Following are the transactions for Valdez Services.a. The company pald $2,000 cash for payment on a 6-month-old account payable for office supplies.b. The company pald $1,200 cash for the Just completed two-week salary of the receptionist.c. The company pald $39,000 cash for equipment purchased.d. The company pald $800 cash for this month's utilities.e. The owner (B. Valdez) withdrew $4,500 cash from the company for personal use.1. Prepare general journal entries for the above transactions of Valdez Services.Vlew transaction lletJournal entry worksheet4 523The company paid $2,000 cash for payment on a 6-month-old account payablefor office supplies.Note: Enter debits before credits.TransactionGeneral JournalDebitCredita.Record entryClear entryVlew general Journal2 Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transactlon Itproperly describes.ReasonTransactionThis transaction is a distribution of cash to the owner. Even though equity decreased, that decrease did not occurin the process of providing goods or services to customers.This transaction decreased cash in settlement of a previously existing liability (equity did not change). Suppliesexpense is recorded when assets are used, not necessarily when cash is paid.This transaction involves the purchase of an asset. The form of the company's assets changed, but total assetsdid not (and neither did equity). Following are transactions for Valdez Services, a company owned by Brina Valdez.a. Brina Valdez Invested $20,000 cash In the company.b. The company provided services to a client and Immediately recelved $900 cash.c. The company recelved $10,000 cash from a client In payment for services to be provided next year.d. The company recelved $3,500 cash from a client In partlal payment of accounts recelvable.e. The company borrowed $5,000 cash from the bank by signing a note payable.1. Prepare general journal entries for the above transactions of Valdez Services.Vlew transaction letJournal entry worksheet12 3 4 5Brina Valdez invested $20,000 cash in the company.Note: Enter debits before credits.TransactionGeneral JournalDebitCredita.Record entryClear entryVlew general Journal2 Listed below are four reasons why a transaction would not yleld a revenue. Match each of the reasons to the transaction It properlydescribes.ReasonTransactionThis transaction changed the form of an asset from a receivable to cash. Total assets were not increased(revenue was recognized when the services were originally provided).This transaction brought in cash (increased assets), and it also increased a liability by the same amount(represented by the signing of a note to repay the amount).This transaction brought in cash, but this is an owner investment.This transaction brought in cash, but it created a liability to provide services to the client in the next year.

General information - Journal entries are the first step of recording the transactions. For every…

Answered: Following are the transactions for…

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 following events apply to Sally's Gift Shop for Year 1, its first year of operation: 1. Acquired $60,000 cash from the issue of common stock. 2. Issued common stock to Sally Quin, one of the owners, in exchange for merchandise inventory worth $3,200 Sally had acquired prior to opening the shop. 3. Purchased $56,200 of inventory on account. 4. Paid $4,500 for advertising expense. 5. Sold inventory for $98,300 cash. 6. Paid $12,000 in salary to a part-time salesperson. 7. Paid $47,000 on accounts payable (see Event 3). 8. Physically counted inventory, which indicated that $16,000 of inventory was on hand at the end of the accounting period. Requirements: a. Record each of the transactions in the general journal, assuming Sally's uses the periodic inventory system. b. Post the transactions to T-Accounts. c. Prepare financial statements for Sally's. d. Record the necessary closing entries for year-end. e. Post the closing entries to T-Accounts. f. Prepare a post-closing trial balance.
for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answer
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
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…
the journal entr 8.30 Enter the following transactions in the journal of J. Jackson: transaction. 1 Jackson purchased computer for $12 000 on credit from Space Age Computers Ltd. The serial no. was JVX 1302 micro- a Jan. March 15 Equipment valued on the books at $325 was sold at that price to Anne Maynard, who agreed to pay in 30 days April 17 Furniture valued at $420 on the books was sold for $540 on credit to C. Jason 21 Dennis Chung, who was a debtor for $290, died of a heart attack. Jackson decided to write off the debt as a June gesture of sympathy to his family 25 S.T. Lau & Co., a debtor for $420, went bankrupt. On liquidation they were able to pay only $0.25 in the dollar. Jackson received a cheque for this amount. The rest was July written off as a bad debt 15 Office machinery valued at $850 was sold for $730 on credit to Oct. Browne & Co. Nov. 10 Jenn Dade, whose debt of $320 was written off some time ago, sent a cheque for $335 representing repayment of the debt with…
Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 .
Prepare journal entries to record the following transactions. a. Purchased $380 of supplies on credit. b. Completed $580 of work for a client on credit. c. Paid $380 cash towards the amount owed from transaction a. d. Completed work for a client and immediately received $880 cash. e. Collected $580 cash for the work previously performed in transaction b. f. Received $1,080 cash in advance from a client for services to be performed next period View transaction list Journal entry worksheet < 1 2 3 4 5 6 Purchased $380 of supplies on credit. Note: Enter debits before credits. Date a. General Journal Debit Credit
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
Record the following transactions in their corresponding T- Account using the correct account title: 1. Paid the salaries af employees P10,000.00 2. The owners withdraw P5,000.00 for personal expense 3. Sold tables on account P8,000.00 4. Purchase equipment P10,000.00 cash 5. Received cash as sales of goods P5,000.00
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.
Bill started business with cash 370,000 on 01-03-2021. ii. Purchased goods on account from Alex worth 30000 on 02- 01-2021. iii. Sold goods to Stewart for 44000 on 03-01-2021. iv. Purchased computer for office use for 100000 on 04- 01-2021. v. Stewart returned the goods worth 4000 on 05-01-2021. vi. Opened a bank account by depositing the cash 110000 on 14-01-2021. vii. 35000 received from Stewart after full settlement. viii. 28000 was paid to Mr. Alex for purchased goods on 18-01-2021. Prepare journal.

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