VdSub: accounting Current Attempt in ProgressThis information relates to Culver Real Estate Agency.Oct. 1236102730DateOct. 12327Stockholders invest $30,900 in exchange for common stock of the corporation.Hires an administrative assistant at an annual salary of $32,160.Buys office furniture for $3,790, on account.Sells a house and lot for E. C. Roads; commissions due from Roads, $10,180 (not paid by Roads at this time).Receives cash of $190 as commission for acting as rental agent renting an apartment.Pays $610 on account for the office furniture purchased on October 3.Pays the administrative assistant $2,680 in salary for October.30Account Titles and ExplanationCashCommon StockNo entryEquipmentAccounts PayableAccounts Receivable10 CashService RevenueService RevenueAccounts PayableCashSalaries and Wages ExpenseCashDebit Credit30,9003,79010,1801906102,68030,9003,79010.1801906102,680 Post the transactions to T-accounts and determine month-end balances. (Post entries in the order of information presented in thequestion)Oct. 30 VCashAccounts ReceivableOct. 30EquipmentAccounts PayableCommon StockService RevenueSalaries and Wages Expense10

T-Accounts - T-Accounts are the T-Shaped Ledgers of an individual account. After recording all the…

Answered: Current Attempt in Progress This…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 59P

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This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $33,540 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $41,520. 3 Buys office furniture for $3,690, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,190 (not paid by Roads at this time). 10 Receives cash of $155 as commission for acting as rental agent renting an apartment. 27 Pays $660 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,460 in salary for October. Journalize the transactions.
bunting Equation for Green Fingers Garden Services: January 2021 The owner Mr. Potty Plant, contributed R 40 000 as his capital contribution towards the business. Issued receipt no. 01. Services were rendered according to the cash register roll, R3510. (CRR 01) Mr. Jones paid R800, for garden services rendered. (CRR 02) 4. Leon Smith paid the business, R2 500 for the rent of office space. Issued receipt no. 02. Services rendered according to the Cash register roll, R9 340. Received R 12 000 from customers for services rendered. (CRR 04) 21. 30. Transaction Mi Dott. DI Assets 11 Owner's Equity + Liab
Assume Fry's Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect?
Illustration: Roth Contractor Corporation was incorporated on December 1, 2019 and had following transactions during December 1 Dec Issued Capital for 5000 cash 3 Dec Paid 1200 cash for three months rent in advance 4 Dec Purchased a used truck for 10,000 on credit 4 Dec Purchased Supplies of 1000 on credit 6 Dec Paid 1800 for a one-year truck insurance policy 7 Dec Billed a customer 4500 for work completed to date 8 Dec Collected 800 for work completed to date 12 Dec Paid the following expense in cash Advertisement 350  Interest 100  Telephone 75  truck operating 425 Wages 2500 15 Dec Collected 2000 of the amount billed on 7 dec 18 Dec Billed Customer 6500 for work completed to date 19 Dec Signed a 9000 contract for work to be performed in Jan 2017 22 Dec Paid the following Expenses Advertisement 200  Interest 150 Truck Operating 375 Wages 2500 27 Dec Collected advance on work to be done in January 28 Dec Received a bill for 100 for electricity used during the…
ces Required Information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $15,500, signing a two-year note (ignore Interest). c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (ignore interest). d. Pald $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $350,000 cash for a house for his personal use. 2. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet < Prev 6 7 8 9 of 11
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Take me to the text For the following independent transactions, determine the amount of current and long-term liabilites. Do not enter dollar signs or commas in the input boxes. No. Transaction 1 On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank. The entire amount is due on February 27, 2023. NOP Company purchased a small building at a cost of $190,000. The 2 down payment is $90,000. The remaining balance is payable in 5 years with an annual payment of $20,000. A business owner borrowed $11,000 from a close friend for a business 4 expansion. They both signed an agreement that the full payment will be made after 4 years. Chack Current Liability Long-Term Liability 225500 During March 2022, a business owner obtained an interest-free loan from 3 a financing company. The loan amount was $79,000. The agreed terms of 15800 payment are 5 annual installments of $15,800. 20000 0 0 11000 x
John Doe founded Premier Construction. Operations started on October 1, 2021. John's son, a teenager, kept the books for the first two months. John decides that it is time to hire a bookkeeper with formal training. He asks you to record the activity for December and to complete the accounting cycle for the quarter ended December 31, 2021. The trial balance as of 11/30/2021 and the detail for the Accounts Receivable account balance is on page 2. The December 2021 events are on page 3. Additional Information: Ellie Smith is the only employee. She is paid on the 1st of month for the pay period ending on the last day of the prior month and on the 16th of the month for the pay period covering the first fifteen days of the current month. Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to record each of the December transactions for Premier Construction. If an event is not a transaction, write the date and "no entry needed" on the journal…
am. 28.
Required information Skip to question [The following information applies to the questions displayed below.] Brown Thumb Landscaping is a calendar-year, accrual-method taxpayer. In September, Brown Thumb negotiated a $14,000 contract for services it would provide to the city in November of the current year. The contract specifies that Brown Thumb will receive $4,000 in October as a down payment for these services, and it will receive the remaining $10,000 in January of next year. a. How much income from this $14,000 contract will Brown Thumb recognize in the current year?
Which of the following journal entries is correct when a business entity purchases land costing $45,000 by signing a one-year note payable? Multiple Choice Land 45,000 Accounts payable 45,000 Land 45,000 Notes payable 45,000 Cash 45,000 Notes payable 45,000 Notes payable 45,000 Land 45,000

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