Compound journal entries. The following transactions took place at the Cook Employment Agency during November 2019. Record the general journal entries that would be made for these transactions. Use a compound entry for each transaction. DATE Nov. 5 18 23 TRANSACTIONS Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days. Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total. Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.

Compound journal entries. The following transactions took place at the Cook Employment Agency during November 2019. Record the general journal entries that would be made for these transactions. Use a compound entry for each transaction. DATE Nov. 5 18 23 TRANSACTIONS Performed services for Job Search, Inc., for $20,000; received $9,500 in cash and the client promised to pay the balance in 60 days. Purchased a graphing calculator for $450 and some supplies for $600 from Office Supply; issued Check 1008 for the total. Received Invoice 1602 for $2,500 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.

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

a. Prepare a payroll sheet for January 16 to 31 and make an entry to record the payroll. b. Compute for employer's contribution and make an entry to record the liabilities. The following are the employees of Music Museum: Semi Monthly Salary P 10,000 Position Cash Advance Secretary Cashier Rose Santos Shirley Yu Ben Chavez 7,500 January 19 P500 5,000 Clerk
Prepare the necessary journal entries and statement of financial position for the month ending January 31, 2020
Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.
Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct. BIU A + v ... Paragraph Add a File Record Audio !!!
Please help me
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of billing a client $368,264 for Job 313. The bill includes $249,996 for work performed during the last month and $118,268 for retention withheld from the previous month’s payments. Retention will not be withheld on the $249,996.
In Quickbooks Online 2023, which window would these transactions be recorded in? For example: the receive payment window, sales receipt window, deposit window, invoice window, etc. April 1 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. April 3 Purchased $500 of office supplies on account from the Office Supply Store, Invoice No. 285, Net 30 Days. Jen expects office supplies to last 3 months April 6 Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 73. April 6 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days. April 9 Received payment in full from Bayside Youth Group, Check No. 11725. Use the Undeposited Funds account in recording all Receive Payments transactions April 9 Sold 4 tennis rackets for $100 each and 4…
The Faber Company had two employees for the week ended June 24. On the basis of the following information, prepare a general journal entry to record the employee benefits expense for that payroll. Employee Brett Pox Casey Flicks Salary 800 1,100 Date June 24 IT 162 195 Accounts Deductions CPP 36 51 Prepare the journal entry below. (Record debits first, then credits. Explanations are not required. Round your answers to the nearest cent.) ΕΙ 14 20 PR Net Pay 588 834 Debit Credit
Joanne is part of the accounts payable team at a local furniture store, responsible for recording invoices received by the business and payments made by the business. The furniture store receives an invoice for internet usage for the amount of $450. The invoice states that payment is due in 30 days, therefore Joanne records the transaction accordingly and sets a calendar reminder to pay on the due date. Based on this information, the journal entry in the furniture store's accounting system would include:
A. You are provided with the following information form the accounts of BBS Ltd for the yearending 30 June 2019Cash Sales 950 000Cost of Goods Sold 35 000Amount received in advance for services to be performed in August 2019 9 500Rent expenses for year ended 30 June 2019 9 000Rent Prepaid for two months to 31 August 2019 1 200Doubtful debts expenses 1 200Amount provided in 2019 for employees’ long-service leave entitlements 5 000Goodwill impairment expenses 7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per c
please assist me with workings and explanation thanks
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…