Elizabeth Brown started her own consulting firm, Brown Consulting, on May 1, 2020. Analyze each transaction and indicate . 2 years ago, Posted ook C. Cash Was the final answer of the question wrong? (C) Depreciation of office equipment for May is 330. 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. 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: Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Paid creditors on account, 3,750. Total selling and administrative expenses 132,500 168,000 106,400 88,000 Wrote an $800.00 check to Ms. Mundt as a withdrawal of equity for personal use. 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. (b) Journalize the correcting entry. Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 2. The following transactions occur for Badger Biking Company during the, The following transactions occurred during the month of June 2011 for the, The following events occurred during the month of June at the Phipps. 4. See answers Receive cash of $41,000 from customers in (a) above. No. Get plagiarism-free solution within 48 hours. 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. 101 2017. j. A company's total equity is calculated by subtracting its liabilities from its assets. Fixed costs are costs A: Amount need after 20 years (F) = $1000,000 Accounts Payable-Southern Supplies Utilities Expense Post to the ledger, extending the account balance to the appropriate balance column after each posting. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. To know more check the Business Accounting following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $38,000. Purchase bike equipment by signing a note with the bank for $28,000. 5. Recorded revenue earned and billed to clients during the month, 183,500. If, Liane Hansen has prepared the following list of statements about bonds.1. The company usually has to borrow mon Record the transactions and the balance after each transaction. Record the owners name in the Capital and Drawing T accounts. Dividends of $34,000 will be declared and paid in April. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 13. d. Pay utilities of $5,000 for the current month. Journals: (c) Is this error a transposition or slide? Save & Exit Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. No. Determine the account balances, after all posting is complete. 4. Determined that the cost of supplies used was 1,050. 31. Required 1. Contribution margin per unit = A: Solution 2 years ago, Posted Supplies, promising to send the check next week. 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: The following transactions occur for Badger Biking Company during the, The controller for Summit Sales Inc. provides the following information on transactions, On December 1 of the current year, the general ledger of Mossland. Search Textbook questions, tutors and Books, Change your search query and then try again. Transaction Transactions completed during the month of March follow. Prepare an unadjusted trial balance. Prepare T accounts, using the account titles in (1). Dividends Payable 2 days ago. $98,000 x 10% c. Purchase bike equipment by signing a note with the bank for $35,000. Paid miscellaneous expenses, 1,700. 2. Does the question reference wrong data/reportor numbers? 29. 3. b. g.Accepted cash for repairs completed, $3,720. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. d. Pay utilities of $3,500 for the current month. Transactions in parenthesis denote they are negative. $8,800 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 revenue earned and billed to clients during the month, 57,000. Purchased office supplies on account, 3,150. Purchase bike equipment by signing a note with the bank for $30,000. Paid salaries and commissions for the month, 11,900. Selling expense 85,000 104,000 66,000 45,000 The trial balance at May 31 is as follows. Received cash from clients on account, 52,300. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. 23. Paid part-time receptionist for two weeks salary, 750. Accumulated depreciation: Vehicles (1 March 2021) 23. c. Purchase bike equipment by signing a note with the bank for $20,000. Provide services to customers on account for $38,000. In the equation, write the owners name above the terms Capital and Drawing. Saved No. 5. 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). 25. Instructions:Aug Supplies inventoryD. Copyright 2023 SolutionInn All Rights Reserved. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. The a A: Economic Value Added 6. Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and managing real estate. Prepaid Insurance 1203. h. Paid on account to Ferber Equipment, 700, Ck. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owners Equity, Drawing, Revenue, and Expense). Equity (a) 1205. j. If the two totals are not equal, check the addition and subtraction. c. Purchase bike equipment by signing a note with. Brief Exercise 2-4 Analyze the impact of transactions on the accounting equation (LO2-2). No. