Aug. 2 Invested $13,160 cash and $2,250 of equipment in the business. 7 Purchased supplies on account for $490. (Debit asset account.) 12 Performed services for clients, for which $1,285 was collected in cash and $687 was billed to the clients. 15 Paid August rent $638. 19 Counted supplies and determined that only $282 of the supplies purchased on August 7 are still on hand. Date Account Titles and Explanation Aug. 2 く Aug. 7 く Aug. 12 く Debit Credit

A company establishes a petty cash fund on August 3 for $430. The fund is replenished at the end of each month. The company has also issued a credit card for its office manager to make more substantial purchases. At the end of August, the following purchases have been made:  Petty Cash Fund     Credit Card       Delivery fees $ 125     Equipment $ 1,900     Plumbing maintenance   78     Advertising   850     Postage   43     Supplies   370     Flowers for the office   51                 $ 297       $ 3,120        Record the establishment of the petty cash fund on August 3.  On August 31, record the petty cash expenditures during the month and the employee credit card expenditures during the month. Note: the credit card balance will not be paid until the following month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Dec.   2   Paid $1,060 cash to Northview Mall for Security First’ share of mall advertising costs. Dec.   3   Paid $520 cash for minor repairs to the company’s computer. Dec.   4   Received $6,900 cash from Brady Engineering Co. for the receivable from November. Dec.   10   Paid cash to Zahara Hughes for six days of work at the rate of $160 per day. Dec.   14   Notified by Brady Engineering Co. that Security First’ bid of $7,100 on a proposed project has been accepted. Brady paid a $1,550 cash advance to Security First. Dec.   15   Purchased $2,250 of computer supplies on credit from Arnold Office Products. Dec.   16   Sent a reminder to Jackson Co. to pay the fee for services recorded on November 8. Dec.   20   Completed a project for Masters Corporation and received $7,900 cash. Dec.   22-26   Took the week off for the holidays. Dec.   28   Received $4,400 cash from Jackson Co. on its receivable. Dec.   29   Reimbursed K. Hughes for business automobile mileage…

Record each transaction in a journal entry. Explanations are not required.

Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance amounting to $18,600. Dec. 31 Determined salary and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1. & 2. Make journal entries for each of the transactions through August 31 and adjusting entries required on December 31. 3. Show how all of the liabilities arising from these items are reported on the balance sheet…

Jack Hammer Company completed the following transactions. The annual accounting period ends December 31.   Apr. 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $27,000. Dec. 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service.   Required: For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. For each item, indicate whether the debt-to-assets ratio is increased or decreased…

Record these transactions in general journal ledger: Dec 1: Purchased equipment costing $15,608 by taking out a 4-month installment note with First Bank. Dec 4: Accepted a sales return from Eastern for an item having an original gross sales price of $6,000. The original sale to Eastern occurred in November with terms 2/15, n/30. Dec 5: Specifically wrote off the receivable balance owed by Baker as uncollectible. Dec 7: Returned defective inventory with a gross cost of $4,000 back to Hunt Corp. Dec 14: Wilson returned an item originally purchased on Dec 12 with a gross sales price of $7,000. Dec 14: Returned inventory with a gross cost of $2,000 back to Nelson Industries. Dec 18: Bought office supplies on account for $9,000 from Staples Inc. (open a new Accounts Payable in the subsidiary ledger--Vendor # 210-30). Invoice # is OM1218.  Staples Inc.’s terms are n/30 Dec 19:  Received the December utilities bill for the amount of $15,000.  The bill will be paid in January of next year.…

XEXERCISE 11-14 On July 1, Klaus Co. acquired a new computer with a list price of $130,000. Klaus recerve i trade-in allowance of $20,000 on an old computer of a similar type, paid cash of $20,00 gave a series of five notes payable for the remainder. The following information about the al computer is obtained from the account in the office equipment ledger: cóst, $82,500; acum lated depreciation on December 31, the end of the preceding fiscal year, $62,500; ánnua preciation, $15,000. Journalize the entries to record: (a) the current depreciation of the u computer to the date of trade-in, (b) the transaction on July 1 for financial reporting purpo ENTRIES FOR GAIN ON TRADE OF PLANT ASSET Objective 7

Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12?   A. Accounts Receivable 49,500     Sales Revenue   49,500 B. Accounts Receivable 50,000     Sales Revenue   49,500   Sales Discounts   500 C. Accounts Receivable 50,000     Sales Revenue   50,000 D. Accounts Receivable 50,000     Sales Discounts 500     Sales Revenue   50,500

Apr. 15. Received $1,280 from Joe Brown and wrote off the remainder owed of $4,140 as uncollectible. Aug. 7. Reinstated the account of Joe Brown and received $4,140 cash in full paymen CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Joe Brown 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable   EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary   REVENUE 410 Sales 610 Interest Revenue   EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries…