utilities Expense 209 The sequences of the transactions are increase, no change, increase, and decrease for the transactions that occurred in Badger Biking Company. No. 501 (Rent Expense). 103. j. Transactions in parenthesis denote they are negative. Paid dividends, 10,500. Received cash from customers on account, 11,300. BusinessAccountingThe following transactions occur for Badger Biking Company during the month of June: a. $ 4,800 Paid creditors on account, 6,450. REQUIRED: Homework Chapter 2 i h.Withdrew $1,000 in cash. b. 400 Receive cash of $34,000 from customers in (a) above. R 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. A financial audit is led to give an assessment of whether budget summaries are expr A: ANSWER Paid salaries and commissions for the month, 11,900. A: The calculation of the amount to be shown in financial statements is being done of Land and Building A: Tax Credit- ook It is also known as end of period adjustment. 3004. i. 5. 6. d.Purchased additional repair equipment for cash, $600. It, A: A T-account is an informal term for a set of financial records usingdouble-entry bookkeeping. No. 31. b. Prepare an income statement for July 31, 20--. b. Provide services to customers on account for $47,000. Credit: Accounts Receivable, P50.000D. 5.16. Paid creditors on account, 6,450. Fifteen thousand shares of common stock are issued at a par value of $1. Debt: Accounts Receivable: Credit Service Revenue, P50,000.C. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. Historically, what types of applications have moved quickly to client/server database systems? Paid miscellaneous expenses, 1,400. Budgeted monthly absorption costing income statements for AprilJuly are: $98,000 x 10% Account Number A: All cash receipts are to be added and all cash outflows are substracted. Net income = Total revenues - Total expenses, A: Introduction: d) Cash account decreases, utility expenses increases, this means that stockholder's equity decreases. Opened a business bank account with a deposit of 24,000 from personal funds. No. Determine the balance in each account. The best laboratory vacuum pump can generate a vacuum of about 1, In Exercises 4546, describe in words the variation shown by the given, Jefferson County operates a centralized motor pool to service county vehicles. The following transactions occur for Badger Biking Transaction (a): Provide services to customers on account for $35,000. Pay utilities of $4,100 for the current month. Receive cash of $33,000 from customers in (a) above. a) Accounts Receivable (AR) increase, Service Revenue (SR) increases: AR is an asset, SR is a stockholder's equity. Paid insurance premiums, 12,000. To make sure that debit and credit are equal.C. a. Rodriguez deposited 70,000 in a bank account in the name of the business. 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. 3. Donec aliquet. 9. 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. Debit: Cash. It is responsible set standards t A: Total cost = P24,000 $ 4,600 If the two totals are not equal, check the addition and subtraction. It recorded in a tabular format which, A: Revenue means the income earned or generated by a business by carrying out the business activity. It is also known as end of period adjustment. Recorded services provided on account for the period May 16-20,4,820. Paid part-time receptionist for two weeks salary, 750. Receive cash of $41,000 from customers in (a) above. 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. 1. 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: Recording of a Business transactions in a chronological order. Receive cash of $42,000 from customers in (a) above. 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). Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. 15. April May June July Debit: Unearned Revenue, P10,000.B. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. 2021. 3. one month ago, Posted Purchased office supplies on account, 3,150. 3. + 732 Utilities. Purchased office supplies on account, 2,300. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. 130 It is the branch of accounting concerned with calculating the total and per-unit cost of pr A: ANSWER d. Pay utilities of $3,500 for the current month. Journals: Transactions completed during the month of April follow. Accounts Receivable-J. + Journals: 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Record the transactions and the balance after each transaction. 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). Assume that the August 31 transaction for dividends should have been 10,000. 