**Darby Consulting, Inc. Transactions for March**- **March 1:** Issued $10,000 common stock in exchange for cash.- **March 3:** Purchased $300 of supplies on account.- **March 7:** Prepaid $1,500 total for April, May, and June rent.- **March 8:** Paid $175 towards the March 3 purchase of supplies.- **March 11:** Billed customers $5,780 for services rendered.- **March 12:** Paid $700 for March advertising.- **March 25:** Received $4,500 from customers billed on March 11.- **March 28:** Paid $200 in dividends to stockholders.- **March 29:** Paid $1,200 for March salaries.- **March 29:** Paid $760 for March utilities.**Tasks:**a. Prepare journal entries for each transaction b. Post journal entries to appropriate T-accounts c. Prepare a trial balance at March 31 d. Prepare an income statement for the month of March e. Prepare a statement of retained earnings for the month of March and balance sheet at March 31

Assumptions: 1. No Supplies consumed in March as no data given. 2. No Rental for March, as no…

Answered: Darby Consulting, Inc., was established…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was $43,000. During the year the firm paid out $83,000 to credit suppliers, while enjoying discounts of $8,800. How much was purchased on credit during the year ? Select one : A.$88,000 B.$96,000 C.$82,600 D.$97,000 Clear explanation of answer needed
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30. 31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…
On January 1, 2022, the ledger of Sunland Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 12 During January, these selected transactions occurred. 14 20 Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes. 21 $56,500 • 25 7,900 15.500 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.] Paid state revenue department for sales taxes collected in December 2021 ($7,900). Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $24.750 from Girard Bank on a 3-month 8%, $24.750 note Sold merchandise for cash totaling $11,016, which includes 8% sales taxes. 4
Journalize the transactions shown below in the two-column general journal that follows. Calculate HST (13%) on all sales transactions. | Oct. 2 Cash Sales Slip No. 102 to S. Stewart, $102.50 plus taxes. 6 Sales Invoice No. 617 to Jack Morrison, $250.90 plus taxes. Cheque Copy 10 No. 910 to Industrial Suppliers, $500 on account. Cash Receipt From Jack Mahoney, $322.50 on account. 12 18 Purchase Invoice From Grand's Stationers, S60.50 for office supplies taxes. 20 Cheque Copy No. 911 to Jack Whitcombe, $525 for personal use. 24 Bank Debit Memo $31.90 for bank service charge. Cash Sales Slip No. 103 to J. Beck, $450 plus taxes. 31
Mbalamwezi Merchandising Enterprise conducted the following transactions during its first month of operations 1st Jan Issued sh500,000 of capital stock to owners 2nd Jan Obtained a loan for sh200,000 from XY Bank 3rd Jan Equipment was purchased for sh400,000 paying by cheque 4th Jan Merchandise inventory was purchased for sh250,000 on account 15th Jan Employees who earned sh5,000 this period were paid 16th Jan A utility bill for sh1,500 was received but not paid 17th Jan Merchandise inventory costing sh100,000 was sold to customers for sh175,000 on account 26th Jan Customers paid sh80,000 on their accounts 29th Jan Dividends of sh5,000 were paid REQUIRED: i) Conduct the debit credit analysis for the above transactions for the month of January 2022. ii) Journalize the events for the month
December 31, current year. Balances January 1, current year Accounts receivable (various customers) $ 120,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $9,000. c. Sold merchandise to K. Miller; invoice price, $23,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $26,000. f. R. Smith paid his account in full within the discount period. g. Collected $93,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after…
Question: The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $175,000 on account. 3. Sold equipment for $204,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $129,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $154,500 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $56,000 for the year. 9. Paid $124,100 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. 1. Prepare the income statement for Year 1. 2.…
Geary Corporation had the following transactions: Apr. 15 - Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. May 22 - Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. June 14 - Paid Marion Company the principal and interest due on the April 15th note payable. July 13 - Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. July 21 - Paid the May 22 note due to Sinclair Bank. Oct 02 - Borrowed $38,000 from Sinclair Bank, signing a 120-day note at twelve percent interest. Oct 11 - Paid the note payable and accrued interest to the Sharp Company (July 13). Record these transactions in general journal form. Record any adjusting entries for interest in general journal form. Geary Corporation has a December 31 year-end.
FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of merchandise for P59,000 for cash. Paid for the repair of one air-conditioning unit, P3,280. Collected a customer’s account, P15,880 How much was the total amount credited to Cash?
Geary Corporation had the following transactions: · Apr. 15 - Received $6,000 from Marion Company and signed a 60-day, eight percent note payable. · May 22 - Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. · June 14 - Paid Marion Company the principal and interest due on the April 15th note payable. July 13 - Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. July 21 - Paid the May 22 note due to Sinclair Bank. · Oct 02 - Borowed $38,000 from Sinclair Bank, signing a 120-day note at twelve percent interest. · Oct 11 - Paid the note payable and accrued interest to the Sharp Company (July 13). Required: 1. Record these transactions in a general journal format. 2. Record any adjusting entries for interest in a general journal format. Geary Corporation has a December 31 year-end.
York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
Jan 1 - Ms Gutierrez invested the following: Bank deposit with Banco De Oro, 850,000: Merchandise with net realizable value of 250,000 and Transportation Equipment with fair market value of 1,800,000

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