DateMar 01CashOffice equipmentCommon stockMar 02Prepaid rentCashGeneral JournalDebitCredit150,00022,000Mar 19Prepaid insurance5,000172,000Cash5,0006,000Mar 22Cash3,5006,000Accounts receivable3,500Mar 03Office equipment3,000Mar 25Accounts receivable3,820Office supplies1,200Services revenue3,820Accounts payable4,200Mar 29Dividends5,100Mar 06Cash4,000Cash5,100Services revenue4,000Mar 30Office supplies600Mar 09Accounts receivable7,500Accounts payable600Services revenue7,500Mar 31Utilities expense500500Mar 12Accounts payableCash4,2004,200Cash500Please post the account to the ledger account (T-account)

T-accounts or ledger accounts are those which are prepared after the recording of the journal…

Date Mar 01 Cash Office equipment Common stock Mar 02 Prepaid rent Cash General Journal Debit Credit = 150,000 22,000 Mar 19 172,000 Prepaid insurance Cash 5,000 5,000 6,000 Mar 22 Cash 3,500 6,000 Accounts receivable 3,500 Mar 03 Office equipment 3,000 Office supplies 1,200 Accounts payable 4,200 Mar 29 Dividends Mar 06 Cash 4,000 Cash Mar 25 Accounts receivable 3,820 Services revenue 3,820 5,100 5,100 Services revenue 4,000 Mar 30 Office supplies 600 600 Mar 09 Accounts receivable 7,500 Accounts payable 600 Services revenue 7,500 Mar 31 Utilities expense 500 Mar 12 Accounts payable Cash 4,200 4,200 Cash 500 Please post the account to the ledger account (T-account)

Date Mar 01 Cash Office equipment Common stock Mar 02 Prepaid rent Cash General Journal Debit Credit = 150,000 22,000 Mar 19 172,000 Prepaid insurance Cash 5,000 5,000 6,000 Mar 22 Cash 3,500 6,000 Accounts receivable 3,500 Mar 03 Office equipment 3,000 Office supplies 1,200 Accounts payable 4,200 Mar 29 Dividends Mar 06 Cash 4,000 Cash Mar 25 Accounts receivable 3,820 Services revenue 3,820 5,100 5,100 Services revenue 4,000 Mar 30 Office supplies 600 600 Mar 09 Accounts receivable 7,500 Accounts payable 600 Services revenue 7,500 Mar 31 Utilities expense 500 Mar 12 Accounts payable Cash 4,200 4,200 Cash 500 Please post the account to the ledger account (T-account)

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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Saved Help Save & Exit Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $9,500. The bank reconciliation for the month contained the following items: $ 920 Deposits in transit Outstanding checks 720 Interest earned 20 NSF check returned to bank 270 Bank service charge 95 Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice Next > Prev 1 of 10 $9,155. $8,580. $8,900. $9,755. I Submit
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Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
25 )
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Beardom Gym Center Cash P150,000 Trading Investments 70,000 Receivables: Jan. 1 158,000 Dec. 31 225,000 Merchandise Inventory Jan. 1 250,000 Dec. 31 185,000 Current Liabilities 230,000 Cost of Goods Sold 2,750,000 Credit Sales 4,800,000 Calculate the following: 1. Inventory turnover 2. Receivable turnover 3. Average age of receivables Question; Is Beardom doing a good job in managing inventory and receivables? Explain.
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acccounting The following items are reported on a company’s balance sheet: Cash $120,000 Marketable securities 40,000 Accounts receivable (net) 50,000 Inventory 90,000 Accounts payable 150,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
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