1.Tracey Sullivan begins business on May 1, 20-, with the following assets and liabilities: Cash, $5 000; Accounts Receivable from Atkinson & Sons, $500; Land, $40 000; Building, $100 000; Office Equipment, $6 800; Accounts Payable to Statton Builders, $2 000; Mortgage on Building, $50 000. Record the opening entry for Tracey Sullivan in the two-column general journal. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT
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- Journal entries 1. Your company purchased six months worth of supplies on January 1. This is a credit purchase. The purchase price was $25,000. 2. Assume the facts in problem 1. On March 31, an inventory of supplies was taken and $18,000 worth of supplies was remaining in inventory. 3. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. 4. Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of February. 5. On March 1, 2016 conference room furniture for was purchased on credit for $12,000. 6. Assume the facts in problem 5. The furniture has a 12 year life. Record the appropriate adjusting entry. 7. On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some time in July. Prepare the appropriate journal entry for May.Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $26,000 in exchange for common stock. Purchased supplies on account, $2,620. Paid creditor on account, $1,660. Earned sales commissions, receiving cash, $26,750. Paid rent on office and equipment for the month, $5,240. Paid dividends, $8,000. Paid automobile expenses for month, $2,510, and miscellaneous expenses, $1,200. Paid office salaries, $3,160. Determined that the cost of supplies on hand was $880; therefore, the cost of supplies used was $1,740. Required: Question Content Area 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign. 2. Prepare an income statement for April.Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles.
- On June 1, 2018, Bob Lutz opened Lutz Repair Service. Make journal entries for each of the transactions listed below for the month of June. JUNE TRANSACTIONS During the month, he completed the following transactions for the company: June 1. Began business by depositing $20,000 in a bank account in the name of the company. June 1. Paid the rent for the store for current month, $1,700. June 1. Paid the premium on a one-year insurance policy, $1,920. June 2. Purchased repair equipment from Bilbao Company, $16,800. Terms were $2,400 down and $1,200 per month for one year. First payment is due July 1. June 5. Purchased repair supplies from Rusin Company on credit, $1,872. June 8. Paid cash for an advertisement in a local newspaper, $240. June 15. Received cash repair revenue for the first half of the month, $1,600. June 21. Paid Rusin Company on account, $900. June 30. Received cash repair revenue for the last half of June, $3,900. June 30. Made a withdrawal, $1,200. REQUIRED FOR JUNE 1.…Proper Both General Journal and General Ledger from the Transaction Given 1- Accounting period: are the jobs defined by law for a year starting from . and ending On . of each year, as the basis for calculation, the . or profit achieved by the project . 2- On 1/1 the merchant started his business with a capital of (100,000) deposited in the bank. 3- 1\1 The merchant started his business with a capital of (10,000), which 2000 was cash and the rest was opened for the bank account. 4 On 1/1 the trader started his business with the following assets:1,000 cash, 20,000 cars, 4,000 goods, 5,000 furniture, and 3,000 debtors (Ghassan). 5- On 6/20 the trader started his business with the following assets and liabilities: 1600 cash, 2900 goods, 600 furniture, 4000 building, 800 Hassan (debtor), 2,500 Saleh (creditor), 400 Mizzen (creditor). 6- A home furniture dealer bought 200,000 dinars in cash. 7- A furniture dealer bought for an amount of (200,000) dinars trom Al-Amal Company, and he paid half…You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15 GENERAL JOURNAL ACCOUNTING EQUATION DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,062,060.00 ↑ 2 Premium on Bonds Payable 62,060.00 ↑ 3 Bonds Payable 1,000,000.00 ↑ 4 Jun. 30 Interest Expense 19,397.00 ↓ 5 Premium on Bonds Payable 3,103.00 ↓ 6 Cash 22,500.00 ↓ 7 Jul. 1 Cash 1,921,280.00 ↑ 8 Discount on Bonds Payable 78,720.00 ↓…
- with this entries July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. i have to Prepare adjusting entries using the following information in…6 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252 Tp Inventor Training D. CHAP2 HOMEWORK A Saved 1 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 10 April 1 Tanner invested $8e,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. 2 The company prepaid $9, c00 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,60e in office supplies. Payment is due within 10 days. 6 The company completed services for a client and imnediately received $4,000 cash. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 13 The company paid $11,600 cash to settle the account payable crented on April 3. 19 The company paid $2,400 cash for the…Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
- GENERAL JOURNAL ENTRIES Diane Bernick has opened Bernick'sConsulting. Journalize the following transactions that occurred duringJanuary of the current year. Use the following journal pages: January 1-10, page 1; and January 11-29, page 2. Use the following chart ofaccounts: (attached) Jan. 1 Bernick invested cash in the business, $12,000.2 Paid office rent, $750.3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950.8 Paid phone bill, $85.10 Paid for a magazine subscription (miscellaneous expense), $20.11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200.18 Paid part-time employee, $600.21 Received cash for services rendered, $800. 25 Paid utilities bill, $105.27 Bernick withdrew cash for personal use, $400.29 Paid part-time employee, $600.Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $29,000. 2 Paid rent on office and equipment for the month, $2,350. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $800. 5 Earned fees, receiving cash, $14,640. 6 Paid automobile expenses (including rental charge) for month, $1,520, and miscellaneous expenses, $890. 7 Paid office salaries, $2,000. 8 Determined that the cost of supplies used was $1,100. 9 Withdrew cash for personal use, $2,600. Required: 1. Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account…