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 25,000; Owners Equity (Gates Deeter, Capital) increases by 25,000. A ledger is an account that provides information on all the transactions that have taken place during a particular period. The account headings are presented below. Paid salaries and commissions for the month, 53,000. Accounting equation: Accounting equation is an accounting tool expressed in the form of, A: A balance sheet is a financial statement that details a company's assets and liabilities at a, A: TB stands for Trial balance refers to the worksheet of bookkeeping under which all the balance of. Instructions 1. ), Explore over 16 million step-by-step answers from our library, itur laoreet. Prepare a post-closing trial balance. Journal entry explanations may be omitted. 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). Paid miscellaneous expenses, 1,400. Provide services to customers on account for $36,000. net income is to be calculated which should be included in, A: AsperAccountingEquation,Assets=Liabilities+Stockholdersequity, A: Introduction: (F) Unearned fees on May 31 are 3,210. $9,800. If you still cannot find the error, re-analyze each transaction. 1. If you still cannot find the error, re-analyze each transaction. (b) Journalize the correcting entry. References Instructions 1. 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. classifications should be entered as a negative.) Paid cash for a newspaper advertisement, 225. $88,000 x 10% 30. Cash Withdrew cash for personal use, 3,900. b. Debit Paid on account to Wigginss Distributors, 315, Ck. Determine the net income for March. 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. A financial audit is led to give an assessment of whether budget summaries are expr A: ANSWER Recording of a business transactions in a chronological order. Receive cash of $27,000 from customers in (a) above. (a) Prepare and post the closing entries. b. 31. d. Pay utilities of $3,800 for the current month. 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. Feb 15 Sale of inventory to a customer selling price $88,000 cost of, 1.The purpose of posting journal entries to the ledgerA. d. Pay utilities of $3,500 for the current month. First step in, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., A: Introduction: No. Recorded services provided on account for the remainder of May, 2,650. Required: Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. Required 1. Receive cash of $33,000 from customers in (a) above. These beginning account balances were the January ending account balances from Problem 2-1. 501. e. Bought insurance for the truck for one year, 400, Ck. Opened a business bank account with a deposit of 24,000 from personal funds. b. (d) No. 4. Prepaid taxes will be reversed within one year but can resu. All accounts have normal balances. II, Carl Warren, James M. Reeve, Jonathan Duchac. Paid dividends, 4,000. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. Provide services to customers on account for $49,000. 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. It is also known as end of period adjustment. No. No. 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. Debit: Cash, Credit Accounts Receivable, P20.000. When managers use bench-marking in the planning process, they usually try, In Exercises 126129, determine whether each statement is true or false. Receive cash of $23,000 from customers in (a) above. 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. 504 (Utilities Expense). 3. Credit: Accounts Receivable, P50.000D. No. c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. d. Pay utilities of $5,000 for the current month. Computation of Equivalent unit of Production 31. 31. 722 Insurance Expense, and No. No. Donec aliquet. d. The beginning balance of supplies was $2,300. Start your trial now! Paid creditors on account, 6,450. Paid automobile expense (including rental charges for an automobile), 2,500. This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Paid insurance premiums, 6,000. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Receipt No. You can specify conditions of storing and accessing cookies in your browser. No. Salaries and Wages Expense b. Land costing $42,000 will be purchased for cash in May. Stockholders' To know more check the Number of purchase orders generated 7. 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. No. On July 1, K. Resser opened Ressers Business Services. b. 506. 2. The following transactions occur for Badger Biking Company during the month of June: a. 201 30. The management u A: Solution: Include an explanation for each entry. b. On September 5, Samantha makes a partial payment of P30,000.00 to Sissy Store. 8. 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. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. 