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.
Q: I need answer of this question solution general accounting
A: Step 1: Identify the cost of the assetStep 2: Identify the salvage valueStep 3: Identify the useful…
Q: The following data relates to Bands Are Us. Inc. for the 31, 2015: Ending inventory at cost $ 54,000…
A: Adjusted COGS for Bands Are Us Inc.The problem states:Ending inventory at cost: $54,000Ending…
Q: Please given answer Accounting
A: Step 1: Define Net IncomeWithin a business, net income refers to the remainder of revenue after all…
Q: Thanks for your support
A: Triple Bottom Line (TBL) reporting enhances traditional financial statements by going beyond the…
Q: The accounting records of Rockness Company provided the data below ($ in 000s). Net income $…
A: The cash flow statement is divided into three sections: operating activities, investing activities,…
Q: Hii sir can u help me with this accounting Question
A: Explanation of RevenueRevenue is the total income generated from selling goods or services over a…
Q: provide answer this financial account questions with choose correct options
A: Operating expenses: $57,000 (not used for Gross Profit calculation)Sales returns and allowances:…
Q: Lao shu company is..accounting question
A: Step 1: Define Direct Labor CostDirect labor cost refers to the workforce that is indulged in the…
Q: General Accounting Question need Answer
A: Step 1: Identify Credit Factors• Base credit per qualifying child: $1,000• Number of qualifying…
Q: Coral Bay Spa Bay Spa records employee tips monthly. March shows: cash tips $2,340, credit card tips…
A: Explanation of Cash Tips: Cash tips represent the monetary gratuities that customers give directly…
Q: General Accounting Question
A: The computation of revenues and expenses as follows for the special order as follows: ABCD1 Reject…
Q: Give me service charge amount.
A: Steps and explanations are as follows:In case of any doubt, please let me know. Thank you.
Q: Answer this Question
A: Explanation of Work in Process (WIP)Work in Process (WIP) refers to the value of goods that are in…
Q: Requirea information [The following information applies to the questions displayed below.] Oak…
A:
Q: I want to correct answer general accounting
A: Step 1: Define Inventory turnoverInventory turnover is given as the cost of goods sold divided by…
Q: Selected information follows for Wildhorse Select Corporation at December 31: 2024 2023 Bonds…
A: Financing activities in a cash flow statement typically include transactions with owners and…
Q: General Accounting
A: To determine the total equity of the firm, we need to identify and sum the components that belong to…
Q: Get Help of this Accounting Calculation
A: Total Equity = Common Stock + Retained Earnings + Paid in ExcessCommon stock: $15,000Retained…
Q: Need answer the accounting question
A: Step 1: Define Percentage Of ChangeThe percentage of change is calculated in the horizontal analysis…
Q: Foley Word Processing Service uses the straight-line method of depreciation. The company's fiscal…
A: 2020, July 1: Purchase of ComputerThe company purchased a computer for $1,900, with additional costs…
Q: I need answer
A: Key Definitions:Explanation of Real-time Accounting Systems: Real-time accounting systems are…
Q: (General accounting) 2.5
A: Explanation of Arm's Length Principle:The arm's length principle ensures that transactions between…
Q: Cost accounting questions give answer
A: Explanation: In the given case, we are required to calculate the amount of gross margin from the…
Q: Answer with explanation this accounting Problem
A: Approach to solving the question: Review and Anaysis Detailed explanation:Material Price Variance…
Q: Brown corporation had....Accounting question
A: Step 1: Define Ratio AnalysisThe ratios analysis is mathematical equations or formulas that…
Q: Please given answer Accounting
A: Step 1: Define Straight-Line DepreciationStraight-line depreciation is a method of allocating the…
Q: A company applies overhead please solve this question
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is always estimated at the…
Q: Question
A: Question: image not clear but i think this is questions so i answer this. if not then let me know in…
Q: Accounting question
A: Step 1: Define DividendsA dividend is a payout of assets to shareholders as a reward for investment…
Q: Please give me answer Accounting question
A: Step 1: Define Cash Receipts & PaymentsCash receipts are amounts received from various sources,…
Q: Can you please solve these general accounting question without use Ai?
