TRANSACTIONIMr. U contributed 600,000Obtain loan 400,0003Purchased Inventory 200,000 cash basisPurchased Inventory 500,000 on account4.5Sold 900,000 on account. Cost of items is 400,000Paid accounts payable 400,0007Collected 500,000 accounts receivable6.8.purchased equipment 480,000 cash9.distributed cash to Mr. U 10,00010 paid loan interest 5,000Chart of AccountsCHART OF ACCOUNTSPrepare the following:CODE Account Title101CASH102ACCOUNTS RECEIVABLE103INVENTORY104EQUIPMENT4. Leger5. Financial Statements201ACCOUNTS PAYABLE202LOANU, DRAWINGSU, CAPITAL301302401SALES402COGS403INTEREST EXPENSE

A ledger is a book containing accounts in which the classified and summarized information from the…

Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 104 EQUIPMENT 4. Leger 5. Financial Statements 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE

Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 104 EQUIPMENT 4. Leger 5. Financial Statements 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Alpha, Inc., made errors and/or omissions during the current year as described below. Indicate the…

A: Solution Notation to be used 0 =overstated U = understated N =no effect…

Q: JOURNAL ENTRY

A: Journal entry is the initial entry made in books of accounts as a part of accounting cycle to record…

Q: Make a trail balance using these general ledgers.

A: Preparation of trial balance is an important step in accounting cycle process. Trial balance shows…

Q: DATE ACCOUNT CREDITED NO Nov. 7 Hi Frequency 321 455.00 Figure 3.03 E O Debit Accounts Payable/ Hi…

A: Accounts Payable subsidiary ledger is group of the creditors accounts whose combined balances equal…

Q: The following events occur for Messer Engineering during 2024 and 2025, its first two years of…

A: Bookkeeping can be defined as a process of recording financial transactions on a regular basis in…

Q: Accounts with normal credit balances include: a) Assets and liabilities b) Revenues and expenses c)…

A: Solution ME12 Assets are normally have debit balances Liabilities are normally have Credit…

Q: Performing service of $500 with receiving half of the balance as cash and the remaining on account…

A: Journal entry is a set of economic events which can be measured in monetary terms. These are…

Q: You just posted a credit to Accounts Receivable. Which special journal did it come from? cash…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: 7-8: Complete the table. Do the register and statement balances agree? Check Interest Register…

A: Data given:

Q: Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK…

Q: How much did Joe pay for his last рayment? 3. Why was Joe charged $35 by the credit card company? 4.…

A: Given is the credit card statement of Joe Doe.

Q: Your answer is partially correct. me following data are taken from the financial statements of JB…

A: Current ratio = Current assets/Current liabilities

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question.

Q: DO Bank Statement - Box Account No.: 88888 Period: August 01 - 31, 2020 Amount Deposit Balance…

A: Bank reconciliation Statement is the statement which states the reasons for difference between the…

Q: Identify the correct journal entry when cash is received from customers - periodic inventory system…

Q: Hill Corporation issued $1,500,000 of 11% bonds at 98 on January 2, 2019. Interest is paid…

A: Journal entries is the accounting system process that records the day-to-day business related…

Q: The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement…

A: A bank reconciliation statement is prepared by the company in order to match the balances of the…

Q: From the data below for Wong Company, prepare the closing entries for the year ended December 31.…

A: Date Account title and explanation Debit $ credit $ Dec-31 Sales $ 982,600 Interest revenue…

Q: DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL…

Q: a. Calculate the final balance of each ledger account. b. Prepare a trial balance from the final…

A: A ledger is a record-keeping system used to keep track of financial transactions. It is a collection…

Q: Question 5 Catherine’s Cookies has a beginning balance in the Accounts Receivable control total…

A: Accounts receivable: It refers to the amounts to be received within a short period from customer…

Q: Post the transactions to T-accounts.

A: Cash A/c Date Particular Debit amount Date Particular Credit amount 12 May To Accounts…

Q: Pg 37 T- Accounts Please find the missing amount on the follwoing T-Account. and explain CLEARLY…

A: Compute missing debit balance and credit side balance for accounts as shown below:

Q: Which capital budgeting technique measures all expected future cash inflows and outflows as if they…

A: Based on the cost of capital the net present value method discounts the future cash flows (both cash…

Q: BEJ-6 Identify the special journal(s) in which the following column headings appear. (a) Sales…

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: March 1 Brooks invested $195,000 cash along with $24,000 in office equipment in the company. March 2…

A: In the recording process Step 1 : Journal entries , These are prepared based on the transactions…

Q: The following balances apply to this question BANK Mar Balance b/d 20 Mar Total 83 1 000 31 раyments…

A: Definition: Balance B / D means opening balance which is carried from previous period balance.

Q: 2. In the account below, complete the necessary columns. Date2021) PARTICULARS P.R. DEBIT CREDIT…

A: 1. Account Name isn't mentioned in the question. So, it is assumed Bank Account . 2. Full form of…

Q: Transactions Date Details Debit Credit Balance 1 October 3 October 7 October Balance 127.63…

A: A bank reconciliation statement is the statement in which company reconciles its cash balances with…

Q: PA4. 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all…

Q: While examining cash receipts information, the accounting department determined the following…

A: Journal entries are used to record transaction in chronological order under double entry accounting…

Q: Case X: Compute cash received from customers Sales $ 790,000 Accounts receivable, Beginning balance…

A: Statement of cash flow can be prepared either using direct method or indirect method. It helps in…

Q: General ledgeR Casw DATE BALANCE PARTICULARS DEBIT CREDIT DEBIT CREDIT reaUre pank lpan MAntes…

A: Cash Flow Statement: It is a financial statement that summarizes cash inflows and outflows of a…

Q: - Interest earned on the bank balance: $30 Required: (a) Prepare a bank reconciliation for the month…

A: Bank reconciliation Statement compares Cash book balance of the company with its Bank Statement.