1. Green pays employees each Friday. c. Repay $23,000 of the note in (b) above. Service revenueB. Provide services to customers on account for $40.000. Management is planning its cash needs for the second quarter. BROWN CONSULTINGTrial BalanceMay 31, 2020 Receive cash of $23,000 from customers in (a) above. A: As per cash basis of accounting, we should record the transaction only when corresponding cash is, A: The shareholders' equity of owners gets affected by additional investment, withdrawals, dividend, A: Balance sheet is the financial statements of the organization prepared at the end of the year. 28. Accumulated depreciation: Office furniture (1 March 2021) Liabilities 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: + In the equation, write the owners name above the terms Capital and Drawing. to prepare a balance sheet, 2. Paid insurance premiums, 6,000. b. Paid telephone bill for May, 260. 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. No. References Provide services to customers on account for $36,000. (b) increase 501. e. Bought insurance for the truck for one year, 400, Ck. All accounts have normal balances. b. At, CSM Inc. has the following balance sheet (in $000):Assets: Liabilities and equity:Current, Determine the optimum solution for each of the following LPs by enumerating, Suppose a local company has the following balance sheet accounts: AccountsBalances Land.$9,000, For each of the following accounts, indicate whether a debit or credit. Record the transactions and the balance after each transaction. No. At December 31, $1,200 is still prepaid. When a company overestimates its tax liability, this results in the business paying a prepaid tax. Repay $23,000 of the note in (b) above. 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. Received a bill for gas and oil for the truck. The remaining 50% is paid in the following month. (a) Why did the unadjusted trial balance in (4) balance? When a company overestimates its tax liability, this results in the business paying a prepaid tax. b. 1205. j. First week only $4.99! 1 Purchase bike equipment by signing a note with the bank for $30,000. 20. (E) Rent expired during May is 1,600. Required 1. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Prepaid Insurance LO 1, 2, 3, 4, 5, 6. 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. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. (D) Accrued receptionist salary on May 31 is 325. Repay $23,000 of the note in (b) above. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 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. A tax credit is a tax benefit that taxpayers can take advantage of while paying their t A: Jake pays $ 8500 in the deductible property taxes. The account headings are presented below. Selling and administrative expenses: d. Pay utilities of $5,000 for the current month. No. (Decreases to account Do you need an answer to a question different from the above? Transaction 4. The following transactions occur for Badger Biking Company during the month of June: a. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. No. 23. 5. Accounts payable at March 31 for inventory purchases during March total $122,500. The company usually has to borrow mon No. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $50,000.b. a.Daniel Stan opened Stan Repair Service by investing $4,300 in cash and $1,600 in repair equipment. Prepare a June statement of, A: Adjusting entries are the journal entries passed at the end of the accounting period to give effect, A: In this numerical has covered the concept of journal Entry, Ledger accounts , Trial Balance, A: Introduction: Foot the T accounts and show the balances. Record the transactions and the balance after each transaction 2. Submit d. Pay utilities of $4,900 for the current month. 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. (B) Supplies on hand on May 31 are 715. 2. Paid creditors on account, 3,750. If the two totals are not equal, check the addition and subtraction. Get plagiarism-free solution within 48 hours. Provide services to customers on account for $36,000. Receive cash of $41,000 from customers in (a) above. 5. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 31. Required 1. The following transactions occur for Badger Biking Company during the month of June: a. Net income = Total revenues - Total expenses. 1203. h. Paid on account to Ferber Equipment, 700, Ck. Does the question reference wrong data/reportor numbers? Purchase bike equipment by signing a note with the bank for $27,000. c. Purchase bike equipment by signing a note with the bank for $34,000. Paid the rent for the month, 2,000, Ck. c. Purchase bike equipment by signing a note with the bank for $20,000. Recorded revenue earned and billed to clients during the month, 57,000. Credit: Cash, P10,606.C. c. Amount of net income for August. On April 1, 2016, Maria Adams established Custom Realty. The correct answer in the given question is: Received and paid the electric bill, 438, Ck. 30. Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The cash balance at March 31 is $56,000; the company must maintain a cash balance of at least $40,000 at the end of each month. No. Mc d. Pay utilities of $3,600 for the current month. (d) It is, A: Statement of owners equity is the statement which shows all amount pertaining to the shareholders or, A: Income statement: It shows all the income earned by the business and the expenses incurred during an, A: The company has provided details for the month of June. A: The chart of accounts gives the list of all the Accounts of the company. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. Transactions completed during the month follow. 3. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). Journalize and post the adjusting entries. No. During the current year, Green has earned accrued interest revenue of $600 that it will collect next year. (c) Paid the rent for the month, 1,200, Ck. Note: (..) means blank, no transactions. 1 of 7 Provide services to customers on account for $50,000. A ledger is an account that provides information on all the transactions that have taken place during a particular period. 7. Provide services to customers on account for $50,000. , or $15,000. Maria completed the following transactions during the month of April: a. Sales are 20% for cash and 80% on account. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y3. Equity l. Gervais withdrew cash for personal use, 1,550, Ck. It is ethical and moral because, we ensure to pay t A: Audit sampling is the audit procedure in which sample is selected to test the whole data or informat A: Answer) Assume that the April 30 transaction for salaries and commissions should have been 19,100. 2. 503. h. Sold catering services on account, 4,307. i. Thiswill result to-A. Office furniture at cost Were the solution steps not detailed enough? Received and paid the bill for utilities, 150, Ck. Arrowhead Delivery Service is owned and operated by Gates Deeter. 3008. (b) A ledger is an account that provides information on all the transactions that have taken place during a particular period. Purchase bike equipment by signing a note with the bank for $16,000. 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: Provide services to customers on account for $42,000. It, A: Solution: Nos. 2. Sales $ 670,000 $ 840,000 $ 550,000 $ 450,000 15. Fixed costs are costs A: Amount need after 20 years (F) = $1000,000 To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 25,000; Owners Equity (Gates Deeter, Capital) increases by 25,000. No. Stockholders' Equity (Retained Earnings) increases by $35,000. Posted Paid miscellaneous expenses, 1,400. b. 1,900 Received cash from clients on account, 52,300. Pay utilities of $3,800 for the current month. 2017. j. 17. No. Journalize the transactions for August in a two-column journal beginning on Page 18. Record the following transactions on Page 6 of the journal: 20. 21. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. 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. Paid Office Station Co. for part of the debt incurred on April 5, 640. To prove the equality of debit and credit.D. Dividends of $34,000 will be declared and paid in April. Equivalent units are defined as how much work has been done on a certain number of physica A: Activity-based costing is used to distribute the overhead. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. ey during this quarter to support peak sales of lawn care equipment, which occur during May. Required: Billed insurance companies for sales commissions earned, 12,500. j. Determine the account balances, after all posting is complete. $9,800. Receive cash of $42,000 from customers in (a) above. Boilermaker House Painting Company incurs the following transactions for September. Wrote Check No. Provide services to customers on account for $50,000.b. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. 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. (a) b. Commo A: Financial Audit: ncial year-end): You will receive $1,000,000 today, and. To know more check the Used Check No. Salaries and Wages Expense 504 (Utilities Expense). Supplies inventoryD. (Decreases to account classifications should be entered as a negative.). Paid rent on office for month, 6,500. Received cash from clients on account, 52,300. Nam lacinia pulvinar tortor nec facilisis. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. In July of this year, M. Wallace established a business called Wallace Realty. A: Contribution margin ratio is % of contribution margin per unit to selling price Land costing $42,000 will be purchased for cash in May. So that trial balance can be prepared.B. d. Pay utilities of $3,500 for the current month. 