At Balance date the Smart Business owes its employees $25,000 in Wages. The transaction should be Select one:
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At Balance date the Smart Business owes its employees $25,000 in Wages. The transaction should be Select one:
a. Wages +$25,000
b. Wages +$25,000 Accounts Payable +$25,000,
c. Cash-$25,000, Wages +$25,000
d. Wages +$25,000, Accrued Expenses +$25,000
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- Journalize the following transactions for the Scott Company. Assume 360 days per year. November 4: Received a $6,500, 90-day, 6% note from Tim's Co.in payment of the account. If an amount box does not require an entry, leave it blank. Nov. 4 December 31: Accrued interest on the Tim's Co. note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 February 2: Received the amount due from Tim's Co. on the note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Feb. 2The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 20,000 Accounts 8,000 Receivable Supplies 4,000 Equipment 15,000 Accumulated $ 5,000 Depreciation Salaries 7,500 Payable Common Stock Retained Earnings Totals $ 47,000 25,000 9,500 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable, $18,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. Answer is complete but not entirely correct. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Cash $…June 12, 2024 Provide services to customers on account for $33,800. September 17, 2024 Receive $19,000 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required…
- H1. AccountConsider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Payable is $2,800 The starting balance of Cash is $8,400 The starting balance of Debt is $3,400 The starting balance of Inventory is $4,200 1. Pay $6 owed to a supplier 2. Buy $17 worth of manufacturing supplies on credit 3. Borrow $55 from a bank What is the final amount in Debt? Note: No unit adjustments are necessary.Blue Spruce Corp. had the following items to report on its balance sheet: Employee advances Amounts owed by customers for the sale of services (due in 30 days) Refundable income taxes Interest receivable Accepted a formal instrument of credit for services (due in 18 months) A loan to company president Dishonored a note for principal and interest which will eventually be collected $17870 $15650 $20920 $1520 $14270 3190 1300 1050 2380 Based on this information, what amount should appear in the "Other Receivables" category? 10400 1380
- The following information is taken from the 2022 general ledger of Swifty Company. Rent Salaries Sales Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $30,500 5,800 7,400 $65,100 2,500 7,700 $160,900 20,000 7,400 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $5,500 9,600 Rent Expense Equipment 2,600 Furniture 1,200 Notes Payable (due 12/31/25) Accumulated Depreciation 2,000 109,750 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Determine Total Current Assets as of December 31, 2023: $46,700 $190,750 $201,200 $45,500 $45,100 00000 1,000 52,800 3,500 9.500 3,000 2,000 Cash Common Stock Goodwill Retained Earnings (1/1/23) Marketable Equity Securities Depreciation Expense Unearned Revenue $6,000 82,500 22,000 35,000 10,450 26,000 20,000 50,000 14,150 400 10,450 4,200The Trial Balance for Jaya Sentrycon at December 31, 2019 are as follows: Account Tittle Trial Balance Dr Cr Cash 45.000 Accounts Receivable 15.000 Roofing Supplies 12.000 Equipment 75.000 Accumulated Depreciation-Equipment 10.000 Accounts Payable 15.000 Unearned Revenue 4.500 Share Capital 87.500 Dividend 8.000 Service Revenue 55.000 Salaries Expense 12.300 Miscellaneous Expense 4.700 Total 172.000 172.000 Other data: 1. Physical counts remains only $ 3.600,- of roofing supplies on hand 2. Depreciations for December 31, 2019 is $ 1.200,- 3. Unearned revenue amounted to $ 900,- at December 31, 2019 4. Accrued salaries are $ 2.550,- 5. Account Receivable has not been recorded $ 3.950,- Instructions: a. Journalize the adjusting entries! b. Enter the trial balance on a worksheet and complete the worksheet! c. Prepare an Income Statement and Retained EarningStatement for the month of December 2019 and the Financial…
- Determine the ending balance of each of the following T-accounts.June 12, 2024 Provide services to customers on account for $33,800. September 17, 2024 Receive $19,000 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required…Summarized transaction for January 2020 were as follows 1.advertising cost paid in cash TZS 1000000 2 Additional repair parts inventory acquired on account TZS 4OOOOO0 3.Miscellaneous expenses paid in cash TZS 2000000 4.Cah collected from customers in payment of accounts receivable TZS 14000000 5.Cash paid to creditors for account payable due TZS 15000000 6 Repair parts used during january TZS 4000000 (Hints debit this to repair Parts expenses) 7.Repair services performed during january : for cash TZS 6000000; on account TZS 9000000 8.Wages for January paid in cash TZS 3000000 9.Jamal's drawings during january were TZS 3000000 REQUIRED a. Prepare journal entries to record each of the January transactions b. Post the journal entries to the ledger c. Prepare a trial balance as of January 31, 2020