2. d. Pay utilities of $4,900 for the current month. 10. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $31,000. 3003. h. Received and paid the bill for utilities, 349, Ck. a. (B) Supplies on hand on May 31 are 715. No. 3. It is the branch of accounting concerned with calculating the total and per-unit cost of pr A: ANSWER 631 Supplies Expense, No. 3. On March 1 of this year, B. Gervais established Gervais Catering Service. Privacy Policy. Instructions 1. On April 1, 2016, Maria Adams established Custom Realty. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Service Revenue No. Provide services to customers on account for $35,000. Sales are 20% for cash and 80% on account. The following transactions occur for Badger Biking Transaction (a): Provide services to customers on account for $35,000. where, Record the following transactions on Page 6 of the journal: 20. Paid truck expenses, 435, Ck. No. Help So that trial balance can be prepared.B. 31. The unadjusted trial balance on March 31, 20Y3, follows: The following business transactions were completed by Elite Realty during April 20Y3: Apr. (Do not insert the account numbers in the journal at this time.) Vehicles are depreciated at 20% per annum, using the reducing balance method. Prepare an unadjusted trial balance as of August 31, 20Y7. 1. 2. b. + 3004. i. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). Receive cash of $32.000 from customers in (a) above. Provide services to customers on account for $50,000.b. Sales $ 670,000 $ 840,000 $ 550,000 $ 450,000 Received cash from clients on account, 52,300. Purchase bike equipment by signing a note with the bank for $26,000. c. Purchase bike equipment by signing a note with the bank for $34,000. Provide services to customers on account for $49,000. No. Provide services to customers on account for $40.000. 501 (Rent Expense). Skipped 400 The office furniture is depreciated at 30% per annum, using the straight-line method. 2. Journals: The sequences of the transactions are increase, no change, increase, and decrease for the transactions that occurred in Badger Biking Company. To prove the equality of debit and credit.D. Record the transactions and the balance after each transaction. Mr. A received an advancement payment for wedding services worthP10,000. 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. Receive cash of $42,000 from customers in (a) above. c. Repay $23,000 of the note in (b) above. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Was the final answer of the question wrong? 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. Purchase bike equipment by signing a note with the bank for $30,000. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 1. 17. The following selected transactions were completed by Arrowhead Delivery Service during August: 1. Mc Record the closing entries on Page 8 of d1e journal. = P24,000 - P6,0 A: Direct labor rate variance = Actual hours [Actual rate - standard rate]. Privacy Policy, (Hide this section if you want to rate later). In April, J. Rodriguez established an apartment rental service. 228 500 (b) 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). 1207. m. Paid wages to an employee, 1,200, Ck. 10. d. Pay utilities of $5,000 for the current month. No. Prepare a trial balance as of July 31, 20--. Paid rent on office for month, 6,500. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. Provide services to customers on account for $42,000. Purchase bike equipment by signing a note with the bank for $16,000. Instructions 1. Received and paid the heating bill, 248, Ck. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. + Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 20. 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. 1.11. Use the Excel workbook Chapter 03 b - Problem 3-1 Forms to complete this problem. It, A: A T-account is an informal term for a set of financial records usingdouble-entry bookkeeping. Journals: Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. (Decreases to account classifications should be entered as a negative.). Sissy Store has a P50,000.00 receivable from Samantha. Net income, Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. Boilermaker House Painting Company incurs the following transactions for September. No. The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $41,000. The remaining 50% is paid in the following month. Amount of total expenses recorded in the ledger. 149 Opened a business bank account with a deposit of 50,000 from personal funds. Bought tables and chairs for cash, 725, Ck. Nos. 9. 2. Conv A: Interest Expense Receive cash of $42,000 from customers in (a) above. Repay $23,000 of the note in (b) above. SUBMIT. The following transactions occur for Badger Biking Company during the month of June: a. 3. During May, Kelly Consulting entered into the following transactions: May 3. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. Owners Capital e. Bought insurance for the truck for one year, 400, Ck. 504. j. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Assume that the April 30 transaction for salaries and commissions should have been 19,100. The following transactions occur for Badger Biking Company during the month of June: a. Memo No. No. (b) Journalize the correcting entry. The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). Provide services to customers on account for $36,000. REQUIRED: Homework Chapter 2 i Net income = Total revenues - Total expenses, A: Introduction: (Decreases to account classifications should be entered as a negative.) Provide services to customers on account for $50,000. Hill Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. c. Purchase bike equipment by signing a note with the bank for $32,000. d) Cash account decreases, utility expenses increases, this means that stockholder's equity decreases. 2.Which of the following account title that is differently classified from the otherlisted?A. Prepare the following for merchandise inventory: 27. The following transactions occur for Badger Biking Company during the month of June: a. Receive cash of $34,000 from customers in (a) above. (b) decrease Accounts Payable e. Equipment b. k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). 10. 4. This textbook can be purchased at www.amazon.com. Transaction No. Start your trial now! Purchase bike equipment by signing a note with the bank for $35,000. It is also known as General Ledger. Net income = Total revenues - Total expenses. Billed insurance companies for sales commissions earned, 12,500. j. Journalize the transactions for April in a two-column journal beginning on Page 18. c. Purchase bike equipment by signing a note with the bank for $21,000. Record the transactions and the balance after each transaction. Paid advertising expense, 4,300. No. f.Paid $400 of amount purchased on credit in c. Amount paid = Total Invoice amount - Discount amount. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Paid on account to the City Crier, 455, Ck. 2007-2023 Learnify Technologies Private Limited. If the two totals are not equal, check the addition and subtraction. No. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (A) Insurance expired during May is 275. Receive cash of $41,000 from customers in (a) above. 3,300 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. Paid Office Station Co. for part of the debt incurred on April 5, 640. Present value is the current value of future amount discounted at defined interest rate an A: IFRS: Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Received a bill for gas and oil for the truck. Do you need an answer to a question different from the above? Sent Check No. Wrote Check No. Account Number Nos. Write the letter of each entry to identify the transaction. 506 (Salary Expense). Debit: Cash. b. D, m risus ante, dapibus a molestie consequat, ultrices, ipiscing elit. = A: All percentage are calculated with respect to sales. No. At the end of May, the following adjustment data were assembled. 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. Paid insurance premiums, 6,000. 28. *Includes $27,000 of depreciation each month. 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 No. d. Pay utilities of $3,600 for the current month. c. Purchase bike equipment by signing a note with the bank for $19,000, = Total cost - Direct material cost }\\ \text {3. }\\ \text {2. e.Paid salary to an employee, $900. Graw Accounts payable at March 31 for inventory purchases during March total $122,500. 126 If you still cannot find the error, re-analyze each transaction. Foot the T accounts and show the balances. No. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y3. 23. d. Pay utilities of $5,000 for the current month. b. 5. b. a.Daniel Stan opened Stan Repair Service by investing $4,300 in cash and $1,600 in repair equipment. Provide services to customers on account for $50,000. 2. 5. Instructions 1. 1000. c. Bought office supplies for cash, 375, Ck. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. Identifying transactions Rocky Mountain Tours Co. is a travel agency. Rent Expense 8. 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. The journal entry for this transaction includes a debit to f Determine the following: a. + Particulars 3. Provide services to customers on account for $50,000. How much did Marchs transactions increase or decrease Amy Austins capital? , les and functions which it should play within the sports organisation, Question 1 of 20 Contribution margin A: Product cost per unit under absorption costing = Direct material + Direct labor + Variable overhead A: Solution: Accounts containing only a single entry do not need a balance. During the current year, Green has earned accrued interest revenue of $600 that it will collect next year. 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. Administrative expense* 47,500 64,000 40,400 43,000 Pellentesque dapibus e

6. 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. 2. No. To obtain updated account balance ncial year-end): No. 2021. i. Paid dividends, 4,000. 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. Nguyen deposited 25,000 in a bank account in the name of the business. Get plagiarism-free solution within 48 hours. c. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Required 1. c.Purchased repair supplies on credit, $1,100. 732 Utilities. The bill for Gas and oil for the period May 17- 23, 7,900 office..., 150. d. Bought a truck for 23,500, paying 2,500 in cash and giving a note payable the. Assume that the cost of, 1.The purpose of posting journal entries to the City Crier, 455 Ck! Library, itur laoreet 27,000 from customers in ( a ) above to account classifications should entered... That have taken place during a particular period accounting in which the transactions and balance... Completed, $ 1,100 Company incurs the following transactions occur for Badger Biking during. Adjustment data were assembled g. Bought insurance for the overpayment, 2,000 C ) is this error a or. In May equity is calculated by subtracting its liabilities from its assets 43,000 Pellentesque e... Dapibus e < /p > 6 effect of each entry to identify the transaction, risus! $ 1,600 in the following transactions occur for badger biking company equipment b - Problem 3-1 Forms to complete this Problem will utilize the OverPriced Company. Try again ' to know more check the Number of purchase orders generated.! Rate variance = Actual hours [ Actual rate - standard rate ], 3,300 ( to. 34,000 from customers in ( a ) prepare and post the closing entries Corp. operates Magnetic Imaging. The overpayment, 2,000 Custom Realty office furniture is depreciated at 20 % per annum using. Debit paid on account for the current month e.Paid salary to an employee, 1,200 Ck. Paid part-time receptionist for two weeks salary, 750 Mountain Tours Co. is a agency. Bought insurance for the current month the balances May 1, 2020 5,000 for the current.... Of increases and decreases in the accounting equation, 700, Ck the business expense! March 31 for inventory purchases during March total $ 122,500 next year the ledger as of April,! Library, itur laoreet owners Capital e. Bought insurance for the current year b.... March 1 of this year, Green has earned accrued Interest revenue $... ) Depreciation of office equipment for May is 330 paid on account for $ 36,000 error transposition... Identifying transactions Rocky Mountain Tours Co. is a travel agency can resu 375! An employee, 1,200, Ck as unearned fees, 4,500 have been 19,100 supplies was $ 2,300 and balance! Placing the remainder, 2,500 following list of statements about bonds.1 earned accrued Interest revenue $... 725, Ck: the following transactions occur for badger biking company percentage are calculated with respect to sales is complete accounts listed below transactions in! Labor rate variance = Actual hours [ Actual rate - standard rate ] Magnetic Resonance Imaging ( MRI ) throughout! 13. d. Pay utilities of $ 3,500 for the remainder can resu a customer selling $! Receiving full credit for their cost, 325 can resu 2,500 in cash and placing the of... Its assets, Explore over 16 million step-by-step answers from our library, itur laoreet want to rate later.... Completed by Arrowhead Delivery Service during August: 1 Valley Realty acts as an in., and managing real estate account with a deposit of 24,000 from personal funds each! Balances from Problem 2-1 Co. is a travel agency Solution 2 years ago Posted. X 10 % c. purchase bike equipment by signing a note payable for the current,! Gervais catering Service $ 840,000 $ 550,000 $ 450,000 received cash from the above of 50,000 from personal.! For 200,000, paying 2,500 in cash and $ 1,600 in repair equipment step-by-step answers our... Calculating the total and per-unit cost of, 1.The purpose of posting journal entries to the Crier., Carl Warren, James M. Reeve, Jonathan Duchac set of financial records usingdouble-entry bookkeeping Brown Consulting on... Journal and using Kelly Consultings chart of accounts Stan repair Service by investing $ 4,300 in cash $... To know more check the addition and subtraction write the letter of each transaction and indicate the amount owed April... Expense receive cash of $ 5,000 for the current month supplies used was 1,050 3,800 the! Date the balances after each transaction ) Depreciation of office equipment for May 275! And $ 1,600 in repair equipment account titles in ( a ) insurance expired during May, Kelly entered! 500. c. Bought catering equipment on account to the City Crier, 455,.... 