None 1. This is the first accounting period for Lo LoLawrence Landscaping. The Temporary Equityaccounts have the following balances on July 31st:Revenue $100,000Withdrawals $20,000Salary Expense $50,000Utility Expense $10,000.Required: Record the four closing journalentries in the closing journal.

Given Balances:Revenue = $100,000Withdrawals = $20,000Salary Expense = $50,000Utility Expense =…

Answered: 1. This is the first accounting period…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 3AP

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1. This is the first accounting period for Lo Lo Lawrence Landscaping. The Temporary Equity accounts have the following balances on July 31st: Revenue $100,000 Withdrawals $20,000 Salary Expense $50,000 Utility Expense $10,000. Required: Record the four closing journal entries in the closing journal.
On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $20,200 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $212 Ob. $202 Oc. $199 Od. $209
The F. Mercury, Capital account has a credit balance of $23,8000 before closing entries are made. If total revenues for the period are $75,200. total expenses are $55,000, and withdrawals are $12,600, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? __ $11,200. __ $20,200 __ $31,400. __ S23.800. __ $44,000.
2. This is the first accounting period for Fiona Franklin Financial Planning. The Temporary Equity accounts have the following balances on June 30th: Revenue $200,000 Withdrawals $40,000 Salary Expense $30,000 Utility Expense $1,000. Required: Record the four closing journal entries in the closing journal.
2020.12.30 15:27 accounts of here in form: The for Pascual has entries "a" through "e" to at Dec. 31, All the and equity Identifying Entries Completing the Accounting Cycle| 283 NAME: SCORE: SECTION: PROFESSOR: Problem #4 dentifying and Journalizing Closing Entries of %3D Accounts Receivable Pascual, Withdrawals 524,000 (a) Supplies Service Revenues 1,030,000 Accumulated Depreciation-Furniture Salaries Expense (q) Accumulated Depreciation-Building (p) Supplies Expense 330,000 (a) (c) Salaries Payable Depreciation Expense-Furniture 000, () (a) Depreciation Expense-Building (c) Pascual, Capital 494,000 Required:
tatement of Owner's Equity Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for the fiscal year ended December 31, 2019, are as follows: Bart Nesbit, Capital Bart Nesbit, Drawing Dec. 31 20,000 Jan. 1 (2019) 382,000 Mar. 31 5,000 Dec. 31 20,000 Dec. 31 200,000 June 30 5,000 Sept. 30 5,000 Dec. 31 5,000 Prepare a statement of owner's equity for the year. Apex Systems Co. Statement of Owner's Equity For the Year Ended December 31, 2019 $ $ $
On August 1, Year 1, Hernandez Company loaned $58,800 cash to Acosta Company. The one-year note carried a 5% rate of Interest. Which of the following shows how the December 31, Year 1, recognition of accrued Interest will affect Hernandez's financial statements? Assets A. $ 1,715 = B. $ 1,715 = C. $ 1,225 D. $ 1,225 = Multiple Choice O Balance Sheet = Liabilities + ΝΑ + ΝΑ + ΝΑ O O Option A Option B Option C Option D ΝΑ Income Statement Expenses = ΝΑ NA Equity Revenues $1,715 $ 1,715 - $1,715 $ 1,715 - $ 1,225 $1,225 - $1,225 + + $1,225 ΝΑ NA = = = = Net Income $ 1,715 $ 1,715 $ 1,225 $ 1,225 Statement of Cash Flows $ 1,715 OA ΝΑ $ 1,225 OA NA
1c. Journalize the entries to record the 203 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$379 b.$1,148 c.$757 d.$4,543
Consider the following transactions for BorrowIP Corporation.March 1 Paid interest due on note payable, $2,500.Dec 31 Interest accrued on note payable, $4,250.Assume that the Interest Payable account had a beginning balance of $2,500.Requirements:1. Prepare journal entries to record the above transactions.2. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account
Rainey Enterprises loaned $30,000 to Small Company on June 1, Year 1, for one year at 9 percent interest Required a. Record these general journal entries for Rainey Enterprises: (1) The loan to Small Company. (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. b. Show the effects of the three given transactions in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Show the effects of the three given transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and leave blank to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign. Round your final answers to the nearest whole dollar) Event 6/1/1 12/31/1 6/1/2 G/1/Y2 Cash + Assets Notes Receivable…
On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a.$646 b.$5,061 c.$969 d.$323

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