Jim's Gymnastics Training entered into the following transactions during themonth of October.1. Provided $5,000 of training to students on account.2. Received $4,000 cash from students for training provided in October.3. Purchased $2,000 supplies on account4. Received $3,000 cash from students on account for fees the students owed.5. Paid October's gym rental bill in the amount of $1,000.6. Received a notice that the rent will increase in November to $1,500, andthat it is required to be paid one month in advance. Paid $1,500 rent inadvance for November.7. Paid employees $3,000 for work done during the month of October.8. Purchased new exercise equipment for $15,000 on account.9. Received $2,500 cash from students for training that will be provided inNovember.aRequired:Prepare the journal entries to record the transactions above. Use the MSWordlink for the table to write your journal entries. After you have written the journalentries on the table in the MSWord document provided, put your name belowthe table on the document, save the document and then upload it to thisproblem in the upload space provided at the bottom of this box.MSWord Journal Entry Form

Journal entries recording is the initial step in accounting cycle process. Under this step, atleast…

Answered: Jim's Gymnastics Training entered into…

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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Jo Jo has business called, "Jo Jo's Clown Supplies." The following cash transactions happened in the month of December. Jo Jo had a December 31 cash balance of $19,940. b 5 7 B 9 Cash Receipts Date Deposit 12/1 12/4 12/9 12/14 12/17 12/22 12/31 0 01 02 03 400 4270 610 630 2280 1500 1950 Cash Payments Check No. Amount 1416 1417 1418 1419 1420 1421 1422 The 1st Federal Bank Sent Jo Jo the following statement for December: Beginning Balance: Deposits Checks 1-Dec 5-Dec 10-Dec 15-Dec 18-Dec 22-Dec 760 30 550 1390 1340 800 530 8-Dec 11-Dec 19-Dec 22-Dec 29-Dec 31-Dec 31-Dec NSF NSF SC 1416 04 05 06 07 08 09 10 11 Please prepare a Bank Reconcilliation for Jo Jo's Circus. 112 1417 1418 1419 400 4270 610 630 2280 1500 900 760 500 30 550 1390 50 Ending Balance: NSF = Non-sufficient Funds Checks were received from a client. SCA Bank service charge. 13,700 9690 4180 19,210 +
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
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Sparks Corporation has a cash balance of $24,100 on April 1. The company must maintain a minimum cash balance of $6,500. During April, expected cash receipts are $49,000. Cash disbursements during the month are expected to total $68,500. Ignoring interest payments, during April the company will need to borrow:
On April 3, Erin Gardner received her bank statement showing a balance of $2,086.93. Her checkbook showed a balance of $1,912.47. Outstanding checks were $234.15, $317.80, $78.10, $132.42, and $212.67. The account earned $20.43. Deposits in transit amount to $814.11, and there is a service charge of $7.00. Use the form below to calculate the reconciled balance. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Service Charges & Other Debits ADJUSTED CHECKBOOK BALANCE tA ta ta ta tA STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct: Outstanding Checks LA tA ·SA $ LA ADJUSTED STATEMENT BALANCE $ LA E
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Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86
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BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were RO 125 petrol, RO 55 office stationery, RO135 staff welfare and RO 65 travelling and there was RO 15 left in the petty cash box. If the petty cash fund is raised to RO 500 per month then how much is the amount required to be refill? a. RO 485 b. RO 385 c. RO 380 d. RO 480
The petty cash custodian reported the following transactions during the month. Prepare the journalentry to record the replenishment of the fund.A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cashpayment is made for supplies purchased from Office Depot, and a $30 cash payment is made toUPS to deliver goods to a customer

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