A dog training business began on December 1. The following transactions occurred during its first month. Use the drop-downs to select the accounts properly included on the income statement for the post-closing balances

A dog training business began on December 1. The following transactions occurred during its first month. Use the drop-downs to select the accounts properly included on the income statement for the post-closing balances

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 1PA: Sage Learning Centers was established on July 20 to provide educational services. The services...

See similar textbooks

Similar questions

The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Payment of six months’ rent in advance.b. Purchase of an office computer on account.c. Purchase of office supplies on account.d. Adjustment to record depreciation at the end of the month.e. Adjustment to record accrued salaries at the end of the period.f. Purchase of services on account.g. Adjustment to prepaid rent at the end of the month.h. Purchase of office equipment for cash.i. Adjustment to prepaid insurance at the end of the month.j. Purchase of office supplies for cash.k. Advance payment of a one-year fire insurance policy on the office.
Prepare journal entries to record the following transactions for the month of July. If an amount box does not require an entry, leave it blank. A. On first day of the month, paid rent for current month, $2,500. B. On tenth day of month, paid prior month balance due on accounts, $3,500. C. On twelfth day of month, collected cash for services provided, $6,000. D. On twenty-first day of month, paid salaries to employees, $3,600. E. On thirty-first day of month, paid for dividends to shareholders, $700. Jul. 1 Jul. 10 Jul. 12 Jul. 21 Jul. 31
Roland Foster Optical Dispensary completed the following transactions during the latter part of March: Mar. 15 Purchased office supplies on account, $3,400 Mar. 28 Paid $1,800 on account. Read the requirements. Requirement 1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 15: Purchased office supplies on account, $3,400. Date Accounts and Explanation Debit Credit Mar. 15 Requirements 1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. 2. The following T-accounts have been opened for you: Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account. Mar. 28: Paid $1,800 on account. Date Accounts and Explanation Debit Credit Mar. 28 Print…
All accounts in the general ledger are closed at a company's fiscal year end in order to facilitate preparation of the financial statements and to ready the accounts for the activities of the next year.
Journalizing transactions and posting to T-accounts Roland Poster Optical Dispensary completed the following transactions during the latter part of March: Requirements Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account.
Posting to the general ledger from the special journals should be done at the end of the month. True or False
Lizzie Gunderson is trying to establish a credit history and has a Visa charge card. She received a September 3 statement that shows a balance of $254.80 from the previous month. The statement shows the following transactions: payment on September 12 of $50, charge on September 15 of $35.18, charge on September 20 of $120, and a final charge on October 2 of $14.60. Calculate the average daily balance for September.
You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 Credit 210.00 11700.00 100000.00 6500.00
Calco Inc. rents its store location. Rent is $950 per month, payable quarterly in advance. On July 1, a check for $2,850 was issued to the landlord for the July–September quarter.Required: Prepare the Horizontal model and Journal entry for each of the following transactions. To record the payment on July 1, assuming that all $2,850 is initially recorded as Rent Expense. To record the adjustment that would be appropriate at July 31 if your entry in a had been made. To record the payment on July 1, assuming instead that all $2,850 is initially recorded as Prepaid Rent. To record the adjustment that would be appropriate at July 31 if your entry in c had been made. To record the adjustment that would be appropriate at August 31 and September 30, regardless of how the payment on July 1 had been initially recorded (and assuming that the July 31 adjustment had been made). Indicate the financial statement effect. If you were supervising the bookkeeper, how would you suggest that the July…
Louvers, Incorporated, accepted a $15,000, 180-day, 10 percent note from a customer on May 31. Louvers plans to prepare financial statements as of June 30, the end of its fiscal year. Prepare the necessary June 30 adjusting entry for Louvers by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.