**TNT Fireworks General Ledger and January Transactions****Account Balances as of January 1, 2021:**- **Cash:** Debit $59,000- **Accounts Receivable:** Debit $25,600- **Allowance for Uncollectible Accounts:** Credit $2,500- **Inventory:** Debit $36,600- **Notes Receivable (5%, due in 2 years):** Debit $15,600- **Land:** Debit $158,000- **Accounts Payable:** Credit $15,100- **Common Stock:** Credit $223,000- **Retained Earnings:** Credit $54,200- **Total Debits:** $294,800- **Total Credits:** $294,800**January 2021 Transactions:**- **January 1:** Purchase equipment for $19,800. Estimated residual value $1,800 and a service life of six years.- **January 4:** Pay cash on accounts payable, $9,800.- **January 8:** Purchase additional inventory for $85,900.- **January 15:** Receive cash on accounts receivable, $22,300.- **January 19:** Pay cash for salaries, $30,100.- **January 28:** Pay cash for January utilities, $16,800.- **January 30:** Sales for January totaling $223,000, all on account. Cost of units sold is $116,500.**Adjusting Entries Information:**a. **Depreciation:** Straight-line method for equipment.b. **Uncollectible Accounts:** $3,300 of accounts receivable are past due; 50% estimated uncollectible. 2% of remaining are estimated uncollectible. c. **Interest Revenue:** Earned on notes receivable for January.d. **Unpaid Salaries at January End:** $32,900.e. **Accrued Interest on Notes:** $9,300 at January end. This information is critical for maintaining accurate financial records and ensuring all transactions and adjustments are properly accounted for at the end of the accounting period. **Journal Entry Worksheet**This worksheet is designed for recording journal entries for accounting purposes. Each entry captures financial transactions systematically.**Transaction Details:**- Instruction: Pay cash on accounts payable, $9,800.**Important Note:**- Debits must be entered before credits.**Entry Table:**| Date | General Journal | Debit | Credit ||-----------|-----------------|-------|--------|| January 04 | | | || | | | || | | | || | | | || | | | |**Interactive Buttons:**- **Record entry:** Click to save the journal entry.- **Clear entry:** Click to erase the current entry.- **View general journal:** Click to review all entries in the general journal.The worksheet provides a structured table to input the date, journal description, debit, and credit amounts for financial transactions.

Answered: 1 2 3 4 5 6 7 8 > Pay cash on accounts…

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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vable Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X
Multiple choice
The accompanying table, Data table Date Deposit (Withdrawal) Date Deposit (Withdrawal) 1/1/20 $8,000 1/1/22 $3,272 1/1/21 $(6,540) 1/1/23 $5,255 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) , shows a series of transactions in a savings account. The account pays 5% simple interest, and the account owner withdraws interest as soon as it is paid. Calculate the following: a. The account balance at the end of each year. (Assume that the account balance at December 31, 2019, is zero.) b. The interest earned each year. c. The true rate of interest that the investor earns in this account. Question content area bottom Part 1 a. The account balance at the end of 2020 is $8,0008,000. (Round to the nearest dollar.) Part 2 The account balance at the end of 2021 is $1,9531,953. (Round to the nearest dollar.)
Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?
Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
IMPORTANT Record the entries in the order the items are listed on the bank reconciliation report. When entering numbers, please do not use commas or dollar signs. Journal Date 2023 Accounts and Explanations 0 น PR Debit Page 52 Credit
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…
Need help on figuring out what to put for account/explanation for the journal entry
How do I put the following transactions in a cash receipts journal?

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1 2 3 4 5 6 7 8 > Pay cash on accounts payable, $9,800. Note: Enter debits before credits. Date General Journal Debit Credit January 04 Record entry Clear entry View general journal