Date 1/1 1/2 1/5 1/7 1/8 1/9 1/13 1/15 1/18 1/19 1/25 1/26 1/29 1/30 Account Title Cash Rent Expense Cash Supplies Furniture Advertising Expense Cash Car Cash Mr. X Capital Cash Accounts Payable Cash Notes Receivable Cash Accounts Receivable Notes Receivable Furniture Supplies Car Accounts Payable Accounts Payable Notes Payable Mr. X Capital Mr. X Drawing Service Revenue Rent Express Cash Notes Payable Accounts Receivable Advertising Expense Utility Expense Salary Expense Service Revenue Accounts Payable Cash Service Revenue Service Revenue Utility Expense Cash Mr. X Drawing Cash Salary Expense Cash Accounts Receivable Debit Debit 100,000 5,000 15,700 7,500 30,500 150,000 25,000 5,000 20,000 15,000 30,500 15,000 2,000 3,000 5,000 Credit 100,000 5,000 15,700 7,500 30,500 50,000 100,000 25,000 25,000 15,000 30,500 15,000 2,000 3,000 5,000 Credit Do the T-account and balance sheet

Date 1/1 1/2 1/5 1/7 1/8 1/9 1/13 1/15 1/18 1/19 1/25 1/26 1/29 1/30 Account Title Cash Rent Expense Cash Supplies Furniture Advertising Expense Cash Car Cash Mr. X Capital Cash Accounts Payable Cash Notes Receivable Cash Accounts Receivable Notes Receivable Furniture Supplies Car Accounts Payable Accounts Payable Notes Payable Mr. X Capital Mr. X Drawing Service Revenue Rent Express Cash Notes Payable Accounts Receivable Advertising Expense Utility Expense Salary Expense Service Revenue Accounts Payable Cash Service Revenue Service Revenue Utility Expense Cash Mr. X Drawing Cash Salary Expense Cash Accounts Receivable Debit Debit 100,000 5,000 15,700 7,500 30,500 150,000 25,000 5,000 20,000 15,000 30,500 15,000 2,000 3,000 5,000 Credit 100,000 5,000 15,700 7,500 30,500 50,000 100,000 25,000 25,000 15,000 30,500 15,000 2,000 3,000 5,000 Credit Do the T-account and balance sheet

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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Question 11: Which statement about making deposits is TRUE? Answer: A. B. C. D. O Funds received through sales are held in Savings, and you must move them to Checking. Funds received through sales are held in Undeposited Funds, and you must move them to your bank account. O Funds received through sales are held in Accounts Payable, and you must move them to your bank account. Funds received through sales are held in Accounts Receivable, and you must move them to your bank account.
A $84 petty cash fund has cash of $17 and receipts of $72. The journal entry to replenish the account would include a Oa. credit to Cash Short and Over for $5 Ob. debit to Cash for $17 Oc. credit to Cash for $84 Od. credit to Petty Cash for $72
1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Problem 1 Using the following information, calculate the amount that would be included in Cash and Cash Equivalents on the Waywest Hotel balance sheet at December 31, 20X4. Signed credit card slips - Diner Club Time Deposit Money orders Receivable from Bob Golden $ $ $ S Petty cash Signed credit card slips - Visa $ Shares of stock in Motors International $ Certificates of deposit SA 250 3,256 350 200 100 480 1,000 2,000
Please see attached docs. CHART OF ACCOUNTSASSETS110 Cash111 Petty Cash121 Accounts Receivable122 Allowance for Doubtful Accounts126 Interest Receivable127 Notes Receivable131 Merchandise Inventory141 Office Supplies142 Store Supplies151 Prepaid Insurance191 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office EquipmentLIABILITIES210 Accounts Payable221 Salaries Payable231 Sales Tax Payable232 Interest Payable241 Notes Payable251 Bonds Payable252 Discount on Bonds Payable253 Premium on Bonds PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest Revenue611 Gain on Redemption of BondsEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense516 Cash Short and Over521 Sales…
Fact Debit Card Credit Card Both Money is borrowed and repaid at a later date Money is automatically taken out of a checking account Great for emergency situations You may pay interest You may pay late fees May result in debt Acts as cash Convenient
Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions The actual cash received from cash sales was $37,650, and the amount indicated by the cash register total was $37,653. Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. T41 Merthandise nvemory 516 Cash Short and Over 145 Office Supplies Check My Work
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
A $126 petty cash fund contains $116 in petty cash receipts, and $7 in currency and coins. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash Short and Over for $3 debit to Cash Short and Over for $3 credit to Cash for $116 credit to Petty Cash for $126
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…
A $81 petty cash fund has cash of $25 and receipts of $59. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. debit to Cash for $25 credit to Cash Short and Over for $3 credit to Petty Cash for $59 credit to Cash for $81