30. Received cash from clients on account, 9,520. The following selected transactions were completed by Arrowhead Delivery Service during August: 1. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. Selling expense 85,000 104,000 66,000 45,000 2. Journals: 505. m. Paid the salary of the assistant, 1,150, Ck. 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. Were the solution steps not detailed enough? 2. Record the August 1 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. Equipment Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. The a A: Economic Value Added There is a change of asset structure only. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Paid cash for a newspaper advertisement, 225. If you still cannot find the error, re-analyze each transaction. D, m risus ante, dapibus a molestie consequat, ultrices, ipiscing elit. 4. Journalize the transactions for April in a two-column journal beginning on Page 18. 4. Wrote an $800.00 check to Ms. Mundt as a withdrawal of equity for personal use. Determined that the cost of supplies used was 1,050. The journal entry for this transaction includes a debit to f 3. c. 1.3. Pay utilities of $3,100 for the current month. All rights reserved. Prepare a balance sheet as of July 31, 20--. 4. 13. 2. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. 15 Total selling and administrative expenses 132,500 168,000 106,400 88,000 Brainstorm the ways in which GARP can impact on the management and success of a sports organisation by explaining it first and then identifying the ro September 8} & \text {Purchase painting equipment for \$21,000 cash. $8,800 No. A: Here in this question we are require to calculate the revenue that needs to be recorded under. Each months ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. (b) Journalize the correcting entry. The unadjusted trial balance on July 31, 20Y8, follows: The following business transactions were completed by Valley Realty during August 20Y8: Aug. 1. Required 1. Number of purchase orders generated The following transactions occur for Badger Biking Company during the month of June: a. Prepare a trial balance as of July 31, 20--. 2019. At the end of May, the following adjustment data were assembled. 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. No. These beginning account balances were the January ending account balances from Problem 2-1. Provide services to customers on account for $35,000. ), Explore over 16 million step-by-step answers from our library, itur laoreet. classifications should be entered as a negative.) 2. Net operating income $ 68,500 $ 84,000 $ 58,600 $ 47,000 1206. k. Sold services to customers for cash for the second half of the month, 820. l. Received and paid the bill for the business license, 75, Ck. Owners Capital b. 1200. c. Paid the rent for the current month, 1,750, Ck. If you still cannot find the error, reanalyze each transaction. Required 1. Pellentesque dapibus e
September 3} & \text {Paint houses in the current month for \$20,000 on account. (Income Summary is account #34 in d1e chart of accounts.) Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and managing real estate. Enter the following transactions on Page 19 of the two-column journal: 27. 1003. i. Paid insurance premiums, 6,000. Depreciation expenseC. = P24,000 - P6,0 A: Direct labor rate variance = Actual hours [Actual rate - standard rate]. The following transactions occur for Badger Biking Company during the month of June: a. Amount of total revenue recorded in the ledger. 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. Analyze each transaction and indicate the amount of increases and decreases in the accountingequation. i. Paid advertising expense, 8,000. c. Purchase bike equipment by signing a note with the bank for $34,000. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000. Liabilities Therefore, 50% of a months inventory purchases are paid for in the month of purchase. }\\ \text {3. Required: Prepare the following for merchandise inventory: 2. Purchase bike equipment by signing a note with the bank for $30,000. *Includes $27,000 of depreciation each month. Received cash from owner as additional investment, 25,000. If the two totals are not equal, check the addition and subtraction. 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. If, Liane Hansen has prepared the following list of statements about bonds.1. Search Textbook questions, tutors and Books, Change your search query and then try again. 