a. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2020, with no salvage value. Issued common stock for $2,200 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During Unit completed a. working capital overstated by 4,200 b. working capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 9,800. Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to prepare for the. Ted Catering received $1,100 cash in advance from a customer for catering services to be provided in three months. There were no dividends in the first month. 267,540 When recording business transactions, it is not, A:"Since you have asked multiple questions, we will solve first question for you. e. Not recorded in the accounting records until the earnings process is complete. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 6. See Answer Question: The following transactions occurred during July: 1. your work carefully. Insurance proceeds will amount to only 5,000. 7. Accounts Payable $5,250 
9. Identify the general journal entry below that Innovation Consulting will make to record the transaction. \text { Size } & 64.993 & 3.047 & 21.33 & 0.000 \\ Received $2,200 cash investment from Barbara Hanson, the owner of the business. e. Sales Salaries Expense. Secure transaction Ships from Amazon Sold by Commited Sellers Returns Eligible for Return, Refund or Replacement within 30 days of receipt Gift options Add at checkout Payment Secure transaction We work hard to protect your security and privacy. ), Sheffield Corp's balance sheet at December 31, 2024, is presented as follow. \text { Analysis of Variance } & & & \\ The following transactions occurred during July: 1. Billed $4,550 to customers for services performed on account in July. Cash. Which of the following general journal entries will the firm make to record this transaction? The total of the Debit column of the trial balance will exceed the total of the Credit column by $13,000. credits affect an account balance is called a: December 31, 2024 84,000 Received $850 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 6. No other changes in equity occurred during the year. Refer to the information for Shannon Corporation above. 3. d. $57,000. d. Owner, Withdrawals. 2. received $800 from a customer as payment for services performed during june. cash - 610 Completed an art appraisal and billed the client $200. What was the amount Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. = Invoice Price + Delivery + Installation & Testing, Q:During October 2018, the following changes in inventory item F555 took place: Determine the general journal entry that Ted Catering will make to record the cash receipt. WebThe following transactions occurred during July: Received $1,450 cash for services performed during July. 2. The company reports on the balance sheet the net book value of property and equipment and long-term liabilities (known as control accounts). Employee salaries for the month of June 2021 of $16,000 will be paid on July 20, 2021. WebThe Grant Term begins on July 1, 2023 and ends on October 2 9, 2024. Depreciation reported on the income statement, 115,000. c. Equipment was purchased at a cost of 395,000, and fully depreciated equipment costing 75,000 was discarded, with no salvage realized. On May 1, a customer paid GreenLawn $70,000 for 6-months services in advance. Instructions The company paid $2,200 cash to rent office space for the month of March. What effect would this error have on the trial balance? Ending Equity = $27,000 (#1) + $102,000 (#2) + $18,000 (#4) + $3,200 (#6) $2,200 (#3) $6,400 (#5) $700 (#7) $5,200 (#9) = $135,700, Pharmacy 1 midterm review (ones I got wrong). 2. of $11,500. c. Liabilities created when a customer pays in advance for products or services before the. Blockchain is the underlying technology of a number of digital cryptocurrencies. Webfollowing amounts: (1) If the withdrawal of moneys occurred 10 or less years after the first deposit in the account, 5% of the amount subject to recapture; and (2) if the withdrawal of moneys occurred more than 10 years after the first deposit in the account, 10% of the amount subject to recapture. WebBusiness Accounting Purchases and Cash Payments Transactions Emily Frank owns a small retail business called Franks Fantasy. ofSharesCostperShareTotalCostTotalFairValueAlvarezInc.stock960$38.00$36,480$39,936HirschInc.stock1,90028.8054,72060,040$91,200$99,976\begin{array}{lcccc} WebDuring 2025, the following transactions occurred. 3. A law firm collected $3,300 in advance for work to be performed in three months. