9) Following are the transactions of Planning Services Company. Prepare General Journal Entries and a Trial Balance T. James, owner, invested $21,000 cash in Planning Services Company in exchange for common stock. The company purchased $8,000 of equipment on credit. The company paid $6,000 cash for a 12-month prepaid insurance policy. June 1 June 2 June 3 June 4 June 12 June 20 June 30 The company billed a customer $6,000 for planning services provided. The company paid $2,000 cash toward the payable from the June 2 equipment purchase. The company collected $6,000 cash for services billed on June 4. The company received $10,000 cash in advance of providing planning services to a customer.

9) Following are the transactions of Planning Services Company. Prepare General Journal Entries and a Trial Balance T. James, owner, invested $21,000 cash in Planning Services Company in exchange for common stock. The company purchased $8,000 of equipment on credit. The company paid $6,000 cash for a 12-month prepaid insurance policy. June 1 June 2 June 3 June 4 June 12 June 20 June 30 The company billed a customer $6,000 for planning services provided. The company paid $2,000 cash toward the payable from the June 2 equipment purchase. The company collected $6,000 cash for services billed on June 4. The company received $10,000 cash in advance of providing planning services to a customer.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journal entries 1. Your company purchased six months worth of supplies on January 1. This is a credit purchase. The purchase price was $25,000. 2. Assume the facts in problem 1. On March 31, an inventory of supplies was taken and $18,000 worth of supplies was remaining in inventory. 3. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. 4. Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of February. 5. On March 1, 2016 conference room furniture for was purchased on credit for $12,000. 6. Assume the facts in problem 5. The furniture has a 12 year life. Record the appropriate adjusting entry. 7. On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some time in July. Prepare the appropriate journal entry for May.
A business purchases equipment by payingOR8, 000 in cash and issuing a note payable of OR12, 000. Which of the following journal entries would be recorded? Select one: O a. Equipment 8,000 Notes payable 4,000 Cash 12,000 O b. Equipment 20,000 Notes payable 12,000 Cash O c. Cash 8,000 Notes payable 4,000 Equipment 12,000 O d. Cash 8,000 Notes payable 12,000 Equipment 20,000
dont give answer in image format
Prepare the following journal entry; all transactions listed occurred in January: The company purchased a delivery van for deliveries. The purchase price was $21,500. A down payment of $5,000 cash was paid by check, and the company signed a promissory note for the remaining amount owed.
During its first year of operations, a company entered into the following transactions: • Borrowed $5,150 from the bank by signing a promissory note. • Issued stock to owners for $11,500. • Purchased $1,150 of supplies on account. Paid $550 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? Multiple Choice O O $17,250 $17,800 $5,750 $16,650
the journal entr 8.30 Enter the following transactions in the journal of J. Jackson: transaction. 1 Jackson purchased computer for $12 000 on credit from Space Age Computers Ltd. The serial no. was JVX 1302 micro- a Jan. March 15 Equipment valued on the books at $325 was sold at that price to Anne Maynard, who agreed to pay in 30 days April 17 Furniture valued at $420 on the books was sold for $540 on credit to C. Jason 21 Dennis Chung, who was a debtor for $290, died of a heart attack. Jackson decided to write off the debt as a June gesture of sympathy to his family 25 S.T. Lau & Co., a debtor for $420, went bankrupt. On liquidation they were able to pay only $0.25 in the dollar. Jackson received a cheque for this amount. The rest was July written off as a bad debt 15 Office machinery valued at $850 was sold for $730 on credit to Oct. Browne & Co. Nov. 10 Jenn Dade, whose debt of $320 was written off some time ago, sent a cheque for $335 representing repayment of the debt with…
Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. Paid $500 cash plus interest to the supplier, extending the note for 30 days July 1 from July 1. 31 Paid the note in full. Issued a $3,500, 60-day, 7% note to a supplier for purchase of Aug. 10 merchandise. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- May 1 2 3 3 Jun. 1 4 6. 7 Jul. 1 8 8. 9 10 10 11 11 12 Jul. 31 12 13 13 14 14 15 15 16 Aug. 10 16 17 17 18 18
Prepare journal entries to record the following transactions for the month of November. If an amount box does not require an entry, leave it blank. A. On first day of the month, issued common stock for cash, $24,000. B. On third day of month, purchased equipment for cash, $12,000. C. On tenth day of month, received cash for accounting services, $14,250. D. On fifteenth day of month, paid miscellaneous expenses, $3,700. E. On last day of month, paid employee salaries, $8,300. Nov. 1 Νov. 3 Nov. 10 Nov. 15 Nov. 30
with this entries July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. i have to Prepare adjusting entries using the following information in…
Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
Prepare the journal journies for a,b,c,d,e,& f please & thank you. Also prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e thank you!