answer quickly In March, Abby's Employment Agency had the following transactions:20221 Abby Todd invested $5,000 cash in the new employment agency.4 Bought equipment for cash, $200.5 Earned employment fee commission, $200, but payment from Blue Co.will not be received until June.Mar.7 Paid wages expense, $300.8 Abby paid her home utility bill from the company chequebook, $75.11 Performed services at Rick Wool, receiving $1,200 cash.Mar.15 Paid cash for supplies, $200.28 Telephone bill received but not paid, $180.29 Advertising bill received but not paid, $400.The chart of accounts includes Cash, 111; Accounts Receivable, 112; Supplies, 131;Equipment, 141; Accounts Payvable, 211; A. Todd, Capital, 311; A. Todd, Withdrawals,321; Employment Fees Earned, 411; Wage Expense. 511; Telephone Expense, 521; andAdvertising Expense, 531.Your task is toa. Prepare Journal Entries for each transaction

Here in this question, we are required to prepare journal entries. Journal entry is made for record…

Answered: In March, Abby's Employment Agency had…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…
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Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Safe Home has collected $1,130 from cash-paying customers. Safe Home's remaining customers owe the business $320. Safe Home recorded $1,130 of service revenue for the year. Cash basis If Safe Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year? Splendid Occasions received $2,080 for services to be performed for the next 8 months on March 31 and recorded this transaction using the Unearned Revenue account. Accrual basis If Splendid Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…
journal entry
You habe a business where you babysit for people in your local area.Some of your customers pay you mimmediately after you finish a job.Some customers ask you to send them a bill.It is now the 30th June and you have collected $3,600 from cash-paying customers.Your remaining customers owe you $5,200. How much service revenue would you have under accrual accounting?
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…

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