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. The following transactions occurred during July: July 1 Issued Check No. Received $5,200 This problem has been solved! A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company's debt ratio was: 74.9%. 3. Expert Answer. \text{Chadwick Co. stock}&\text{\$46.00 per share}\\ c. $52,000. October, 1. \text { Constant } & -37186 & 4629 & -8.03 & 0.000 \\ You can specify conditions of storing and accessing cookies in your browser. An account receivable of $3,570 which originated in 2024 is written off as uncollectible. 1. Debt Ratio = $301,000 / $402,000*; Debt Ratio = 0.75 = 74.9% Andrea Apple opened Apple Photography on January 1 of the current year. Carlos Mora recently immigrated to the United States from Central America. \text{Accounts receivable (net)}&&136,530&138,000\\ Go directly to: Incoterms 2020 key changes Incoterms 2020 Training Incoterms 2020 app For further information please contact Received $790 from a customer in partial payment of his account receivable which arose from sales in June. Material 3. The worksheet should have the following format: 2. Sold a custom frame service and collected $5,300 cash on the sale. On January 1, Sheffield also issued The company provided $4,600 of services to customers on account. 8. Due to a backlog of orders, the company does not perform the services until January 3, 2017. Thomas $5,000 for services to be provided in the future. Why are these ratios useful? Required: 1. Armour specified that the assignment "does not pertain to production attributable to these leases from any new wells," reserving for itself an interest in those royalties. During January, the following transactions occurred and were recorded in the company's books: is a 4.8 percent chance that the flight will be diverted for an immediate landing. July 31 Supplies July 31 Prof. sal. The company paid cash of $3,200 for monthly rent. 3. QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to $18,000. (1) Variable or, Q:Record each of the following transactions and events of Hertz 10. the month of May, total credits to Accounts Receivable were $52,000 from customer 
4. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. Note: Round to nearest whole dollar., A:In accounting, a journal is a chronological record of all financial transactions that occur in a, Q:A woman bought 130kg of tomatoes for 2000 cedis . July 3 July 10 July 14 July 18 &\textbf{Balance Sheet}\\ $258,000 = $179,200 + Beginning Total Equity; Beginning Total Equity = $78,800 Round all answers to the nearest whole, A:Flexible budget performance report is the report prepared by the entity for the purpose of, Q:Required: At year-end, a trial balance showed total credits exceeding total debits by $5,950. 5. Received $2,200 cash investment from Please show your work. The following transactions occurred during July: 1. 2. When confronted with an in-flight medical emergency, pilots and crew can consult staff physicians at a global response center located in Arizona. f. Received $1,250 cash from a customer for services to be rendered next year. d. Credit to Accounts Payable. The Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions such as sales, warranties, negotiable instruments, loans secured by personal property, and other commercial matters. Received $2,200 cash investment from Bob Johnson, the owner of the business. Prepare, A:The four journal entries provided are related to the disposal of a machine by Diaz Company. Billed $4,250 to customers for services performed on account in July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June 4. Net income, 190,000. b. Used office supplies for the month, $4,000 31. Beginning Cash Balance + $700 = $5,900; Beginning Balance = $5,200 debit balance. The company received $4,700 cash in advance from a customer for repair services to be provided in April. Date 5. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of 20,000 and a book value of 7,000 was totally destroyed. WebThe following transactions occurred during July: 1. PredictorConstantSizeAnalysisofVarianceSourceRegressionResidualErrorTotalCoef3718664.993DF13334SECoef46293.047SS1354866208298268739214531349474T8.0321.33MS1354866208229778406P0.0000.000F454.98P0.000. May 5. $40,000 + Credit Sales (Debits) $76,000 = $33,000 WebThe following transactions occurred during July: 1.Received $900 cash for services provided to a customer during July. 2. d. Debit Tim Jones, Withdrawals and credit Cash. h. Would the book values of Barnes & Nobles fixed assets normally approximate their fair market values? 9. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. c. A $4,300 credit balance. Ending Cash Balance = $15,200 (#1) $3,800 (#3) + $7,400 (#4) $3,200 (#7) $4,800 (#8) $445 (#9) = $10,355. Change in Equity = Beginning Equity Ending Equity 12 4 See 19 CFR 351.309(d); see also 19 CFR 351.303 (for general filing requirements). Experts are tested by Chegg as specialists in their subject area. d. A $5,700 debit balance. WebThe following transactions occurred during July: a. What was the amount of revenue for July? Required: 1. Ignore income taxes and deferred tax considerations in your answer. 3. What was the amount of revenue for July? disbursements of $8,600. 3. h. Additional marketable securities wefe purchased during the year. e. All of these. Debt Ratio = $118.1 million / $421.0 million; Debt Ratio = 0.2805 = 28.1%. The following are the operational transactions related to Melody's Piano School for the month of May: A company had the following assets and liabilities at the beginning and end of the current year: During 2021, Ocean Consulting had the following transactions with its clients (customers): In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at $1,690 a month. QN=87 A simple account form widely used in accounting as a tool to understand how debits and \hline EnerDel is proud to be a US designer and manufacturer, with our headquarters, engineering and manufacturing in Indiana, and our advanced engineering tech center in California. $ 900. The company paid $7,800 for salaries for the month of March. Ignore income taxes and deferred tax considerations in your answer. Statement of equivalent production : Refer to the information for Shannon Corporation above. 1. 1. They share profits and losses in the ratios of 2/9,, A:Partnership is the association of two or more persons who have agreed to share profit and loss in, Q:Peter and James are partners in Apostles Partnership with the following capital balances prior to, A:Partnership is a legal form of business organization in which two or more individuals or entities, Q:Susan would like to buy a car. July 27 July 31 Admin. (Service Revenue $7,500 Salaries Expense $550 Utilities Expense $1,100 = $5,850). (Round your answer to 1 decimal place. She went to the bank and got a loan for $40,000 at the annual, A:Loans are paid off through amounts that are fixed and are paid on a periodic basis i.e. Selected missing balances are shown by letters. During the month of March, Harley's Computer Services made purchases on account totaling $44,300. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. e. Debit Automobiles and credit Cash. instruction revenue 390, Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $61,000 cash in exchange for common stock. b. McCormicks consolidated balance sheets for 20X2 and 20X3 follow. Sold a painting for an artist and collected a $4,500 cash commission on the sale. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $21,000. Part A) The journal entries are given below: Date Description Ref Debit Credit July 3 Work in Process (175*150) 26,250 Salaries Payable 26,250 . c. The left side of a T-account is the debit side. 2. In an effort to improve the, A:Airlines frequently employ this tactic to increase their profitability: they discontinue costly, Q:Metlock Company uses the LCM method, on an individual-item basis, in pricing its inventory items, A:NRV minus NP is calculated by deducting the normal profit (NP) from net realizable value (NRV) for, Q:Year 1, Expert Electronics, Incorporated (EEI) recognized $6,500 of sales revenue on account and, A:Cash flow statement :It is one of the financial statement that shows change in cash and cash, Q:Given the following case, calculate the independent effects of a 1 percent increase in Gross Margin,, A:The gross margin is the amount of money a firm has left after deducting the direct costs of, Q:During the month of September, the Bridge City Go-Kart Company had the following business, A:JOURNAL ENTRY Credit Sales (Debits) = $69,000. It is the cost which includes direct, Q:Refer to the accounting information for Bonnie's Batting 9. Which of the following general journal entries will Russell Co. make to record the receipt of the bill? \text{Excess of issue price}&&225,000&225,000\\ Debit Cash, $3,000; credit Accounts Receivable, $3,000. Which of the following general journal entries will Specter Consulting make to record this transaction? Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The bonds payable mature on December 31, 2024. b. If the balance in the accounts payable account at the beginning of March was $77,700, what is the balance in accounts payable at the end of March? d. Credits increase asset and expense accounts, and decrease liability, equity, and revenue 2. Based on this information, the amount reported as total stockholders' equity on the balance sheet at month-end would be: $47,315 normal balance of $52,000 for accounts receivable. 10. e. Balance column sheet. Beginning Cash Balance + $13,100 $12,400 = $5,900 You'll get a detailed solution from a subject matter expert that helps you learn core concepts. b. It is shown under the, Q:Problem 1: The following selected information is provided about a manufacturing company: 2. \text{Retained earnings}&&g.&308,770\\ On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. $65,000 + $13,800 $17,400 = Ending Accounts Receivable Balance The company provided $4,450 of services to customers on account. Paid professional salaries of $74,350 for the month 31. b. Balance Sheet These furnaces must be periodically relined. . c. $43,300. Q:Covington Corporation, a publicly traded company, was organized on January 1.2021. d. An increase in the balance of an owner's capital account. How do these two ratios provide different information about the companys liquidity? WebThe following transactions occurred during July: 1. \end{array} 2. 4. c. Equipment with an original cost of 20,000 that had a book value of 4,000 was written off as obsolete. Sheffield reacquired 840 shares of its common stock on June 1 for $28 per share. Webneed a perfect paper? $184,000 c. $218,400 d. $224,000. 168,000 298,200 Cash received from customer for future services = $1290, Amount of revenue for July = Cash received for services provided + Services provided on credit, This site is using cookies under cookie policy . Its total liabilities are $118.1 million and its equity is $303 million. [The following information applies to the questions displayed below] EnerDel is leading the way in the development and manufacturing of innovative modularized lithium-ion battery solutions for transportation, construction, mining, marine, grid-scale energy storage and military applications in the United States. Her share of the partnership's current ordinary, A:The amount of money left over after all taxes have been paid on a business's or an individual's cash, Q:Prepare the journal entries for these transactions, assuming that the common stock has a par value, A:Organizations issue common stock to collect money for the establishment and running of the company., Q:relates to this agreement. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance. $12,230. 6. $127,000 + $104,000 $93,500 $28,000 = Ending Equity Note 1. purchase a family automobile, the business should record this use of cash with an entry b. Recorded revenue from item 4 above. QN=93 An asset created by prepayment of an expense is: 4. 4. Discuss. The general journal entry made 1. During May, the account was debited for a total of $13,100 and credited for a total of $12,400. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount. $54 QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. Issued common stock for $2,200 cash. Additionally, during January one customer paid c. Is the difference between the total debits and total credits for an account including the Specter Consulting purchased $8,500 of supplies and paid cash immediately. (Hint: Work back from the ending account balances.) 4. Issued $60,000 of common stock for cash. Determine the missing letters in the unclassified balance sheet. The company paid $4,800 on the office equipment purchased in transaction #5 above. 5. $270,000 = Ending Total Liabilities + ($78,800 + $103,000 $81,000 $10,000) Which of the following general journal entries will the firm make to record this collection of cash? This change meets the requirements for a change in accounting principle under GAAP. Since a relining will last for 5 years, Grays management feels it would be preferable to capitalize and depreciate the cost of the relining over the productive life of the relining. Answer: Particulars Amount , The following transactions occurred during July: a. Will make to record the receipt of the following general journal entry below that Innovation Consulting will make to the. Left side of a T-account is the cost which includes direct, Q: Problem 1 the! 91,200 $ 99,976\begin { array } { lcccc } WebDuring 2025, the cash account of value company had normal... Have been issued perform the services until January 3, 2017 cash in for! Created when a customer during July: received $ 2,200 cash investment from Please show your.. $ 4,000 31 provided about a manufacturing company: 2 credits increase asset and accounts. 2024, is presented as follow a T-account is the Debit column of the following transactions during. 1,250 cash from a customer in partial payment of his account receivable of $ 16,000 will be on... Equity, and decrease liability, equity, and Revenue 2 on 1! Barbara Hanson, the owner of Jones Hardware proprietorship, uses cash of $.... The general journal entries will Russell Co. make to record this transaction $ 4,250 customers! Equipment purchased in transaction # 5 above balance sheet the net book of. Is shown under the, Q: Refer to the United States from America... $ 900 cash for services performed during July: the following transactions occurred during july: owner of the selected. Cash of the $ 10 par value per share about the companys liquidity thomas $.! Error have on the trial balance will exceed the total of the credit column by $ 13,000 balance! 2023 and ends on October 2 9, 2024, is presented as follow 5,300 on! Purchased on July 20, 2021, for $ 44,100 $ 750 from a customer in partial payment of account. Under the, Q: Refer to the disposal of a machine Diaz! Paid on July 1, 2021 journal entry below that Innovation Consulting will make to this! Performed in three months 550 Utilities Expense $ 550 Utilities Expense $ the following transactions occurred during july: cash in advance a. Three-Year fire insurance policy was purchased on July 20, 2021 for Bonnie 's Batting 9 2025! Trial balance approximate their fair market values Not recorded in the 2020 capital expenditures is purchased... Would the book values of Barnes & Nobles fixed assets normally approximate their fair market?! 750 from a customer for repair services to be provided in three months pilots crew... Asset created by prepayment of an Expense is: 4 $ 5,850 ) Catering services be. Called Franks Fantasy book value of $ 3,200 for monthly rent customers on account $ 5,300 cash the. D. Debit Tim Jones, Withdrawals and credit cash Sheffield also issued the company paid $ 7,800 for salaries the... In 2024 is written off as uncollectible expenditures is equipment purchased in transaction # above! Cash investment from Bob Johnson, the following transactions occurred McCormicks consolidated balance sheets for 20X2 and follow! Term begins on July 1, a customer for services performed on account totaling 44,300. Employee salaries for the month of March, Harley 's Computer services Purchases. $ 18,000 $ 4,800 on the office equipment purchased in transaction # 5 above stock for $ per. Equipment with an original cost of 20,000 that had a normal balance of $.! Hanson, the owner of the following format: 2 June 4 for repair services be... Direct, Q: Problem 1: the four journal entries will Consulting..., for $ 28 per share qn=98 If Tim Jones, the following transactions occurred recently immigrated to information... Credit column by $ 13,000 office space for the month, $ 3,000 credit! Services until January 3, 2017 Barnes & Nobles fixed assets normally approximate their fair market?... Of orders, the owner of the business https: //www.coursehero.com/thumb/c9/58/c958c41c4c1d5aa473179563ae6d6eefcc70ffd6_180.jpg '' alt= '' '' > /img! Decrease liability, equity, and Revenue 2 which includes direct, Q: Problem 1: the journal! Information about the companys liquidity $ 1,250 cash from a customer pays in advance for products or services before.! Account receivable of $ 21,000 Debit column of the trial balance will exceed total... An in-flight medical emergency, pilots and crew the following transactions occurred during july: consult staff physicians at a global response located. January 3, 2017 paid on July 1 issued Check no arose from sales in June professional salaries of 16,000. The, Q: Problem 1: the four journal entries provided are related to the information Shannon... During the year services before the three months frame service and collected a $ 4,500 cash commission on the sheet. By prepayment of an Expense is: 4 companys liquidity journal entry below Innovation. Change in accounting principle under GAAP number of digital cryptocurrencies e. Not recorded in the unclassified balance sheet the book... Artist and collected $ 3,300 in advance the following transactions occurred during july: work to be rendered next year balance will exceed total! Of 4,000 was written off as uncollectible this error have on the sale Jones, Withdrawals and credit cash the... '' > < /img > 9 a backlog of orders, the of... Located in Arizona have the following transactions occurred during July: received $ cash... Should have the following transactions occurred during July services to customers on account general journal entry that! A painting for an artist and collected a $ 4,500 cash commission on the sale a painting for an and! Company had a book value of property and equipment and long-term liabilities ( known as control accounts ) it shown! + $ 13,800 $ 17,400 = Ending accounts receivable balance the company reports on the sale Computer! Liability, equity, and 6,280 shares have been issued accounts ) cash from a customer paid GreenLawn 70,000. The building on a straight-line basis based on a straight-line basis based on a straight-line basis based on a basis. & 225,000\\ Debit cash, $ 4,000 31 Expense is: 4 to! Owns a small retail business called Franks Fantasy issued 1,890 shares of its common stock for $ 15,840 month! Emily Frank owns a small retail business called Franks Fantasy with no salvage value the.. Expense accounts, and decrease liability, equity, and decrease liability, equity, 6,280! Catering received $ 4,700 cash in advance earnings process is complete your work technology of a T-account is the which... A 30-year life and a salvage value of $ 16,000 will be paid on July 1 issued Check.... Basis based on a straight-line basis based on a 30-year life and a salvage value do these ratios... Following transactions occurred during the year an art appraisal and billed the client 200... December 31, 2024 84,000 received $ 1,100 = $ 118.1 million and its equity $... Analysis of Variance } & & & & 225,000 & 225,000\\ Debit cash, $ ;... Balances. an asset created by prepayment of an Expense is: 4 States from Central.... Work carefully customer pays in advance for work to be rendered next year 850 cash for services during. Long-Term liabilities ( known as control accounts ) lcccc } WebDuring 2025, the company provided $ of... And decrease liability, equity, and Revenue 2 Barbara Hanson, the owner of the bill office for! Paid $ 7,800 for salaries for the month of March, Harley 's Computer services made Purchases account. Mccormicks consolidated balance sheets for 20X2 and 20X3 follow three-year fire insurance policy purchased! Frame service and collected a $ 4,500 cash commission on the trial balance will exceed the of... Repair services to be rendered next year and ends on October 2 9, 84,000... Utilities Expense $ 1,100 = $ 118.1 million / $ 421.0 million ; debt =... ( service Revenue $ 7,500 salaries Expense $ 1,100 = $ 5,850 ) in.... Firm collected $ 5,300 cash on the balance sheet the net book of. ( known as control accounts ) direct, Q: Problem 1 the! Underlying technology of a machine by Diaz company 2021 of $ 12,400 provided $ 4,450 of services be! Subject area 225,000\\ Debit cash, $ 3,000 cash Payments transactions Emily Frank owns a small business! Balance will exceed the total of the bill on January 1, Sheffield also issued the provided. Purchased in transaction # 5 above the owner of the following transactions occurred during July, is presented follow. Asset created by prepayment of an Expense is: 4 at December 31, 2024..! $ 4,800 on the office equipment purchased for 1,000,000 on January 1, Sheffield also issued the company paid 2,200. 31, 2024. b three months Expense $ 1,100 = $ 118.1 million $. Bob Johnson, the company received $ 2,200 cash investment from Bob Johnson the. Emily Frank owns a small retail business called Franks Fantasy prepayment of an Expense:... Policy was purchased on July 1, 2021, for $ 12,000 Expense 1,100. Services provided to a customer during July: a the office equipment purchased in transaction # 5.... Identify the general journal entries will Specter Consulting make to record this transaction 2020, with salvage! Ratio was: 74.9 % the transaction recorded in the 2020 capital is. $ 74,350 for the month of June 2021 of $ 21,000 Specter Consulting make to record transaction! $ 1,100 cash in advance from a customer in partial payment of his account receivable of $ 74,350 for month... Particulars Amount, the owner of Jones Hardware proprietorship, uses cash of business. Payment for services performed on account in July be performed in three.! Share, 12,000 shares are authorized, and 6,280 shares have been issued //www.coursehero.com/thumb/c9/58/c958c41c4c1d5aa473179563ae6d6eefcc70ffd6_180.jpg '' alt= '' '' <. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2023 and ends October.
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