Cash 40,000 (2) 13,100 (3) Equipment 15,000 Dividends 1,500 (1) 4,000 (3) (9) (7) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Payable Service Revenue (5) Accounts Receivable (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 20,500 Common Stock Operating Expenses Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) 6,175 (8) 2,200 Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transaction (1) given as an example: Account Credited Туре Account Debited Transaction Туре Effect Effect (1) asset stockholders' equity

Cash 40,000 (2) 13,100 (3) Equipment 15,000 Dividends 1,500 (1) 4,000 (3) (9) (7) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Payable Service Revenue (5) Accounts Receivable (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 20,500 Common Stock Operating Expenses Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) 6,175 (8) 2,200 Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transaction (1) given as an example: Account Credited Туре Account Debited Transaction Туре Effect Effect (1) asset stockholders' equity

Name: Identifying transactionsRocky Mountain Tours Co. is a travel agency. T
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Identifying transactionsRocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash40,000 (2)13,100 (3)Equipment1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Following is information from Fredrickson Company for its first month of business. Credit Sales Jan. 10 Stern Company 19 Diaz Brothers 23 Rex Company Required 1 Required 2 1. Journalize the above transactions in the accounts receivable subsidiary ledger. 2. Journalize the accounts receivable balance listed in the general ledger at month's end. Date $4,200 1,700 2,650 Complete this question by entering your answers in the tabs below. Date Journalize the above transactions in the accounts receivable subsidiary ledger. Debit ACCOUNTS RECEIVABLE LEDGER Stern Company Debit Cash Collections Jan. 20 Stern Company 28 Diaz Brothers 31 Rex Company Credit Diaz Brothers Credit $ 2,100 1,700 1,378 Balance Balance
prepare the entries for transaction below and indicate what journal it is 12 August received a $1200 credit memo acknowledging the return of merchandize purchased on August 9
27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data: Customer A, P3,700 with invoice # 34 dated June 7 Customer F, P6,300 with invoice # 20 dated May 3 Customer M, P2,000 with invoice # 29 dated May 28 Customer R, P10,000 with invoice # 16 dated March 31 Customer X, P11,000 with invoice # 40 dated June 17ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days. Allowance for bad debts, June 1, P1,000 How much is the net realizable amount of accounts receivable at June 30? 34,874 33,000 32,000
Journal entry worksheet The Krug Company collected $16,200 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a.
business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 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…
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 12 27 28 590 490 1,380 150
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
Sheridan Corporation had the following transactions during its first month of operations: 1. 2. 3. 4. 5. 6. 7. 8. Journalize the above transactions for Sheridan Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. No. Account Titles and Explanation 2. 3. 4. 5. 6. Purchased raw materials on account, $96,900. Raw materials of $34,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,840 was classified as indirect materials. 7. Factory labor costs incurred were $199,500 of which $165,300 pertained to factory wages payable and $34,200 pertained to employer payroll taxes payable. Time tickets indicated that $165,300 was direct labor and $34,200 was indirect labor. Overhead costs incurred on account were $225,720. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $131,100 are still incomplete…
1 EJ-3 On September 1, the balance of the Accounts Receivable control account in the general ledger of Stark Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and Dey $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260. Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380; from Milo $1,800; from Zeyen $1,240. General journal: An allowance is granted to Dey $185. Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary…
Following is information from Jesper Company for its first month of business. 1. Identify the balances listed in the accounts payable subsidiary ledger. 2. Identify the Accounts Payable balance listed in the general ledger at month’s end.
Current Attempt in Progress Presented below is information related to Sheridan Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 Balance of Credit Purchases Gorst Company Tian Company Accounts Payable $9,000 11,800 Maddox Company 12,300 $ Gorst Company Jan. 11 Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January? $ Jan. 16 Jan. 29 Cash Paid Gorst Company Tian Company Maddox Company Subsidary Ledger Tian Company 69 $6,800 11,800 7,400 $ Maddox Company $ General Ledge