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.
Prepare journal entries for each transaction listed.a. At the end of June, bad debt expense is estimated to be $14,000.b. In July, customer balances are written off in the amount of $7,000.
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
On November 1, Year 1, a company borrows $47,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company’s year-end is December 31. 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31
On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 November 01 Cash 49,000 Notes Payable 49,000 2 December 31 Interest Expense 490 Interest Payable 490 3 February 01 Notes Payable 49,000 Interest Payable 735 Cash 49,735 :......:
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
A3
Flood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for June 2016: a. Flood received a $10,000, 4%, two-year note receivable from a customer for services rendered. The principal and interest are due on June 1, 2018. Flood expects to be able to collect the note and interest in full at that time. b. Office supplies totaling $5,600 were purchased during the month. The asset account Supplies is debited whenever a purchase is made. A count in the storeroom on June 30, 2016, indicates that supplies on hand amount to $507. The supplies on hand at the beginning of the month total $475. c. The company purchased machines last year for $170,000. The machines are expected to be used for four years and have an estimated salvage value of $2,000. d. On June 1, the company paid $4,650 for rent for June, July, and August. The asset Prepaid Rent was debited; it did not have a balance on…

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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