need answers asap with detailed solutions Exercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13-3,13-4Skip to question[The following information applies to the questions displayed below.]Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by twoevents: (1) Chase provided $15,500 of services on account, and (2) he purchased $6,800 of supplies onaccount. There were $800 of supplies on hand as of December 31, Year 1.Exercise 13-10A (Algo) Part a, b, and eRequireda. b. &e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry toreflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare apost-closing trial balance. (Select "a1, a2, or b" for the transactions in the order they take place. Select "cl"for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)

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Answered: Exercise 13-10A (Algo) Recording…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter4: The Accounting Cycle

Section: Chapter Questions

Problem 5TIF

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6 Mc Graw Required information [The following information applies to the questions displayed below] G d Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de- motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. e a. Received $30,000 cash from the investors who organized Down, Incorporated b. Borrowed $15,000 cash and signed a note due in two years. Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) c. Ordered equipment costing $12,000. d. Purchased $6,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (d). paid for half of it, and put the rest on account. Beginning a b Ending Cash Assets 0 30,000 30,000 Equipment D - 18,000 - 18,000Ⓒ- - . . - Answer is not complete. Accounts Payable 0 6.000 €…
Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…
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determine the following d. bad debts expense Prepare a function of expense SCI. Additional information:a. Depreciation of P5,000 is for computer equipment used in the administrativeb. Amortization is attributed to office leasehold improvements.c. 40% of salaries are attributed to sales personnel.d. Utilities for the store represent 35% of utilities expense.e. Rent for the office space is P20,000.
Please Prepare Journal Entries
Problem 6: The following are the transactions of NS Company, owned by Norina Salvador, for the month of September 2017. Sept. 1 kupor Кибката 4 сл 7 9 11 15 2/N Norina invested P550,000 cash and building and land worth 1,000,000 and 750,000 respectively. Hired an accountant with a monthly salary of P20,000 memo entry Purchased computer equipment worth 30,000 paying half and the balance on account. Jacets. Payouble Purchased supplies on credit, P450. Paid xent for the whole year P24,000. Whih year (prepaid) ((advenve Billed client for services on credit, P50,000. Paid half month salary of the accountant 18 Norina provided services and received cash amounting to P5,750. 21 Paid janitorial expense for the month amounting to P11,435 23 Norina withdrew P10,000 for personal use. 25 27 Received payment from customer previously billed P20,000 Received billing from Meralco amounting to P7,200. Paid half month salary of the accountant 30
With explain
QC 36.
How to make journal entry about this.
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
PROBLEM SOLVING JOURNAL ENTRIES Mr. Romero Carodam established a repair shop on January 3 of the current year. A summary of the January transactions is presented below: Jan. 3 5 7 8. 10. 12 15 16 NNNNO 20 25 27 30 Invested P50,000 in cash deposited at PCI Bank in the name of the Paid a monthly rental amounting to P4,000. Purchased equipment for P8,000 cash. Bought office supplies, P2,000. Collected P15,000 from customers in various repair services. Incurred P2,000 of advertising costs on account. Paid employees salaries P7,000. Withdrew P3,000 cash for personal use. Rendered repair service on account to customers, P12,000 Paid telephone bill, P1,500 Paid light and water bills, P1,500 Collected P10,000 for services billed on January 20. business. Required: Journalize the transactions using the following accounts titles. Cash, Accounts Receivable, Office Supplies, Equipment, Accounts Payable and R. Carodam, Capital. R. Carodam Drawing, Service Income, Rent Expense, Advertising Expense,…
Ex5.21From the following transactions as well as additional data, please complete the entire accountingcycle for Parker’s Plowing201XJan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowingcompany.1 Paid rent for six months in advance for garage space, $6,000.4 Purchased office equipment on account from Lumen Corp., $12,600.6 Purchased snow supplies for $800 cash.8 Collected $14,000 from plowing local shopping centers.P a g e 7 | 812 Parker Muroney withdrew $4,000 from the business for his own personal use.20 Plowed Alton Co. parking lots, payment not to be received until May, $1,500.26 Paid salaries to employees, $1,900.28 Paid Lumen Corp. one-half amount owed for office equipment.29 Advertising bill received from Washington Co. but will not be paid until May, $700.30 Paid telephone bill, $130.Adjustment Dataa. Snow supplies on hand, $700.b. Rent expired, $1,000.d. Depreciation on snow equipment, $200: ($12,000/5 yr = $2,400/12 mo. = $200).e. Accrued…

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