Problem:Mya Pachicks opened a delivery service business named "Chicks To Go" on May 1, 2013. The following items were the transactions occurred during the month of May: ANSWER ONLY 3. Rendered services to Ralph Juice, P20,000 received in cash.A. Cash20,000Accounts Receivable20,000B. Accounts Receivable20,000Service Income20,000C. Accounts Receivable20,000Cash20,000D. Cash20,000Service Income20.000AD

When service revenue is received in cash, then cash should be debited and service revenue should be…

Answered: 3. Rendered services to Ralph Juice,…

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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Complete the following problems on an excel spreadsheet. Number your problems on a different tab. PA3 requires two special journals and a subsidiary ledger. PA3. The following transactions occurred for Donaldson Inc. during the month of July. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period
Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 314 for July rent, $1,400. 1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30. 3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30. 5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30. 11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600. 18 Issued…
On september 1 sara para paid we kill em company $800 in advance for pest conrol services since she had a roach and ants infestation. On decembe 31 sara had used $485 worth of services. a. Journalize the journal entries on September 1 and december 31 for sara para. b. journalize the journal entries on september 1 and december 31 for we kill em. co. c. If the adjusing entry for sara para is not made, how will this affect her income statement and balance sheet. d. if the adjusting entry for we kill em co. is not made, how will this affect their income statement and balance sheet.
The Accounts Receivable balance and Allowance for Bad Debts for Turning Leaves Furniture Restoration at December 31, 2015, was $10,800 and $2,000 (credit balance). During 2016, Turning Leaves completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. 1925 a. Requirement 1. Journalize Turning Leaves's transactions for 2016 assuming Turning Leaves uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $265,800 (ignore Cost of Goods Sold). Accounts and Explanation Debit .. Credit
Can you show me how to do this exact same problem but using the LIFO method?
Please read the questions carefully the First question is asking for journal entry.
I need help working out problems like these. Please explain in detail each step used to complete these journals. Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $2.00 Jan. 5 500 2.30 Jan. 7 300 Jan. 12 300 2.40 Jan. 15 300 Jan. 17 200 2.50 Jan. 19 500 2.70 Jan. 24 800 Jan. 28 100 Jan. 31 200 2.90 Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places. If required, round your final answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $ $ 2. Perpetual moving-average inventory method $ $
Comparing the entries made by the company and your should be entries, prepare one compound entry to adjust the affected accounts considering the books are still open. (On the space provided below, write the total amount of the credit side of your entry) Present the COMPLETE ADJUSTING ENTRY in your solutions
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Hi, I submitted this question earlier but received feedback that the attachment of the question I sent wasn't very clear so I'm trying again. I took the screen grab again as well have copied and pasted the question directly as well. It's asking to journalize the transactions. Hope this is better than the last time. Thanks!The following were selected from among the transactions completed by Babcock Company during November of the current year:Nov. 3 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, n/30.4 Sold merchandise for cash, $41,250. The cost of the merchandise sold was $22,250.5 Purchased merchandise on account from Papoose Creek Co., $43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice.6 Returned $13,600 ($17,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co.8 Sold merchandise on account to Quinn Co., $16,100 with…
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3. Rendered services to Ralph Juice, P20,000 received in cash. A. Cash 20,000 Accounts Receivable 20,000 B. Accounts Receivable 20,000 Service Income 20,000 C. Accounts Receivable 20,000 Cash 20,000 D. Cash 20,000 Service Income 20,000 O A