Enter the following transactions in the two-column journal provided for Charlie's Cabinetry. You mayomit explanations.Purchased auto cleaning supplies from Robert Suppliers for $750 on account.Collected an account receivable of $525 from a customer, Elegant Kitchens.Paid $275 in partial payment of an account payable to Lucy Co for equipment purchased inFebruary.7.Mar. 24.Issued capital stock in exchange for $5,600 cash.Purchased office equipment from Diamond's Warehouse for $3,700; paid $1,700 cash andissued a note payable due in 90 days for the balance.DateGeneral Journal20DebitCreditMar 24.148/15

The journal entries are a basic method to record the transaction into books of accounts. It helps in…

Answered: Enter the following transactions in the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…
Daryl Swan operates four video rental stores. She has just received the monthly bank statement at October31, 2019 from Bank of Montreal, and the statement shows an ending balance of $4,180. Listed on thestatement are an EFT rent collection by the bank for Swan of $150, a service charge of $15, four NSFcheques totalling $100, and a $20 charge for printed cheques. In reviewing her cash records, Swanidentifies outstanding cheques totalling $306 and an October 31 deposit in transit of $1,002. DuringOctober she recorded a $315 cheque for the salary of a part-time employee as $31. Swan’s Cash accountshows an October 31 cash balance of $5,145.Required:1. Prepare a bank reconciliation for Daryl Swan to determine how much cash Swan actually has atOctober 31, 2019?
7 parts to question thanks in advance :) Brett Knight Company operates four bowling alleys. The business just received the October 31, 2024, bank statement from City National Bank, and the statement shows an Question Viewer D5. Listed on the statement are an EFT rent collection of $420, a service charge of $6, NSF checks totaling $45, and a $26 charge for printed checks. In cords, the business identified outstanding checks totaling $490 and a deposit in transit of $ 1,750. During October, the business recorded a $310 check by debiting Salaries Expense and crediting Cash for $31. The business's Cash account shows an October 31 balance of $2,101. Read the requirements. Requirement 1. Prepare the bank reconciliation at October 31. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Brett Knight Company Bank Reconciliation October 31, 2024 Bank: ADD: LESS:
Seven
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
Music Express is a company that sells both car and home stereos.Jornalize transactions using the direct write off method.Journalizes transactions using the allowance method assuming the account's credit balance started at $ 28,000 on February 1 and the company uses the accounts receivable method analysis.Selected Transactions from Music Express Records as of December 31: April 10th. Account canceled (wrote off account) of Mario Guzmán for $ 6,400. Journalizes transactions using the allowance method assuming the account's credit balance started at $ 28,000 on February 1 and the company uses the accounts receivable method analysis. June 12. A partial payment of $ 1,500 was received from Margarita Rodríguez's account from a $ 10,000 credit account. The remainder of the balance is written off as uncollectible. 20th of August. The amount of $ 6,400 was received from Mario Guzmán from the account that was canceled on April 10. Reinstall the account and record the cash receipt. December 31st.…
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
Please provide answer in text (Without image)
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…
**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.
:Charged to WIP; Factory O/H; Selling and] [Administrative Expenses A) Direct Labor B) Indirect Labor of van salesman C) Overtime premium for forklift operators D) Idle time cost of factory workers Shift premium paid to supervisors in the distribution department E) Bonus paid to outstanding sales executive

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS