12345678109 Accounts ReceivableOffice SuppliesEquipment1113ABC1) The January Balance Sheet for J Lam Legal Services is shown here12 BuildingLand14AssetsCash1516171819202122232425262728293031Total AssetsJ. Lam Legal ServicesBalance SheetJanuary 31, 2021261014202528$22,000.007500350015000550000400000$998,000.00The following transactions occurred in February 2022FEBRUARYDLiabilitiesAccounts PayableBank Loan - TD BankMortgage PayableTotal LiabilitiesOwner's EquityJ. Lam CapitalTotal Liabilities &Owner's EquityLevels = K,T,C,AE$3,200.00440030,000.00$37,600.00$960,400.00$998,000.00Owner invested $2500 cash into their businessPurchased $1500 worth of office supplies using cashPaid $2200 to reduce the bank loan owed to TD BankA customer who used J. Lam's Legal Services paid $1200 previously owing to the businessBought a 5 new computers (equipment) for the office, worth $15 000, but will pay at later datePaid $15 000 owing to the company where the computers were bought on Feb 20Owner took out (withdrew) $500 cash from the business for personal useFTIG 1234567891011121314151617181920212223242526272829123456789101112131415161718192021141516171819202122232425A) Record the following transactions and balances on the T-Accounts (Ledger) belowNOTE:** Use the dates in February as your transaction reference*** Remember to have opening and ending balances262728ASSETSAssets1 B)) Using the ending balances from your T-Accounts, you are to take (do) a Trial Balance to check the accuracy of your recording of transactions.*Use the date February 28, 20222345678910111213C) Using the ending balances from your T-Accounts and Trial Balance, create a BALANACE SHEET* Use the date February 28, 2022AccountLIABILITIESDRCRLiabilitiesOWNER'S EQUITYOwner's Equity

Journal entries are those entries which are passed for recording transactions by use of debit and…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Brief Exercise 9-12 (Algo) Record bond issue at a discount and related annual interest (LO9-5) Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $68,000 for $60,200 on January 1, 2024. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue on January 1, 2024 and first interest payment on December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet
Prepare the four closing entries for the following adjusted trial balance, using the journal on the next page. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Debit $ 8,000 17,500 3,000 172,000 85,000 20,000 23,500 61,000 8,000 12,000 Credit $ 36,000 12,000 4,000 58,000 30,000 140,000 130,000
The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.
Sandhill Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.5281%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017.
Create a schedule of accounts receivable using the accounts receivable subsidiary ledger‘s.
Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,180. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific date
! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
Please do not give image format
answer the balance column of the general ledger (periodic method)
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…

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