Activity 3. (Friendly Trucking) compril 1, 2016, Nels Ferrer organized a business called Friendly trucking. During April, the company entered into the following transactions: April 1 Nels Ferrer deposited 500 000 cash in a bank account in the name of the business. April 1 Purchased for P250 000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15 2016. Paid rental for the month of April, 5 000. Earned and collected trucking income from Ryan, 8 000. Earned trucking income from Jesper, 30 000 on account. Jesper will pay on May 8, 2016. Paid salaries of drivers, 10 000. Rented the vehicle to Joshua for 35 000, Joshua paid P20 000 on the dte and the balance on April 20 Paid electric bills for the month, 2 000. Collected from Joshua the balance of his April 15 account. Purchased office supplies, P2 300. Earned and collected trucking income from Jay, 18 000. April 1 April 5 April 8 April 10 April 15 April 18 April 20 April 25 April 29 Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format C. Prepare the unadjusted trial balance, as of April 30, 2016

Activity 3. (Friendly Trucking) compril 1, 2016, Nels Ferrer organized a business called Friendly trucking. During April, the company entered into the following transactions: April 1 Nels Ferrer deposited 500 000 cash in a bank account in the name of the business. April 1 Purchased for P250 000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15 2016. Paid rental for the month of April, 5 000. Earned and collected trucking income from Ryan, 8 000. Earned trucking income from Jesper, 30 000 on account. Jesper will pay on May 8, 2016. Paid salaries of drivers, 10 000. Rented the vehicle to Joshua for 35 000, Joshua paid P20 000 on the dte and the balance on April 20 Paid electric bills for the month, 2 000. Collected from Joshua the balance of his April 15 account. Purchased office supplies, P2 300. Earned and collected trucking income from Jay, 18 000. April 1 April 5 April 8 April 10 April 15 April 18 April 20 April 25 April 29 Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format C. Prepare the unadjusted trial balance, as of April 30, 2016

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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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
Journalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles. The journal must have date, description, credit and debit. Also must be a total of 64 journal entries. And must find the total.
Complete the ledger T-accounts, find december 1 balances and post the December transactions.
The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.
ME15Accounts are listed on the trial balance in: a) Chronological orderb) The order that they appear in the ledger c) Alphabetical orderd) The order in which they are posted
Subject : - Account
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On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $790,000, retained earnings of $340,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Inventory Dividends Purchases from Net Income Declared Corgan $190,000 210, 000 $240, 000 $44,000 54,000 2020 2021 220,000 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. b. Prepare the worksheet…
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