Identify the following transactions as either:a. Journal entriesb. Adjusting journal entriesc. Closing journal entries Cash500Fees Earned500Choose..Income Summary465Revenue465Choose.Income Summary677Rent Expense240Supplies Expense220Choose.Utilities Expense130Miscellaneous Exp87Wages Expense790Wages Payable790Choose.Unearned revenue498Fees Earned498Choose.Utilities Expense123Cash123Choose.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: Identify the following transactions as…

Identify the following transactions as either: a. Journal entries b. Adjusting journal entries c. Closing journal entries

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

100%

Identify the following transactions as either:

a. Journal entries

b. Adjusting journal entries

c. Closing journal entries

Cash
500
Fees Earned
500
Choose..
Income Summary
465
Revenue
465
Choose.
Income Summary
677
Rent Expense
240
Supplies Expense
220
Choose.
Utilities Expense
130
Miscellaneous Exp
87
Wages Expense
790
Wages Payable
790
Choose.
Unearned revenue
498
Fees Earned
498
Choose.
Utilities Expense
123
Cash
123
Choose.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
Date General Account Titles and Explanations Ref. Debit Credit
Pharoah Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 81,500 shares of $1 par value common stock for cash of $305,625. Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share. Purchased 3,050 shares of treasury stock for $9,800. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. 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 O for the amounts.)
Prepare journal entries to record the transactions reflected in items a through g.
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QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…