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Bond discount is the amount by which the market price of a bond is lower than its principal amount…

Q: er the beginning cash and capital balances and post the transactions. (Post entries in the order of…

A: Cost of goods sold refers to the charges born by a company while selling its products or services to…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $86,000 by giving a…

A: Notes payable is a form of amount borrowed or taken out from some other person. This is a liability…

Q: Capital Sales Bank overdraft Vehicles Advertising Inventory (01/12/04) Cartage inwards Drawings…

A: 1. Trading Account - Trading account contains all the sales and purchase transaction. The result of…

Q: ased on the data for Privett Company, what is the amount of working capital? a. $191,425 b. $130,178…

A: Introduction:- Ratio analysis used identify the business performance of the company. It is used to…

Q: Remy opened her ToursAFun business. During the first month, January, she completed the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Accounts Receivable Salary Advance Expense Reimbursements Service Revenue Prepaid Services Retained…

A: All the assets, expenses, and losses have nominal debit balances, and all liabilities, income, and…

Q: Account: A/R – Manitoba Equipment Co. No. 211 Dater2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: EJ-2 Presented below is the subsidiary Accounts Receivable account of Martha Nott. Date 2017 Sept. 2…

A: Subsidiary Accounts Receivable Account is the details of a particular customer's account balance…

Q: adjusted trial balance DEBIT Trial balance adjustment INCOME STATEMENT BALANCE SHEET ACCT ACCOUNT…

A: The income statement and balance sheet are the important financial statements of the business, which…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

TRANSACTION
IMr. U contributed 600,000
Obtain loan 400,000
3Purchased Inventory 200,000 cash basis
Purchased Inventory 500,000 on account
4.
5Sold 900,000 on account. Cost of items is 400,000
Paid accounts payable 400,000
7Collected 500,000 accounts receivable
6.
8.
purchased equipment 480,000 cash
9.
distributed cash to Mr. U 10,000
10 paid loan interest 5,000
Chart of Accounts
CHART OF ACCOUNTS
Prepare the following:
CODE Account Title
101
CASH
102
ACCOUNTS RECEIVABLE
103
INVENTORY
104
EQUIPMENT
4. Leger
5. Financial Statements
201
ACCOUNTS PAYABLE
202
LOAN
U, DRAWINGS
U, CAPITAL
301
302
401
SALES
402
COGS
403
INTEREST EXPENSE

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Ledgers

VIEW

Financial Statements

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

CHART OF ACCOUNTS Amsterdam Supply Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Empire Co. 122 Accounts Receivable-Equinox Co. 123 Accounts Receivable-Targhee Co. 124 Accounts Receivable-Vista Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card…
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 5,702.00 0 0 0 5,702.00 0 0 0 5,702.00 0 1 2 Accounts Receivable 809.00 0 0 0 809.00 0 0 0 809.00 0 2 3 Supplies 551.00 0 0 240.00 311.00 0 0 0 311.00 0 3 4 Prepaid Insurance 1,320.00 0 0 545.00 775.00 0 0 0 775.00 0 4 5 Equipment 7,351.00 0 0 0 7,351.00 0 0 0 7,351.00 0 5 6 Accum. Depr., Equipment 0 2,722.00 0 740.00 0 3,462.00 0 0 0 3,462.00 6 7 Van 10,468.00 0 0 0 10,468.00 0 0 0 10,468.00 0 7 8 Accumulated Depreciation, Van 0 3,274.00 0 1,255.00 0 4,529.00 0 0 0 4,529.00 8 9 Accounts Payable 0 1,536.00 0 0 0 1,536.00 0 0 0 1,536.00 9 10 B. Vance, Capital 0 19,748.00 0 0 0 19,748.00 0 0 0 19,748.00 10 11 B. Vance, Drawing 15,880.00 0 0 0 15,880.00 0 0 0 15,880.00 0 11 12 Fees Earned 0 37,218.00 0 0 0 37,218.00 0 37,218.00 0 0 12 13 Salaries Expense 18,295.00 0 660.00 0 18,955.00 0 18,955.00 0 0 0 13 14 Advertising Expense 2,119.00 0 0 0 2,119.00 0 2,119.00 0 0 0 14 15…
25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases, Credit payables control В. Debit payables control, Credit purchases С. Debit purchases, Credit cash D. Debit cash, Credit purchases
What type of balance is D. Martin's a/c carrying? Dr. Feb 10 Feb. 28. Return Outwards Bank a. Debit balance of $1,020 O b. Credit Balance of $1,020 Oc. Credit balance of $200 Od. Debit balance of $200 195 $ 215 D. Martin Feb. 2 A/c Purchases $ Cr. 610
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
ACCOUNTS RECEIVABLE LEDGER Account Brandon Connors Post Date Item Ref. Debit Credit Balance Mar. J1 23,652.00 23,652.00 10 J2 23,652.00 0.00 14 J2 12,317.00 12,317.00 Account Collin Deluca Post Date Item Ref. Debit Credit Balance Mar. 10 J2 1,401.00 1,401.00 15 J2 2,263.00 3,664.00 Account Meghan Deutsch Post Date Item Ref. Debit Credit Balance Mar. J1 89.00 89.00 19 J2 2,568.00 2,657.00 Account Carmen Perez Post
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
Accounting Q
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point on December 21. The cost…
Subject- accounting
7
We'd help with EB14