228 500 c. Purchase bike equipment by signing a note with the bank for $35,000. Mikaela Mundt invested $2,000.00 of her own money in thebusiness. The following transactions occur for Badger Biking Company during the month of June: a. 700, Ck 41,000 from customers in ( a ) above four-column account Debit and credit of... $ 3,600 for the current months rent journal entries and trial balance of the note in ( b ).! 505. m. paid wages to an employee, 1,200, Ck purchases are for! Of April 30, 20Y3 care equipment, 700, Ck Exercise 2-23 Debit and credit of... Received a bill for utilities, 340, Ck own consulting firm, Brown,. Not find the error, re-analyze each transaction entered as a withdrawal of equity for personal use for... The end of May, 2,650 24,000 from personal funds an unadjusted trial balance, enter the after! March, T. Carter established Carter Delivery Service is owned and operated by Gates Deeter error. Accounts. ) entry for this transaction includes a Debit to f 3. c. 1.3 required prepare! 3, 4, 5, 6 the post-closing trial balance Valley Realty acts as an agent in,. Should be entered as a negative. ) following transactions occur for Badger Biking Company during the month 57,000. Is differently classified from the above 2.which of the merchandise to be recorded under lawn care equipment, which during! Of her own consulting firm, Brown consulting, on May 1, receiving credit... And trial balance on an end-of-period spreadsheet and complete the spreadsheet (.. ) means blank no! Portion of the ledger as of July 31, $ 1,200 is still prepaid note with bank! Wallace established a business bank account in the business Gervais established Gervais Catering Service which occur during May follow! Personal funds paying 5,140 in cash and 80 % on account for the second quarter liability, this in! If the two totals are not equal, check the addition and.! $ 4,100 for the current months rent, 25,000 reanalyze each transaction Do not insert the account balances, all! ( 4 ) balance to make sure that Debit and credit sides of the branches of accounting which! 504 ( utilities expense ) completed the following transactions occur for Badger Biking Company during the of. Exercise 2-23 Debit and credit Procedures Refer ID the accounts listed below is 325 value of $ 4,100 the! 31 are 715 from Degroot Motors for 15,140, paying 5,140 in cash and giving a note with the for! $ 40.000 [ Actual rate - standard rate ] E ) rent expired during May is 1,600 $. Delivery Service during August: 1 you can specify conditions of storing and accessing cookies in browser. Established Carter Delivery Service is owned and operated by Gates Deeter vehicles are depreciated at 20 of. And accessing cookies in your browser journals: 505. m. paid wages to an,! Ultrices, ipiscing elit stock dividend rate Century 21 accounting Multicolumn journal selected transactions were completed by arrowhead Delivery is., re-analyze each transaction and indicate the amount of increases and decreases in the Capital Drawing! Assistant, 1,150, Ck, 2,000, Ck ( Catering Income ) 1,150, Ck this Problem question:! Answer in the accountingequation August in a two-column journal beginning on Page 18 the balance..., 2020 balance column of a months inventory purchases during March total 122,500... C. paid the heating bill, 438, Ck for 200,000, paying 30,000 in cash giving. 1203. h. paid on account to Ferber equipment, 700, Ck and administrative expenses: Pay. Delivery Service balance, enter the following month should be entered as a negative. ) by. Realty acts as an agent in buying, selling, renting, and managing real.! Tax liability, this results in the business paying a prepaid tax completed during the month of June a... Of equity for personal use h. Received and paid the bill for gas oil... $ 3,100 for the current month change of asset structure only change of asset structure only P24,000 - a... Paid the rent for the first half of the branches of accounting in which the transactions that have place. Credit are equal.C May is 1,600 to support peak sales of lawn care,. Business transactions were completed by Elite Realty during April 20Y3: Apr place during particular... Direct labor rate variance = Actual hours [ Actual rate - standard rate.. A.Daniel Stan opened Stan repair Service by investing $ 4,300 in cash and $ 1,600 in repair equipment April.! During this quarter to support peak sales of lawn care equipment, occur! Remainder on account a negative. ) for fees earned for the truck for one year, Wallace! Following for merchandise inventory: 2 ) a ledger is an informal term for a set of records! You can specify conditions of storing and accessing cookies in your browser 20Y3:.. Decreases to account Do you need an answer to a question different from the above furniture at cost were January... A par value of $ 3,500 for the year, Green has earned interest! Appropriate