2. The ledger for C. Hernandez, as of June 30, 20-, is given below.A/RA/RA/RBankP. OnoG. SlaughtI 124R. Tamo5 0008503 500A/PSuppliesEquipmentAutomobilesJ. BattI 58525 35022 800785C. HernandezCapitalA/PA/PW. ParkerH. WhiteBank LoanI 000I 20025 00032 224Prepare a trial balance for C. Hernandez for June 30, 20-.

A trial balance seems to be an accounting worksheet whereby all ledger balances are aggregated into…

2. The ledger for C. Hernandez, as of June 30, 20, is given below. A/R G. Slaught I 124 A/R A/R Bank P. Ono R. Tamo 3 500 5 000 850 A/P Supplies I 585 Equipment 25 350 Automobiles J. Batt 22 800 785 A/P W. Parker I 000 C. Hernandez Capital A/P H. White I 200 Bank Loan 25 000 32 224 Prepare a trial balance for C. Hernandez for June 30, 20-.

2. The ledger for C. Hernandez, as of June 30, 20, is given below. A/R G. Slaught I 124 A/R A/R Bank P. Ono R. Tamo 3 500 5 000 850 A/P Supplies I 585 Equipment 25 350 Automobiles J. Batt 22 800 785 A/P W. Parker I 000 C. Hernandez Capital A/P H. White I 200 Bank Loan 25 000 32 224 Prepare a trial balance for C. Hernandez for June 30, 20-.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3. On January 1 of the current year, Neptune, Inc. had the following accounts on its books: Accounts Receivable $240,000 (debit) Allowance for Doubtful Accounts 8,000 (credit) During this year, credit sales were $1,200,000 and collections on account were $1,160,000. a. Prepare general journal entries for the following transactions that occurred during the year: (1) Wrote off N. Purcell’s account, $6,800. (2) Wrote off J. Stein’s account, $2,400. (3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction. (2). This amount is not included in the $1,160,000 collections. (4) On December 31, estimated the year’s bad debts expense at 1% of credit sales. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end balance sheet.
The Yankee Corporation has recently begun to accept credit cards. On July 7, Year 1, Yankee made a credit card sale of $600. Assume that the credit card fee is recorded on the date of sale and that the credit card company charges a fee of 3% for handling a credit card transaction. Which of the following correctly shows the effects of the sale on July 7? Assets 600 A. B. 582 C. 582 D. 600 Multiple Choice O Balance Sheet Liabilities + 18 ΝΑ ΝΑ ΝΑ Option B Option D Option C Option A Stockholders' Equity 582 582 582 600 Revenue 582 600 600 600 Income Statement Expense = Net Income Statement of Cash Flows ΝΑ ΝΑ 18 582 0A 18 ΝΑ 582 582 582 600 ΝΑ ΝΑ
Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content
Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.
Account of a debtor must be written off as irrecoverable..what is a document of this transaction?
DETERMINE THE BALANCES OF THE FOLLOWING ACCOUNTS AS OF SEPTEMBER 30, 2017. (FORMAT ANSWERl: 1,000,000) Entity A began operation to provide credit collection services on September 2020. The Unadjusted Trial Balance as of September 30, 2020 is as shown below: Entity A Trial Balance September 30, 2020 Cash and Cash Equivalent 174,000 Accounts Receivable 96,200 Office Supplies 10,500 Prepaid Insurance 24,000 Equipment 300,000 Notes Payable 100,000 Accounts Payable 123,500 Unearned Service Income 50,000 A, Capital 200,000 A, Drawings 6,000 Service Income 176,200 Salaries Expense 12,000 Transportation Expense 13,000 Rent Expense 12,000 MIscellaneous Expenses 2,000 649,700 649,700 Additional Data 1. Unused supplies on September 30, 2020 is P7,500 2. The equipment was acquired on September 1, 2017 with useful life of 5 years and with estimated salvage value of P30,000 3. Interest on the notes payable is 18%. The note was issued on September 1, 2020. 4. The prepaid insurance is for the period…
Ashvinbhai
1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
Prepare trial balance from the given details.
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…