1. Issued common stock in the amount of $280,000 2. Paid a $84,000 cash dividend 3. Borrowed $70,000 from a bank 4. Made a principal payment of $7,000 on an outstanding bank loan 5. Made an interest payment of $3,360 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. Cash Description Common stock > Debit 280,000 0 Credit 0 280.000

1. Issued common stock in the amount of $280,000 2. Paid a $84,000 cash dividend 3. Borrowed $70,000 from a bank 4. Made a principal payment of $7,000 on an outstanding bank loan 5. Made an interest payment of $3,360 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. Cash Description Common stock > Debit 280,000 0 Credit 0 280.000

Name: 1. Issued common stock in the amount of $280,0002. Paid a $84,000 cas
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Description: 1. Issued common stock in the amount of $280,0002. Paid a $84,000 cash dividend3. Borrowed $70,000 from a bank4. Made a principal payment of $7,000 on an outstanding bank loan5. Made an interest payment of $3,360 on an outstanding bank loanPrepare j

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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2a) You have an account at Bank A. Your last balance statement, which you can see on your bank account page, shows an ending balance of $520. This month you deposit $3120 in your account and withdrew $750. Then you had 3 withdrawals (from bills that were paid automatically) scheduled from your checking account, 3 of which clears. The amount that that have cleared totals $2300. The remaining transfer from checking account will total $180. You will pay a $35 monthly maintenance fee to the bank that month. What is the adjusted bank balance amount (accounting for the unclear transfers from checking as well)? Show work. 2b) What is the difference between a bank balance and an adjusted bank balance?
Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Galaxy Corporation. Galaxy Corporation Balance Sheet Cash $656,250 Accounts payable $1,575,000 Accounts receivable $2,296,875 Accruals $984,375 Inventory $3,609,375 Notes payable $1,378,125 Total current assets $6,562,500 Total current liabilities $3,937,500 Long-term debt $6,562,500 Total debt $10,500,000 Common equity $2,100,000 Net plant and equipment $10,937,500 Retained earnings $4,900,000 Total equity $7,000,000 Total assets $17,500,000 Total liabilities and equity $17,500,000 During your interview for an introductory-level analyst position at Galaxy Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet. Net Working Capital $__________________________ Current Ratio…
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SP 6 Serial Problem Business Solutions (Algo) LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,666. The general ledger Cash account, Number 101, shows an ending cash balance per books of $68,266 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101, reveals the following. a. The bank erroneously cleared a $600 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. b. On March 25, the bank statement lists a $57 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $36 interest earned on Business Solutions's checking…
On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as…
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Which of the following is the correct journal entry to convert a $6,300 account payable to a note payable? Cash $6,300 Notes Payable $6,300 Notes Receivable $6,300 Notes Payable $6,300 Notes Payable $6,300 Cash $6,300 Accounts Payable $6,300 Notes Payable $6,300
Accompanying a bank statement for Santee Company is a credit memo for $21,600 representing the principal ($20,000) and interest ($1,600) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.Required:On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…
Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,910,000 Gross profit 5,424,800 Indirect labor 427,700 Indirect materials 187,800 Other factory overhead 845,000 Materials purchased 4,303,300 Total manufacturing costs for the period 8,220,700 Materials inventory, end of period 302,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
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