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

During September, the following transactions were completed: Borrowed $10,000 from the bank and signed a two-year, 5% note payable. 2 Paid September rent, $500. 8 Paid employee salaries, $1,050. 12 Received $1,500 cash from customers on account. 15 Received $5,700 cash for services performed in September. Purchased additional supplies on account, $1,300. 20 Paid creditors $2,300 on account. Sept. 1 17 Paid September telephone bill, $200. Paid employee salaries, $1,050. Performed services on account and billed customers for services provided, $900. Received $550 from customers for services to be provided in the future. Paid J. Alou $800 cash for personal use. 21 22 27 29 30 Adjustment data consist of the following: 1. Supplies on hand at September 30 cost $1,000. 2. Accrued salaries payable at September 30 total $630. 3. The equipment has an expected useful life of five years. 4. Unearned revenue of $450 is still not earned at September 30. 5. Interest is payable on the first of each…

Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. (a) Purchased inventory with a cost of $24,200 on account. Sales on account to customers totalled $51,800. Payments made to employees for wages totalled $17,800. Cash collections from customers settling their accounts totalled $37,700. Invoice received from the utility company for $4,200 is due in 30 days. Payments totalling $17,100 were made to suppliers to settle part of the balance owing to them. Received a deposit of $4,200 from a customer for goods to be delivered next month. X Your answer is incorrect. Calculate the revenues, expenses, net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses LA tA Net Income /(Loss) $ 207,400 63,300 144,100

The transactions completed by Fleetfoot Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, $5,260. 2. Issued Invoice No. 940 to Clifford Co., $2,180. 3. Received check for $6,010 from Ryan Co. in payment of account. 5. Purchased a vehicle on account from Platinum Motors, $46,700. 6. Purchased office equipment on account from Austin Computer Co., $5,630. 6. Issued Invoice No. 941 to Ernesto Co., $4,850. 9. Issued Check No. 611 for fuel expense, $750. 10. Received check from Sing Co. in payment of $5,060 invoice. Issued Check No. 612 for $410 to Office To Go Inc. in payment of 10. Invoice. 10. Issued Invoice No. 942 to Joy Co., $2,470. Issued Check No. 613 for $3,870 to Essential Supply Co. in payment of 11. account. 11. Issued Check No. 614 for $630 to Porter Co. in payment of account. Received check from Clifford Co. in payment of $2,180 invoice of 12. December 2. Issued Check No. 615 to Platinum Motors…

Jones, a company, prepares monthly Receivables and Payables ledger control accounts. At 1 June 20X5 the following balances existed in the company's records. Receivables ledger balances Dr $ 54,000 Payables ledger balances CR $ 43,000   During the month of June, the transactions of Jones included the    $ Credit sales • 251,000 Cash sales -34,000 Credit sales returns 11,000 Amounts received from credit customers • 242,000 Dishonoured cheques • 500 Cash discounts allowed   Irrecoverable debts written off 3,000 Increase in allowance for receivables 1,000 Interest charged to customers 1,200 - 1,400 Contras between receivables and payables -800 You are required to prepare the receivables ledger control account for the month of June, showing the balance as at 30 June 20X5.

Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 Provided $32, 680 of cleaning services on account. Collected $26, 144 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 Wrote off a $245 account receivable that was determined to be uncollectible. Provided $38, 138 of cleaning services on account. Collected $33, 752 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required: Organize the transaction data in accounts under an accounting equation for each year. Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at…

Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.

At the beginning of the year, the Dallas Company had the following accounts on its books: Accounts Receivable $264,000 Debit Allowance for Doubtful Accounts $16,500 Credit During the year, credit sales were $2,346,000 and collections on account were $2,350,000. The following transactions, among others, occurred during the year: Feb.17 Wrote off R. St. John’s account, $7,500 May.28 Wrote off G. Herberger’s account, $4,800 Oct.13 Received $1,200 from G. Herberger, who is in bankruptcy proceedings,     in final settlement of the account written off on May 28.     This amount is not included in the $2,350,000 collections.   Dec.15 Wrote off R. Clancy’s account, $5,000 Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at 0.8%   of credit sales for the year.   Requireda. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment.  b. Show how Accounts Receivable and the…

The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1.   Issued Check No. 610 for December rent, $4,200. Dec. 2.   Issued Invoice No. 940 to Clifford Co., $1,740 Dec. 3.   Received check for $4,800 from Ryan Co. in payment of account. Dec. 5.   Purchased a vehicle on account from Platinum Motors, $37,300. Dec. 6.   Purchased office equipment on account from Austin Computer Co., $4,500. Dec. 6.   Issued Invoice No. 941 to Ernesto Co., $3,870. Dec. 9.   Issued Check No. 611 for fuel expense, $600. Dec. 10.   Received check from Sing Co. in payment of $4,040 invoice. Dec. 10.   Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. Dec. 10.   Issued Invoice No. 942 to Joy Co., $1,970. Dec. 11.   Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. Dec. 11.   Issued Check No. 614 for $500 to Porter Co. in payment of account. Dec. 12.   Received…

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.…