At Balance date the Smart Business owes its employees $25,000 in Wages. The transaction should be Select one:
Q: A company's trial balance included the following account balances: Accounts Payable Accounts…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: From the following trial balance, prepare income statement and balance sheet for Xyz Company for…
A: Income Statement of XYZ LTD as on 31st December 2020 Particulars Amount Sales…
Q: 24)Management Services, Inc. provides services to clients. On May 1, a client prepaid Management…
A: Cash payment received in advance will include a Cash (Debit) and Unearned Management Fees (Credit)
Q: The following information is taken from the 2022 general ledger of Bonita Company. Rent Salaries…
A: Prepaid expenses are expenses that are paid in advance, before the related goods or services are…
Q: alance aun buisn lowin 2019. punts payable $1,830 12,050 ner Ale Capital Mar 1 17 300
A: Balance Sheet: Balance sheet is a financial statement which helps to know financial position of…
Q: As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop…
A: Balance Sheet - A statement which shows the position of the business as at the reporting date by…
Q: Presented below is the account balances of Moderate Services at December 31, 2021: Cash Accounts…
A: Trial balance is the statement which is prepared by the entity to know if all the debits in the…
Q: The following transaction relate to the month of June 2020 and is taken from the books of…
A: Ledger Control Account It is important for the business entity to prepare the ledger control account…
Q: 2. The T-account of cash of Flax Company shows the following transactions: Account Name: CASH…
A: Calculation of total cash sales : Date Amount 15 January P1,000 28 March P1,850 17 June…
Q: Select all that apply Zilo Co. has accrued employee salary expense of $1,000 which includes employee…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: **XYZ Bhd Trial balance 31 December 2020 Debit RM Credit RM Cash 189,700 Accounts…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Classifying OA, FA, IA, cash inflow + or cash outflow - Paid 4600 cash for the salaries accrued at…
A: The cash flow statement indicates the cash situation of the business and it is an essential part of…
Q: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies the general ledger…
A: Journalizing -Journalizing is the process of precisely recording business transactions in the…
Q: Requirements 1 and 2. T-accounts have been set up for Cash, Accounts Receivable, and Service…
A: Ledger: It means the posting of the journal entries to the t accounts called ledger accounts in to…
Q: If a company purchases supplies $1,000 on credit, the effect on the accounting equation would be: OA…
A: solution concept accounting equation mathematically is assets = liabilities + equity accounts…
Q: Accounts Payable, after deducting debit balances in suppliers' accounts amounting to 100,000…
A: Current liabilities are those obligations and liabilities which needs to be paid out or settled…
Q: MABILIS REPAIR SHOP Trial Balance December 31, 2020 Debit Credit Cash on Hand Accounts Receivable…
A: 1. Adjusting Entries In the Books of Mabilis Repair Shop Date Account…
Q: The following entries are in the books of Ali Co. for the month of May,2021: 10th May Establish the…
A: Journal is a financial book in which all the business transactions are recorded first, therefore…
Q: Good Day Service Center received a 120-day, 6% note for $250,000, dated April 12 from a customer on…
A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…
Q: X Company pays its employees twice a month, on the 15th and the 28th. On April 15, it paid employee…
A: SOLUTION- Salary payable can be attributed to the type of payroll journal entry that shall be used…
Q: Your answer is partially correct. Prepare a general ledger using Taccounts. Enter the opening…
A: T accounts are the general ledger accounts in the business which are used for the classification of…
Q: The following information is taken from the 2022 general ledger of Swifty Company. Rent Rent expense…
A: A cash flow statement can be prepared using direct and indirect methods. In direct method operating…
Q: Prepare Trial balance with the given ledger account balances the year ended March 2019. Capital…
A: A trail balance is a summary statement of all the account balances at the end of the accounting…
Q: b) Link Bank is deciding whether to grant a loan application to a new customer. As part of the…
A:
Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash…
A: Solution: Ending Total assets = Beginning Total assets + Increase in assets during the year -…
Q: How much cash payment for salaries will be presented of Robinson Company: Rent Expense Prepaid Rent,…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: The following selected accounts and their current balances appear in the ledger of Maroon Co. for…
A: Income Statement is prepared to show the net profit or loss earned by the company during a…
Q: ACCOUNTS PAYABLE 14,500.00 ACCOUNTS RECEIVABLE 7,500.00 CAPITAL STOCK 20,000.00 CASH 21,000.00…
A: Trial Balance: It implies a financial worksheet which keeps a record of all the final ledger account…
Q: The account balances for a company are listed below. All balances are as of December 31, 202 except…
A: The profit created by a company's own operations is referred to as income from operations. Money…
Q: Compute for the current liabilities for 2019
A: Computation of actual accounts payable Actual Accounts Payable = Net of Accounts Payable + Debit…
Q: 3 Enterprise Company had the following account totals as of December 31, 20X2: Cost of goods sold…
A: Current assets are the assets that are expected to converted into cash within one year or due to be…
Q: current liabilities
A: Current liabilities include accounts payable, income tax owed, dividends payable and short term debt…
Q: 6. December 31. Health & Wellness paid employees $5000.00 of wages owed. ASSETS LIABILITIES + NET…
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: Accounts Receivable 48,000 Accrued Service Income 14,000 Prepaid Expenses 21,000 Advances to…
A: Assets are of two types current assets and noncurrent assets. The current asset will be having a…
Q: Trial Balance February 29,2020 Асcounts Debit Credit Cash $1,300 Аccounts receivable $6,360 $1,300…
A: Trial balance: It is a list of all ledger prepared by the company. It records the closing balance…
Q: CBC company has provided the following estimates for the month of July 2021: The cash balance…
A: Budget means the expected value of future. Budget is not affected by the actual value as it is…
Q: Walter's trial balance at 31-Dec-2021 is shown below £ - Dr 210,000 Cost of Sales/Sales Admin Costs…
A: a) Financial Position Statement:Assets=Liabilities+EquityAssets:Cash at Bank: £495,000Inventory:…
Q: The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as…
A: While passing a journal entry, it is to remember the three golden rules of accounting a) For real…
Q: On January 1, Waterway Industries has a beginning cash balance of $166000. During the year, the…
A: Cash balance is increased with the receipts and decreased with the disbursements. Receipts is also…
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
Step by step
Solved in 2 steps
- Compute for the Net Income of Café 7 DREAM for the year ended December 31, 2020, based on the accounts listed below. Sales P900,000 Ingredients Expense P200,000 Wages Expense P100,000 Utilities Expense P90,000 Store Supplies Expense P45,000 P20,000 Store Equipment Expense Note: For the amount do not include a peso sign or comma symbol. If there is a cent, simply include a decimal point then the cent amount, and round off the nearest hundredths. (For instance, the answer in P1,990.6698, you should input in as 1990.67) Answer: Net Income: PBlank 1 Blank 1 Add your answerJournalize 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. 2Which of the following joumal entries would be recorded if a business makes a cash payment to a supplier of OR600 "on account (the business had purchased supplies on account in the previous month)? Select one. a Cash 600 Supplies 600 b. Cash Accounts paysbile O 60 C Accounts payable Septey O d. Accounts payatle Cef O
- The 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. Account
- 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 20,000Consider 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 4,200Which of the folowing joumal entries would be recorded if a business makes a cash payment to a supplier of OR600 "on account (the business had purchased supplies on account in the previous month)? Select one: a. Cash 600 Supplies O 600 b. Cash 600 Accounts payable O 600 C. Accounts payable Supptes O 600 d. Accounts payable 600 Cesh O 4 de ENG 205 AM 10/2/2020