CLAUDrJune 17.Sold for $15,000 land that had cost this same amountJune 21Received $8000 cash from June 06 transactionJune 30.Paid utilities expense of $600 and salary expense $2,500Requirements:1. State the effect each transaction from June 1st 30th will have on the accountingequation. For example, the transaction increased asset and increased capital, thetransaction increased expenses and decreased cash, the transaction increasedasset and decreased asset, etc.2. Prepare the journal entries with narrations to record the transactions for "June"3. Post the transactions recorded in your journal to their respective "T" accounts andbalance off each account at June 30th 2020.4. Having determined the account balances, represent this information using theaccounting equation. ッ、AT NormalT No Spac.. Heading 1HeadingParagraphStylesQuality Service Inc. has the following accounts balances in their charts ofaccounts balances as at June 1, 2020:Cash $138,000, Accounts receivable $0; Land $ 30,000, Building $0; Supplies $0;Accounts payable $0, Notes payable $0; Quality-capital $70,000, Service revenue$98,000, Utilities, salary expense $0.The company also presented the following transactions for the month:June 1.Purchased supplies for $1000 on accountJune 4.Purchased a building for, $62,100 cashJune 6Performed service for a client on account, $12,000June 10.Borrowed $7,000 cash, signing a note payableJune 13Paid the liability from June 1June 17Sold for $15.000 land that had cost this same amountJune 21Received $8000 cash from June 06 transactionJune 30Paid utilities expense of S600 and salary expense $2.500Requirements.1. State the effect each transaction from.Juna 1st 20t l

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7. Sold for $15,000 land that had cost this same amount 1. Received $8000 cash from June 06 transaction 0. Paid utilities expense of $600 and salary expense $2,500 rements: State the effect each transaction from June 1st -30th will have on the a equation. For example, thę transaction increased asset and increaso

7. Sold for $15,000 land that had cost this same amount 1. Received $8000 cash from June 06 transaction 0. Paid utilities expense of $600 and salary expense $2,500 rements: State the effect each transaction from June 1st -30th will have on the a equation. For example, thę transaction increased asset and increaso

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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The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
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Given the ledger accounts of Devrij Company as of January 31, 2020: Cash $26,400 Accounts Payable $9,000 Supplies Share Capital-Ordinary 15,600 6,600 Rent Expense 16,800 Accounts Receivable 13,200 Notes Payable 7,200 Service Revenue 31,200 Required: 1. Compute the total of the debit side of the trial balance. (show your computation). 2. Compute the total of the credit side of the trial balance. (show your computation)
44. Subject :- Accounting
1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
Comparative data from the Statement of Financial Position is given below for ACME Corporation for the years 2022 and 2021. Assets Cash Accounts receivable Supplies Total assets Liabilities Current liabilities 2022 $66,000 54,000 7,500 $127,500 $47,100 2021 $83,000 38,200 6,100 $127,300 $51,400
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