The general ledger of Zips Storage at January 1, 2024, includes the following account balances:Debits$24,90015,70012,600151,000AccountsCashAccounts ReceivablePrepaid InsuranceLandAccounts PayableDeferred RevenueCommon StockRetained EarningsTotals1. January 92. February 123. April 254. May 65. July 15$204, 2006. September 107. October 318. November 209. December 30CreditsThe following is a summary of the transactions for the year:$7,0006,100146,00045,100$204, 200Provide storage services for cash, $137,100, and on account, $53,700.Collect on accounts receivable, $51,800.Receive cash in advance from customers, $13,200.Purchase supplies on account, $9,800.Pay property taxes, $8,800.Pay on accounts payable, $11,700.Pay salaries, $126,600.Issue shares of common stock in exchange for $30,000 cash.Pay $3,100 cash dividends to stockholders.Insurance expired during the year is $7,300. Supplies remaining on hand at the end of the year equal $3,200. Provide services of$12,100 related to cash paid in advance by customers. give me the accounting cycle the in cime statement and balanace ststement

January 9:Debit: Cash $137,100Debit: Accounts Receivable $53,700Credit: Service Revenue $190,800…

Answered: February 12 Collect on accounts…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Malco Enterprises issued $12,00 of common stock when the company was started. In addition, Malco borrowed $38,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $74,700 of revenue on account in Year 1 and $87,200 of revenue on account in Year 2. Cash collections of accounts receivable were $63,300 in Year 1 and $73,500 in Year 2. Malco paid $40,800 of other operating expenses in Year 1 and $47,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Based on this information given above, record the events in the accounting equation then answer the following questions. Enter any decreases to account balances with a minus sign. a. what amount of interest expense would Malco report on the Year 1 income statement? b. what amount of net cash flow from operating activites would Malco report on the Year 1 statement of cash flows? c. what amount of…
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Pluto Company maintains a checking account at the City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The August bank statement included the following information: Balance, August 1 Php 750,000 Deposits 2,000,000 Checks processed 1,750,000 Service charge 50,000 NSF check 150,000 Monthly loan payment deducted by bank from account 125,000 Deposits outstanding totaled Php 150,000 and all checks written by…
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Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
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post to general ledger
June 30 Cash sales, 3110. June 30 Bought stationery paying by cash, $60. 17.5X You are to write up a three-column cash book for M. Pinero from the details that follow, Then balance off at the end of the month and post to the discount accounts in the general ledger. 2006 Balances brought forward: cash in hand, $58 bank overdraft, $1,470 May 1 May 2 M. Pinero paid further capital into the bank, $1,000. May 3 Bought office fixtures by cheque, $780. May 4 Cash sales, $220. May 5 Banked cash, $200. May 6 We paid the following by cheque, in each case deducting 22% cash discount: B. Barnes, $80; T. Horton, $240; T. Jacklin, $400. Cash sales, $500. Paid motor expenses in cash, $77. May 8 May 12 May 15 Cash withdrawn from the bank, $400. May 16 Cash drawings, $120. May 18 The following firms paid us their accounts by cheque, in each case deducting a 5% discount: L. Graham, $80; B. Crenshaw, $140; H. Green, $220. May 20 Staff paid in cash, $210. May 22 T. Weiskopf paid us his account in cash,…
PETTY CASH FUND (EXERCISES) ZEALOUS COMPANY ESTABLISHED A PETTY CASH FUND. 1. ESTABLISHEDA PETTY CASH FUND OF P10,000 ON JANUARY 2. 2 PETTY CASH FUND EXPENSES-JANUARY 2-31 ARE: POSTAGE-P1,500; SUPPLIES-P5,500; TRANSPORTATION-P1,200; MISCELLANEOUS EXPENSE -P800 3 THE FUND IS REPLENISHED ON FEBRUARY 1 AND INCREASED BY P5,000. REQUIREMENT: PREPARE A JOURNAL ENTRIES TO RECORD THE TRANSACTIONS UNDER THE FLUCTUATING FUND SYSTEM AND IMPREST FUND SYSTEM.

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