Answer Cash Accounts Receivable Supplies Equipment Accounts Payable Common Stock Security Service Revenue Advertising Expense Salaries & Wages Exp Rent Expense Repairs & Maintenance Exp Utility Expense Beyers Corporation Trial Balance October 31, 2022 Account Debit Credit Totals
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- CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 214 Interest Payable 491 Interest Revenue 112 Accounts Receivable 114 Interest Receivable 216 Wages Payable 511 Depreciation Expense 125 Supplies 261 Unearned Revenue 513 Insurance Expense 130 Prepaid Insurance 311 Common Stock 515 Rent Expense 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation 591 Interest Expense Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
- Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?gleusercontent.com/viewer/secure/pdf/ki7h0e5ernovil8j8jhia898nvne1h7r/0bntlihe Tutorial 10 Submission date: 18 January 2021 before 12.00pm 1. The following are extract from the cash book and bank statement of Fifi Enterprise. Cash Book (Bank Account only) 2020 RM 2020 Dec RM Dec 1 Balance b/d 3,419 8 Basri 462 7 Farah 101 15 Farid 21 22 Ghaz 44 28 Tengku 209 31 Weiwei 319 31 Siti 246 31 Balance c/d 3,437 4,129 4,129 Bank Statement Debit Date Items Credit Balance Dec 1 Balance b/d 3,419 3,520 3,058 3,037 3,081 3,174 7 Cheque 101 11 Basri 462 20 Farid 21 22 Cheque 31 Credit Transfer: Tina 31 Bank Charges 44 93 47 3,127 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020.MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
- On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts? a. debit Accounts Payable; credit Cash b. debit Accounts Receivable; credit Cash c. debit Cash; credit Accounts Payable d. debit Cash; credit Accounts ReceivableA company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?
- IMPORTANT Record the entries in the order the items are listed on the bank reconciliation report. When entering numbers, please do not use commas or dollar signs. Journal Date 2023 Accounts and Explanations 0 น PR Debit Page 52 CreditPlease don't provide answer in image format thank you Use these account balances to prepare the financial statements for Freddy's Fudge and Food Gifts. Each financial statement should be shown on the following three sheets of paper. The headings, subtotals, totals and formatting should be proper according to GAAP. Freddy's Fudge and Food Gifts Account Balances December 31, 2021 Account Amounts Accounts payable 31,520 Accounts receivable 77,770 Accrued payroll taxes 2,450 Accumulated depreciation 33,800 Additional Paid In Capital - Common Stock 6,000 Advertising expense 9,800 Allowance for Doubtful Accounts 7,200 Bonds payable 100,000 Buildings 98,600 Cash 15,425 Common stock 50,000 Cost of Goods Sold 948,332 Current portion of long-term debt 5,000 Depreciation expense 12,800 Discount on bonds 6,800 Dividends 20,000 Employee benefits 26,480 Equipment 45,500 Income tax expense 12,690 Insurance expense 5,600 Interest and dividend income 1,800 Interest expense (2,600) Inventory…Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…