CREATE A GENERAL JOURNAL. FOLLOW THE FORMAT.Date Account titles DrCr Oct-01 Cash Common Shares Oct-01 Equipment Bank Loan Payable Oct-02 Rent Expense Cash Oct-05 Prepaid Insurance Cash Oct-09 Supplies Accounts Payable Oct-13 Accounts Receivable Service Revenue Oct-19 Cash Unearned Revenue Oct-22 Accounts Payable Cash Oct-23 Salaries Expense Cash Oct-26 Dividends Cash Oct-30 Cash Accounts Receivable Oct-30 Income Tax Expense Cash DateTransactionOct-01Cash of $10,000 wasinvested in Umbrella Corporation in exchange for 10,000 common shares.Oct-01Umbrella borrowed $5,000 from Scotiabank to purchase equipment.Oct-02Umbrella Corporation paidits office rent for the month of October in $900.Oct-05Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30.Oct-09Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500.Oct-13Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services.Oct-19Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services.Oct-22Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9.Oct-23Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23Oct-26Umbrella paid a $500 cash dividend.Oct-30Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13.Oct-30Umbrella paid a monthly income tax of $1,800

The journal entries are prepared to record daily transactions of the business.

Answered: Date Transaction Oct-01 Cash of $10,000…

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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The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48, 000 40, 380 67,830 53,930 ৪9,938 88,970 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 6. 11 17 23 36, e00 26 960 30 19, 200 19,000 NSF* $300 31 Interest earned 50 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 23 48, 000 28, e0e 36, eee Checks written during December: 7,620 550 30 13,900 960 19, e00 31 13,e00 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance
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Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…
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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…
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**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
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PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200

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Date	Account titles		Dr	Cr

Oct-01	Cash
		Common Shares

Oct-01	Equipment
		Bank Loan Payable

Oct-02	Rent Expense
		Cash

Oct-05	Prepaid Insurance
		Cash

Oct-09	Supplies
		Accounts Payable

Oct-13	Accounts Receivable
		Service Revenue

Oct-19	Cash
		Unearned Revenue

Oct-22	Accounts Payable
		Cash

Oct-23	Salaries Expense
		Cash

Oct-26	Dividends
		Cash

Oct-30	Cash
		Accounts Receivable

Oct-30	Income Tax Expense
		Cash