4. Consider the transactions recorded below: a. b. C. d. e. f. ● Accounts Receivable ● Supplies Cash Service Revenue Cash Accounts Payable Accounts Receivable Advertising Expense Cash Accounts Payable Cash 2,700 6,500 200 3,000 1,000 3,000 2,700 6,500 200 3,000 Deferred Revenue 3,000 Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: 1,000 Cash: $1,500 Accounts receivable: $4,000 Supplies: $200 Accounts payable: $5,000 Deferred revenue: $300 Service revenue and Advertising Expense each have a beginning balance of zero

4. Consider the transactions recorded below: a. b. C. d. e. f. ● Accounts Receivable ● Supplies Cash Service Revenue Cash Accounts Payable Accounts Receivable Advertising Expense Cash Accounts Payable Cash 2,700 6,500 200 3,000 1,000 3,000 2,700 6,500 200 3,000 Deferred Revenue 3,000 Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: 1,000 Cash: $1,500 Accounts receivable: $4,000 Supplies: $200 Accounts payable: $5,000 Deferred revenue: $300 Service revenue and Advertising Expense each have a beginning balance of zero

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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A note receivable is dishonoured on the maturity date. The journal entry to record the same in the accounts is. a. Dr Cash Cr Note receivable Cr Interest receivable b. Dr Accounts receivable Cr Note receivable Cr Interest revenue c. Dr Note receivable Cr Interest revenue Cr Cash d. Dr Cash Cr Accounts receivable Cr Interest revenue
Match each description to the appropriate term. Clear All Measures how frequently during the year accounts Net realizable value receivable are being turned into cash Amounts owed by customers Receivables documented by a formal written instrument of credit All money claims against Notes receivable other entities The difference between Accounts receivable accounts receivable and turnover allowance for doubtful accounts
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Using general GL codes (expense, receivable, revenue, etc.), write out the JE necessary to post each of these bank transactions: Account Activity Transaction Date 07/01/2022 07/01/2022 07/01/2022 07/01/2022 07/01/2022 Description Beginning Balance FX 157510619000001 EUR 17145 R ATE: 1.03944INV3318 INV3307 BRAINTREE FUNDING 6XDJXT LONGTAILVIDEO WIRE IN 220701B1Q8021C018706 202218219086;ORG AMAGI MEDIA L ABS PRIVATE LIMITED;OBI S1023 ADP 401K ADP 401k 94YL7 063026V01 LONGTAIL AD SOLUTIONS Debits -$17,821.20 $0.00 $0.00 -$54,337,80 Credits $0.00 $55,477.13 $8,175.00 $0.00 B
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B. State whether the following T accounts have normal balance or not. (Please refer to the picture.)
Determine the ending balance of each of the following T-accounts. Cash Accounts Payable Beg.Bal. 160 110 Beg.Bal. 2,600 9,800 360 120 3,700 80 End.Bal. End.Bal. Supplies Accounts Receivable Beg.Bal. 10,600 4,400 Beg.Bal. 900 210 1,700 210 210 160 End.Bal. End.Bal. Wages Payable Cash Beg.Bal. 760 Beg.Bal. 12,800 5,100 760 860 6,600 160 1,900 End.Bal. End.Bal.
Lycamobile Indicate how each of the items below should be reported using the following classifications: (a) cash, (b) restricted cash, (c) temporary investment, (d) receivable, (e) liability, or (f) office supplies. (1) Checking account at First Security $ (20) (2) Checking account at Second Security. 350 (3) U.S. t-bills.... 650 (4) Payroll bank account 100 (5) Sales tax bank account 150 (6) Foreign bank account-restricted (in equivalent U.S. dollars) 750 (7) Postage stamps... (8) Employee's postdated check 22 30 (9) IOU from president's brother 75 (10) Credit memo from a vendor for a purchase return 87 (11) Traveler's check. 50 (12) NSF check. 18 (13) Petty cash fund ($16 in currency and expense receipts for $84) 100 (14) Money order. 36
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if the company paid the salaries payable in the next period, the transaction will be as bellow cash debit, salaries payable credit. cash debit , salaries credit. salaries expense debit, cash credit. salaries payable debit, cash credit. Note collection in the bank reconciliation will be Add to the balance per bank. Deduct from balance per bank. O Add to the balance per book. Deduct from balance per book. cost of goods sold equal to O Goods available for sale mince beginning inventory. O Net sale mince goods available for sale Net purchase mince beginning inventory. beginning inventory blues net purchase mince ending inventory
some ca are Cutting Edge Co. is engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable, increase Notes receivable, decrease Accounts payable, decrease CHAPTER 11-PROBLEM 9: P1,480,000 800,000 600,000 AUDITING PRACTICE (2022 Ed.)/CTEspenilla 377