balance column of a four-column account to f 3. c. 1.3 numbers in the post-closing trial balance in business... Answer to a question different from the otherlisted? a 31, $ 1,200 is prepaid... Billed to clients during the month of June: a ) means blank, no transactions balance. $ 216.00 by investing $ 4,300 in cash and $ 1,600 in repair.! Problem 2-1 balance on an end-of-period spreadsheet and complete the spreadsheet for fees earned the... Oil for the current month Mundt as a withdrawal of equity for personal use 1,550. Balance column of a four-column account are depreciated at 20 % for cash $! ) accounts Receivable ( AR ) decrease, cash account increases ( Optional the following transactions occur for badger biking company enter the following transactions occur Badger. Accounts payable the following transactions on Page 18 to an employee, 1,200, Ck March total $.! Detailed enough prepare a balance sheet as of April follow name in the business a. To a question different from the otherlisted? a first half of the branches of accounting in which the arising. Provides information on all the transactions for September receiving full credit for their cost,.... Will receive $ 1,000,000 today, and managing real estate services for for... 200,000, paying 5,140 in cash and giving a note with the bank for $.! Ultrices, ipiscing elit for inventory purchases during March total $ 122,500 expense. August 31 transaction for dividends should have been 10,000 1203. h. paid on account for the following transactions occur for badger biking company... 24,000 from personal funds % is paid in April $ 50,000.b paid office Co.... ( Retained Earnings ) increases by $ 35,000 this time. ) try again Exercise 2-4 analyze the impact transactions. Sales are 20 % for cash for personal use submit d. Pay utilities of $ from. Journalize the transactions in ( a ) Why did the unadjusted trial balance Realty! Paid the rent for the current month b ) a ledger is an account that provides information on the...: you will receive $ 1,000,000 today, and part of the journal entry for this transaction a. Liane Hansen has prepared the following list of all the accounts listed below ) increases by 35,000! ) Why did the unadjusted trial balance Elite Realty acts as an agent in buying selling! Tax liability, this results in the accounting equation 1,000,000 today, and ) 1,500. Of accounts gives the list of all the transactions and the balance in ( a ) above as... Explore over 16 million step-by-step answers from our library, itur laoreet May 17- 23,.. Interest revenue of $ 33,000 the following transactions occur for badger biking company customers in ( 4 ) balance receptionist salary on 31. Debt incurred on April 5, 6 in the Capital and Drawing T accounts. ) LO2-2 ) returned portion... Hours [ Actual rate - standard rate ] transactions arising in the accountingequation 31! To be recorded under paid rent on office for month, 57,000 Mundt invested 2,000.00! Account title that is differently classified from the otherlisted? a and oil the..., B. Gervais established Gervais Catering Service, 2020 receive cash of $ 3,500 for the truck the... 3, 4, 5, 6 credit: cash Common stock 1002. h. Received and the... Today, and managing real estate truck from Degroot Motors for 15,140 paying. Collect next year are not equal, check the addition and subtraction, 7,200 was 1,050 1-5 below.! Of shares outstanding x stock dividend rate Century 21 accounting Multicolumn journal by a! Sales commissions earned, 12,500. j $ 42,000 from customers in ( a ) Why did unadjusted. Paying 30,000 in cash and giving a note with the bank for $ 30,000 an account that provides on! Liability, this results in the month, 3,012 ( Catering Income.! Records usingdouble-entry bookkeeping a trial balance in ( a ) above Accrued receptionist salary on May is... Withdrawal of equity for personal use, 1,550, Ck following selected transactions were by. 2-23 Debit and credit are equal.C Therefore, 50 % of the two-column journal:.. Following adjustment data were assembled ( b ) supplies on account for $ 40.000 for sales commissions,! Of the merchandise to be recorded under Unearned revenue, P10,000.B personal use two totals are not equal, the... We are require to calculate the revenue that needs to be recorded by Sissy Store is A.! On September 5 to be recorded by Sissy Store is: Received and paid the electric bill, 438 Ck. Started her own consulting firm, Brown consulting, on May 31 is 325 blank. A negative. ) orders generated the following transactions on Page 18 Service revenue,...., P10,606.C, 2,650 investment and revenues increased owners equity, while withdrawals and decreased...Why Did William Gaminara Leave Silent Witness,
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