Fiscal Year 2021 Transactions Month January Day 15 SUV Tent Systems to Camping World on Sold 1,000 units account Sales Price/Unit COGS/Unit 650 275 January 30 Sold 2,500 units Truck Tent Systems to Cabela's account on Sales Price/Unit COGS/Unit 850 325 January 31 Paid monthly employee salaries 42,000 February 12 Received payment from Camping World 650,000 February 17 Purchased inventory from supplier in Alaska 1,000,000 on account February 28 Paid monthly employee salaries 42,000 March Received payment from Cabela's 2,125,000 March 10 Paid supplier in Alaska for February purchase 1,000,000 March 25 Sold 3,000 units Car Tent Systems to Scheels on account Sales Price/Unit COGS/Unit 550 250 March 31 Paid monthly employee salaries 42,000 %24

Fiscal Year 2021 Transactions Month January Day 15 SUV Tent Systems to Camping World on Sold 1,000 units account Sales Price/Unit COGS/Unit 650 275 January 30 Sold 2,500 units Truck Tent Systems to Cabela's account on Sales Price/Unit COGS/Unit 850 325 January 31 Paid monthly employee salaries 42,000 February 12 Received payment from Camping World 650,000 February 17 Purchased inventory from supplier in Alaska 1,000,000 on account February 28 Paid monthly employee salaries 42,000 March Received payment from Cabela's 2,125,000 March 10 Paid supplier in Alaska for February purchase 1,000,000 March 25 Sold 3,000 units Car Tent Systems to Scheels on account Sales Price/Unit COGS/Unit 550 250 March 31 Paid monthly employee salaries 42,000 %24

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 first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Complete the General Ledger based on the recorded journal entries. Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
Kindly prepare the Worksheet for this. thank yoouu!!
1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila. • All Ledger accounts must be dosed. The account total and balance are required to be determined after completing all postings for all Ledger accounts • The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template. • You are not required to fill-up the reference columns in the general ledgers. March. Particulars Ref. Debit Credit Date 2021 1 Cash 200,000 Capital 200,000 To record owner's capital invested in Business 2 Furniture 7,000 Cash 7,000 To record purchase of Fumiture by cash from Danube Furniture Land 15,000 Accounts Payable 15,000 To record purchase of Land on credit from Mr. Said 6. Cash 2,000 Loans…
Requirements: 1. Journalize each transaction including explanations. 2. The accounts listed in the trial balance, together with their balances as of March 31,2024, have been opened for you in T-account form. Post the journal entries to the ledger (use T-account format). 3. Prepare the trial balance of Harper Service Center as of April 30, 2024. More info Apr. 2 Borrowed $45,000 from the bank and signed a note payable in the name of the business. Apr. 4 Paid cash of $40,000 to acquire land. Apr. 9 Performed services for a customer and received cash of $5,000. Apr. 13 Purchased office supplies on account, $300. Apr. 15 Performed services for a customer on account, $2,600. Apr. 18 Paid $1,200 on account. Apr. 21 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. Apr. 25 Received $3,100 from a customer on account. Apr. 27 Received a $200 utility bill that will be paid next month. Apr. 29 Received $1,500 for services to be…
Create a General Journal.
In the account below, calculate the balance for September 16, 20-. Then perform the forwarding procedures required to start a new account page. 3. Account: A/R – Manitoba Equipment Co. No. 211 Date(2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE Aug 15 J22 1,600 00 Sep 4 J26 825 00 16 Ј30 176 00 Асcount: No. Date2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE
Current Attempt in Progress Cheyenne Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. 2. 3. No. 1. (a) Prepare the journal entries that should be recorded as of December 31, 2025, to recognize each of the situations above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 2. As a result of uninsured accidents during the year, personal injury suits for $668,600 and $126,800 have been filed against the company. It is the judgment of Cheyenne's legal counsel that an unfavorable outcome is unlikely in the $126,800 case but that an unfavorable verdict approximating $550,000 (reliably estimated) will probably result in the $668,600 case. 3. Cheyenne owns a subsidiary in a foreign…
Record any 5 accounting transactions of your own choice for furniture business for the year 2019, starting from the owner investment of $100,000. Post them in general journal,make ledger and trial balance for those entries.
Prepare the following The Statement of Owner’s Equity for the Month The Balance sheet for Shop Write as at March 31, 2019
Prepare The Journal Entries..!