A: Step 1: Define ShareShares can be defined as a small proportion of business that is offered by the…
Q: Need answer help me
A: Explanation of Activity-Based Costing (ABC):Activity-Based Costing is a method of allocating…
Q: 1. This is the first accounting period for Lo Lo Lawrence Landscaping. The Temporary Equity accounts…
A: Hello student! Closing Entries are made to transfer the balance of temporary accounts to permanent…
Q: Lee's pension trust reported...account question
A: Step 1: Define AssetAn asset is anything or property managed or held by a business or an…
Q: Hi-Tek Manufacturing, Incorporated, makes two industrial component parts-B300 and T500. An…
A: Step 1:Predetermined overhead rate Is computed as Estimated overhead divided by estimated direct…
Q: Question
A: Explanation of Entity Concept: The entity concept is a fundamental accounting principle that treats…
Q: What makes forensic accounting distinct from regular auditing?
A: Explanation of Forensic Accounting:Forensic accounting refers to a specialized area of accounting…
Q: Korte Company's Account reported the following information for 2014: Sales revenue Cost of goods…
A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…
Q: I want to correct answer general accounting
A: Step 1: Define Gain or Loss on Asset DisposalWhen a company sells one of its fixed assets, the…
Q: Please I need this question answer Accounting
A: Step 1:Define Overhead AllocationOverhead costs cannot be traced to the units produced physically…
Q: The merchandise inventory was destroyed by fire this question solution
A: Step 1: Define Cost of Goods SoldIn business and finance, the cost of goods sold is considered the…
Q: Activity 2. NeoZone Partnership You are a bookkeeper at the accounting firm Complete Business…
A: Step 1:Review all the contributions made by each partner, either in cash or other assets.James Cross…
Q: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of…
A: On January 1, the company sold inventory for cash. This transaction affects the Cash, Sales Revenue,…
Q: General Accounting
A: Step 1: Define Equivalent UnitsWithout equivalent units, the firm could not calculate the cost per…
Q: Business 123 Introduction to Investments May I please have a brief rhetorical analysis of the…
A: Rhetorical analysis shows how the discussion talks to the audience, in all likelihood an…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: Step 1:In the given case, since there is no salvage value, the cost of assets dis equal to the total…
Q: Hello tutor please provide this question solution general accounting
A: Step 1:Computation of the total liabilities: Total liabilities = Total equity x Debt-equity ratio =…
Q: Please given answer Accounting question
A: Step 1: Define How to Compute Asset Return?The return on assets is a profitability ratio that…
Q: Please given answer financial accounting
A: Step 1: Define Debt to Equity RatioThe debt to equity ratio is an important financial ratio that…
Q: Webber fabricating estimated the following solve this question ❓
A: Step 1: Define Manufacturing CostsThe manufacturing costs of a business include all those costs…
Step by step
Solved in 2 steps
- Prepare journal entries to record the following transactions. Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume Prepaid Insurance beginning balance of $9,000). A. April 1, paid cash for one-year policy, $18,000 B. December 31, unexpired premiums, $4,500Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting Miranda Lee a extension on her past-due account receivable. Prepared an adjusting entry to record accrued interest the Lee note. Complete the table to calculate the Interest amounts at Dexember 31^ \st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)Prepare journal entries to record transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment.
- A. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…Required information Use the following information for the Exercises 18-19 below. (Algo) [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $18,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 % note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on…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
- On August 2, Jun Company receives a $7,500, 90-day, 14.0% note from customer Ryan Albany as payment on his $7,500 account receivable. 1. Compute the maturity date for this note. 2. Prepare Jun's journal entry for August 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Jun's journal entry for August 2. View transaction list Journal entry worksheet < 1 Record receipt of note on account. Note: Enter debits before credits. Date August 02 General Journal Debit CreditFollowing are transactions for Vitalo Company. 1 Accepted a $12,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Nov. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment. th and April 30 and use those calculated values to prepare your Complete the table to calculate the interest amounts at December 31st journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Complete the table to calculate the interest amounts at December 31st and April 30th. November 1 January 1 Total Through Through Through Maturity December 31 April 30 Principal Rate (%) Time Total interestPrepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $18,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. 1 Record entry for note accepted for $18,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past-due account. 2 Record adjusting entry for the interest due on the Grimes note. 3 Record the note honored, when presented for payment.
- 8On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452Given the following transaction of entrepreneur ark, what journal entries would you make as its accountant, to book the followig transaction? a June 23. Received a 52,000, 90 day, 8% note date 23 from BEDA express account sept 11 the note is dishonoed by BEDA Oct 2 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA express on september 21