I need help figuring out the correct journey entries for the items 4d & 10j. Problem#8. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the past. Received $9,590 cash for consulting services rendered. Issued 28 additional shares of common stock at a market price of $165 per share. Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note. Received $980 from clients for consulting services to be performed in the next year. Bought $560 of supplies on account. Incurred and paid $1,890 in utilities for the current year. Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year. Received $3,070 from clients paying on their accounts. Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year). Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year. Received $55 in interest revenue earned in the current year on short-term investments. Required: Prepare journal entries for each transaction for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.) No Transaction General Journal Debit Credit 1 a. Cash 9,590 Consulting fees revenue 9,590 2 b. Cash 4,620 Common stock 28 Additional paid-in-capital 4,592 3 c. Office equipment 730 Cash 292 Short-term note payable 438 4 d. Cash 980 Other current assets 980 5 e. Supplies 560 Accounts payable 560 6 f. Utilities expense 1,890 Cash 1,890 7 g. Accounts receivable 1,710 Consulting fees revenue 1,710 8 h. Cash 3,070 Accounts receivable 3,070 9 i. Salaries expense 6,300 Salaries payable 910 Receivables 5,390 10 j. Short-term investments 1,320 Prepaid expenses 890 11 k. Cash 55 Interest revenue 55

I need help figuring out the correct journey entries for the items 4d & 10j. Problem#8. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the past. Received $9,590 cash for consulting services rendered. Issued 28 additional shares of common stock at a market price of $165 per share. Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note. Received $980 from clients for consulting services to be performed in the next year. Bought $560 of supplies on account. Incurred and paid $1,890 in utilities for the current year. Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year. Received $3,070 from clients paying on their accounts. Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year). Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year. Received $55 in interest revenue earned in the current year on short-term investments. Required: Prepare journal entries for each transaction for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.) No Transaction General Journal Debit Credit 1 a. Cash 9,590 Consulting fees revenue 9,590 2 b. Cash 4,620 Common stock 28 Additional paid-in-capital 4,592 3 c. Office equipment 730 Cash 292 Short-term note payable 438 4 d. Cash 980 Other current assets 980 5 e. Supplies 560 Accounts payable 560 6 f. Utilities expense 1,890 Cash 1,890 7 g. Accounts receivable 1,710 Consulting fees revenue 1,710 8 h. Cash 3,070 Accounts receivable 3,070 9 i. Salaries expense 6,300 Salaries payable 910 Receivables 5,390 10 j. Short-term investments 1,320 Prepaid expenses 890 11 k. Cash 55 Interest revenue 55

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Problem#8. Required information

[The following information applies to the questions displayed below.]

At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share):


Cash	$	1,990	Accounts payable	$	300
Short-term investments		500	Unearned revenue		1,410
Accounts receivable		3,660	Salaries Payable		960
Supplies		240	Short-term note payable		870
Prepaid expenses		4,810	Common stock ($1 par value)		140
Office equipment		1,620	Additional paid-in capital		6,650
Accumulated depreciation-office equipment*		(390)	Retained earnings		2,100

*This account has a credit balance representing the portion of the cost of the equipment used in the past.

Received $9,590 cash for consulting services rendered.
Issued 28 additional shares of common stock at a market price of $165 per share.
Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note.
Received $980 from clients for consulting services to be performed in the next year.
Bought $560 of supplies on account.
Incurred and paid $1,890 in utilities for the current year.
Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year.
Received $3,070 from clients paying on their accounts.
Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year).
Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year.
Received $55 in interest revenue earned in the current year on short-term investments.

Required:

Prepare journal entries for each transaction for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.)

No	Transaction	General Journal	Debit	Credit
1	a.	Cash	9,590
		Consulting fees revenue		9,590

2	b.	Cash	4,620
		Common stock		28
		Additional paid-in-capital		4,592

3	c.	Office equipment	730
		Cash		292
		Short-term note payable		438

4	d.	Cash	980
		Other current assets		980

5	e.	Supplies	560
		Accounts payable		560

6	f.	Utilities expense	1,890
		Cash		1,890

7	g.	Accounts receivable	1,710
		Consulting fees revenue		1,710

8	h.	Cash	3,070
		Accounts receivable		3,070

9	i.	Salaries expense	6,300
		Salaries payable		910
		Receivables		5,390

10	j.	Short-term investments	1,320
		Prepaid expenses	890

11	k.	Cash	55
		Interest revenue		55

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

how do i find change in retained earnings

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.