Great Hair Hair Stylists has begun the preparation of its worksheet as follows (Click the icon to view the worksheet) Account Names Cash Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Note Payable Common Stock Service Revenue Rent Expense Supplies Expense Depreciation Expense-Equipment Interest Expense Total $ inal Balance Debit 600 900 16,700 3,200 $ Credit 800 200 M 400 $ 21,800 S 21,800 (a) (b) Debit 2,600 7,400 (C) 10,800 Adjustments Credit Data table 4 5 6 Cash 7 Office Supplies 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Interest Payable 12 Note Payable 13 Common Stock 14 Service Revenue. Account Names 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense-Equipment 18 Interest Expense 19 Total Balance Debit $ 600 900 16,700 More info 3,200 400 S Credit 800 200 2,600 7,400 10,800 a Office supplies on hand, $200. b. Depreciation, $800. c. Accrued interest expense, $500. Adjustments Debit Credit - X Adjusted Trial Balance Debit Credit

Great Hair Hair Stylists has begun the preparation of its worksheet as follows (Click the icon to view the worksheet) Account Names Cash Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Note Payable Common Stock Service Revenue Rent Expense Supplies Expense Depreciation Expense-Equipment Interest Expense Total $ inal Balance Debit 600 900 16,700 3,200 $ Credit 800 200 M 400 $ 21,800 S 21,800 (a) (b) Debit 2,600 7,400 (C) 10,800 Adjustments Credit Data table 4 5 6 Cash 7 Office Supplies 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Interest Payable 12 Note Payable 13 Common Stock 14 Service Revenue. Account Names 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense-Equipment 18 Interest Expense 19 Total Balance Debit $ 600 900 16,700 More info 3,200 400 S Credit 800 200 2,600 7,400 10,800 a Office supplies on hand, $200. b. Depreciation, $800. c. Accrued interest expense, $500. Adjustments Debit Credit - X Adjusted Trial Balance Debit Credit

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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A transaction has been recorded in the general journal of Todd Company as follows: Account Title Supplies Accounts Payable 800 Which of the following could be an explanation for this transaction? Multiple Choice Debit 800 Purchased supplies with cash Purchased supplies on account Used supplies Incurred supplies expense Credit
True Value is a company providing cleaning services to customers amounting to OMR 4,500 on credit, the journal entry shall be. a. Debit Service Revenues OMR 4,500 and credit Cash OMR 4,500. b. Debit Accounts Receivable OMR 4,500 and credit Service Revenues OMR 4,500. c. Debit Cash OMR 4,500 and credit Service Revenues OMR 4,500. d. Debit Service Revenues OMR 4,500 and credit Accounts Receivable OMR 4,500.
Part C: Recognizing that Splish’s products must still move through the bottling department before being ready for sale, record the journal entry to recognize the completion and removal of units from the manufacturing department. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Part D:
Adjusting entries and worksheet The books of Kasa Kahan Services owned and managed by Miss Kasa Kahan showed the following account balances on December 31, 2015. Certain accounts need to be adjusted and the following adjustments are visible. Kasa Kahan Services Trial Balance December 31, 2015 Trial Balance Particular Debit Credit Cash on hand Accounts Receivable 178000 135000 Allowance for Doubtful Accounts Prepaid Insurance Land 124000 1250000 Building Accumulated Depreciation - building Fumiture and Fixtures 1300000 1120000 Accumulated Depreciation - F & F Accounts Payable Unearned Income J. Capital J. Withdrawal Service Income 167000 142000 2980000 50000 1235000 Other Income 168000 Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense Utilities Expense 128000 83000 78000 Miscellaneous Expense Salaries Expense 246000 Total 4692000 4692000 The following data for adjustments were made available: 1. Provisions for doubtful accounts should be…
Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security uses a job order costing system. Overhead is applied using a predetermined overhead rate of 5 labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period $ 45,000 19,000 33,500 Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-15 (Algo) Recording actual and applied overhead LO P3 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period. View transaction list Journal entry worksheet A В Record the entry for other actual…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
The following transactions occurred for Luminary Engineering: View the transactions. Journalize the transactions of Luminary Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Luminary, Capital; Luminary, Withdrawals; Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Date Jul. 2 Transactions Jul. 2 Accounts and Explanation Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Debit Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Paid utilities expense of $440. Purchased equipment on account, $2,600. Performed services for a client on account, $3,500. Borrowed $7,200 cash, signing a notes payable. Luminary withdrew $650 cash from the business. Purchased…
Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Cash Land Building Nov. 1 144,000 Nov. 8 Nov. 8 40,320 14,400 1,680 84,000 Nov. 8 70,320 Nov. 25 Nov. 30 Office Equipment 3,840 Vehicles Notes Payable Nov. 15 Nov. 21 576 Nov. 30 11, 280 Nov. 25 14,400 Nov. 8 114, 000 9,600 Nov. 30 Accounts Payable Capital Stock Nov. 21 576 Nov. 15 3,840 Nov. 1 144,e00 Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account. Refer to the chart of acco for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CN journals will automatically indent a credit entry when a credit amount is entered. PAC ACCOUNTING EQUATION JOURNAL ASSETS LIABILITIES EC POST. REF. DEBIT CREDIT DESCRIPTION DATE 1
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. 1. A credit card scanner at a grocery store is a(n) [ Select] component. 2. A report of patients who missed appointments at a doctor's office is a(n) [ Select] component. 3. Electronic files containing a list of current customers is aln) [ Select ] component. 4. A list of the day's cash and credit sales is aln) [ Select] component. 5. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store is a(n) [ Select ] component.
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…