Business transactions for the Spade Company for the first two months of business are shown below. Prepare journal entries to recordthe following transactions. Explanations are not necessary.The transactions of Spade Company appear below.Nov. 1Nov. 1Nov. 5The company received $4,000 cash from client for consulting services completed.Nov. 11Nov. 21Nov. 30The company completed a $5,000 project for a client who must pay within 30 days.Prepare the adjusting entry for the insurance expired as of Nov. 30.Nov. 30 The physical count of office supplies Nov. 30 shows $400 of supplies available. Prepare the adjusting entry to recordsupplies used.Dec. 4The company pays for the office supplies purchased on Nov. 5.The company receives $5,000 cash from client billed on Nov. 21.Dec. 10Dec. 26The company declares a $2.50 per share dividend to be paid in January.The company issues 1,000 shares of $.01 par value common stock for $30,000 cash.The company pays $6,000 for the premium on a 12-month insurance policy.The company purchased office supplies for $1,000 on credit.Use the following accounts:Cash, Accounts receivable, Office Supplies, Prepaid Insurance, Land, Accounts payable, Dividends Payable, Common Stock, Paid incapital in excess of par value, common (PIC-CS), Retained Earnings, Services earned, Salary expense, Office Supplies expense,Insurance expense, and Utility expense.Complete this question by entering your answers in the tabs below.Required 1Prepare journal entries to record the following transactions. Explanations are not necessary. Usethe following accounts:Cash, Accounts receivable, Office Supplies, Prepaid Insurance, Land, Accounts payable, DividendsPayable, Common Stock, Paid in capital in excess of par value, common (PIC-CS), RetainedEarnings, Services earned, Salary expense, Office Supplies expense, Insurance expense, and Utilityexpense. Journal entry worksheet12DateNov. 13Note: Enter debits before credits.Record entry45 6Nov. 1 The company issues 1,000 shares of $.01 par value common stock for$30,000 cash.General Journal7Clear entry89Debit10CreditView general journal>

The journal entries are prepared to record the transactions on regular basis. For shares issued,…

Answered: 1 2 3 Date Nov. 1 ote: Enter debits…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.
Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. At the end of June, bad debt expense is estimated to be $14,600. b. In July, customer balances are written off in the amount of $8,300.
The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
On June 1 , Michelob signed up and paid $1,200 to Master Brewer Inc. for a 6 monthbrewing course that started on the same date. As of July 31st, Master Brewer'saccounting records would indicate: $400 of revenue, $800 of accounts receivable $400 of revenue, $800 of deferred revenue $1,200 of revenue, $1,200 of cash $800 of revenue, $400 of accounts receivable
Prepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800
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For the following, prepare a correcting entry, showing your work. Your final answer must be ONE journal entry. If a problem asks for impact to the financial statements, you must address Revenue/Expense, Net Income, and Assets/Liabilities. 1. On February 28, your company takes out a 2-year insurance policy that has a $3,000 annual premium. The entire amount is paid when the policy is taken out and is recorded in Prepaid Insurance. In the same year the policy is taken out, you notice the adjusting entry debits Insurance Expense and credits Prepaid Insurance for $1500. What is your correcting entry? If the correcting entry is not made, what is the impact to the financial statements? 2. Your company prepays rent 2 years in advance. On August 1, they prepaid $15,000 for 2 years' rent and recorded the entire amount to Rent Expense. At the end of the year, the AJE DR Prepaid Rent and CR Rent Expense for $8,000. What is the correcting entry? If the correcting entry is not made, what is the…
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Journalize the following selected transactions of Mirmax Rentals. Omit explanations. Aug. 1 Purchased two new saws on credit at $425 each. The saws are added to Mirmax’s rental inventory. Payment is due in 30 days. 8 Accepted advance deposits of $125 for tool rentals that will be applied to the cash rental when the tools are returned. 20 Charged customers $1,250 on account for tool rentals. Payment is due within 30 days. 31 Paid utility bill for the month, $180. 31 Received $600 in payments from the customers that were billed for rentals on August 20.

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1 2 3 Date Nov. 1 ote: Enter debits before credits. 4 5 сл 6 General Journal 7 8 Nov. 1 The company issues 1,000 shares of $.01 par value common stock for $30,000 cash. 9 Debit 10 Credit