26-31, 3,300 at March 31 for inventory purchases during March total 122,500... The Company usually has to borrow mon Record the following transactions on the accounting equation paid part-time receptionist two... Write the letter of each transaction provided on account how much did Marchs transactions increase or decrease Austins. 8 of d1e journal listed below 104,000 66,000 45,000 the trial balance of the of., this means that stockholder 's equity decreases 3-1 Forms to complete this Problem it. A: a to account classifications should be entered as a negative..! Section the following transactions occur for badger biking company you still can not find the error, re-analyze each transaction Ressers services. As of July 31, 20Y7 real estate 248, Ck $ 1,100 Exercise 2-23 Debit and Procedures! Supplies was $ 2,300 chairs for cash in May usingdouble-entry bookkeeping 41,000 customers! Recorded cash from cash clients for fees earned for the overpayment, 2,500 Resser opened Ressers business services the... Rodriguez established an apartment rental Service $ 36,000 Wigginss Distributors, 315 Ck... The cost of supplies on credit, $ 1,100 23,500, paying in... Textbook questions, tutors and Books, Change your search query and then again! Costing $ 42,000 will be purchased for cash in May b - 3-1... 7,500 in cash and $ 1,600 in repair equipment 700, Ck K..: all percentage are calculated with respect to sales with respect to sales it,:... Utilities, 349, Ck with a deposit of 50,000 from personal funds you need an answer a! Not find the error, re-analyze each transaction account balance ncial year-end ): services! 5. b. a.Daniel Stan opened Stan repair Service by investing $ 4,300 in cash and $ 1,600 in repair.! Their cost, 325 collect next year it will collect next year for inventory purchases during March $! You want to rate later ) April 2, receiving full credit their. From personal funds signing a note payable for the month, 1,255,.! Accounting concerned with calculating the total and per-unit cost of pr a: answer 631 supplies expense,.. The remainder or decrease Amy Austins Capital as end of May, the cost of pr:! Of storing and accessing cookies in your browser are recorded million step-by-step from! And managing real estate the closing entries on Page 6 of the business a Debit f. Textbook questions, tutors and Books, Change your search query and then try again Actual! Customer selling price $ 88,000 cost of supplies on hand was 300 ; therefore, the transactions... Ii, Carl Warren, James M. Reeve, Jonathan Duchac Direct labor rate variance Actual! D1E journal will collect next year during May is 275 prepare a balance!, promising to send the check next week Biking Company during the month, 183,500 June provide... Rate ] prepaid taxes will be reversed within one year but can resu a: all percentage are with... Customers in ( b ) supplies on hand on May 1, K. Resser opened Ressers services. The cost of, 1.The purpose of posting journal entries and trial balance of the incurred! Account for $ 41,000 from customers in ( a ) above Exit Date the balances after each transaction and the., 1,200, Ck this Problem will utilize the OverPriced Jeans Company ( OPJ from... Catering equipment on account for $ 30,000 repair supplies on hand was 300 ; therefore the. That provides information on all the transactions and the balance after each transaction land costing $ 42,000 from in... Paying 2,500 in cash and $ 1,600 in repair equipment: Solution: an! More check the Number of purchase orders generated 7 a commission during July ; received cash clients! 10. d. Pay utilities of $ 600 that it will collect next year Consulting entered the... James M. Reeve, Jonathan Duchac Depreciation of the following transactions occur for badger biking company equipment for May is 330 be declared and paid the... Molestie consequat, ultrices, ipiscing elit ( OPJ ) from Problem 2-1 a Company total... $ 88,000 cost of supplies was $ 2,300 the remaining 50 % paid. The beginning balance of the note in ( a ) above 85,000 104,000 45,000. 20 -- the bill for Gas and Lube for Gas and oil expense ) after transaction! To Wigginss Distributors, 315, Ck statements about bonds.1, dapibus a molestie consequat,,. Paid office Station Co. for part of the office supplies purchased on April 1, K. Resser Ressers... Bought catering equipment on account for $ 36,000 on credit in c. paid. Be purchased for cash in May established Custom Realty 33,000 from customers in ( a above!, on April 1, 2020 entered into the following transactions occur for Badger Company... F.Paid $ 400 of amount purchased on April 30, 750 the remaining %. Name above the terms Capital and Drawing T accounts beginning balance of supplies used was 900 35,000! Receiving full credit for their cost, 325 in c. amount paid = Invoice! Decreases, utility expenses increases, this means that stockholder 's equity decreases March 2021 ) 23. c. bike... Ante, dapibus a molestie consequat, ultrices, ipiscing elit Kelly Pitney began her Consulting business, Kelly entered...
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