4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31,Licenses and TaxesP 4,00015,0003,5008,00019,70012,500Notes ReceivableOffice ExpenseRent ExpenseOffice EquipmentAccounts Payable - XYZ Co.Accounts Receivable – RegencyHotel9,000Accounts Receivable - MedicalCityAccounts Receivable - City HotelVirgilio Inlayo, capitalVirgilio Inlayo, personalCash on HandCash in Bank7,0005,000327,00030,0005,00050,000200,0001,500Cleaning EquipmentInsurance ExpenseNotes PayableDelivery TruckCleaning Supplies UsedUtilities20,00078,00021,0005,00048,0008,900SalariesGas and Oil ExpenseDry Cleaning Income159,100Required: Create the Trial BalanceCOLLEGE PAMPANGA3. The following are the ledger balances of E.T Co. owner of an apartment building. Prepare atrail balance from these ledger balances:P50,000 P5,000P100AFurniture&25,0002,500Cash EquipmentBuilding 60,0001,1002,55060,000TodisLandP1200AP20000A2,4801,2005,0008,000Advances fromMortgage6,0001,5502,500Payable TenantP20,000P200,000P25,0002,00020,0002,5001,2501,100Rents EarnedDue in ARG Co.P2,000P60,000P12,00060,0005,000Utilities EarmedAdvertisementsP2,5001,250P5,0002,500Garbage ExpenseP1,1001,100General ExpenseP2,550Insurance ExpenseP2,480Interest ExpenseP120ASalaries and WagesP5,0005,000RepairsSuperintendenceSepeties uped Tees ExpenseP2,500P1,550E.T Ca. capitalInstruction:Get the balances of each account and prepare a trial balance for E.T Co.LLEGE

Unadjusted trial balance includes both temporary accounts and permanent accounts. All expenses,…

4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31, 200_- P 4,000 15,000 3,500 8,000 19,700 12,500 Licenses and Taxes Notes Receivable Office Expense Rent Expense Office Equipment Accounts Payable - XYZ Co. Accounts Receivable – Regency Hotel TY COLLE 9,000 Accounts Receivable - Medical City Accounts Receivable - City Hotel Virgilio Inlayo, capital Virgilio Inlayo, personal Cash on Hand Cash in Bank Cleaning Equipment Insurance Expense Notes Payable Delivery Truck Cleaning Supplies Used 7,000 5,000 327,000 30,000 5,000 50,000 200,000 1,500 20,000 78,000 21,000 5,000 48,000 8,900 159,100 Utilities Salaries Gas and Oil Expense Dry Cleaning Income Required: Create the Trial Balance

4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31, 200_- P 4,000 15,000 3,500 8,000 19,700 12,500 Licenses and Taxes Notes Receivable Office Expense Rent Expense Office Equipment Accounts Payable - XYZ Co. Accounts Receivable – Regency Hotel TY COLLE 9,000 Accounts Receivable - Medical City Accounts Receivable - City Hotel Virgilio Inlayo, capital Virgilio Inlayo, personal Cash on Hand Cash in Bank Cleaning Equipment Insurance Expense Notes Payable Delivery Truck Cleaning Supplies Used 7,000 5,000 327,000 30,000 5,000 50,000 200,000 1,500 20,000 78,000 21,000 5,000 48,000 8,900 159,100 Utilities Salaries Gas and Oil Expense Dry Cleaning Income Required: Create the Trial Balance

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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5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
9. Ashley Martinez's checkbook balance was $149.21 on October 5. The checkbook register below shows her transactions since then. What is her balance after each transaction? Trans Type Date Description of Transaction or Check # 571 DEP 572 AT 10/6 Pettisvile Flowers 10/9 Deposit 10/10 Donald's Bookstore 10/19 Langley Phone Co. Payment / Debit ✔ Deposit / Credit (+) (-) Balance Brought Forward 45 79 16 94 75 25 213 80 Balance 149 21
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,511 debit balance and its bank statement shows $13,357 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,312. b. The June 30 bank statement lists a $40 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2.435 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 (Algo) Entries from bank reconciliation LO P3 Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note:…
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3. The April 30 bank statement of 10A Company showed a balance of $$24,635 and the following memoranda: Credits Collection of $1,250 note plus interest $50 Interest earned on checking account $65 Debits $75 NSF check: Banana Wang $635 Safety deposit box rent: 10A Company's cash account in the general ledger had a balance of $26,100 on April 30 and other information is as follows: (1) Cash receipts for April 30 recorded on the company's books were $6,695 but this amount does not appear on the bank statement. (2) The total amount of checks still outstanding at April 30 amounted to $6,575, including $2,000 certified checks. (3) Check No. 119 payable to 10B Company was recorded in the cash payments journal and cleared the bank for $248 but the payment should be $284. Instructions (a) (b) Prepare the bank reconciliation at April 30. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Hint: Record Safety deposit box rent as Miscellaneous (Misc.) Expense)