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…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1MP

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Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $30 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:Entertainment for office party (petty cash) $170Lawn maintenance (credit card) 420Postage (credit card) 575Fuel for deliveries (credit card) 285Required:1. Record the establishment of the petty cash fund on September 4.2. Record credit card expenditures during the month. The credit card balance is not yet paid.3. Record petty cash expenditures during the month.
Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year, you find (for January only) this information: a. Sales, per the cash register tapes, of $155000, plus one sale on credit (a special situation) of $2500. b. With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $70,000 to purchase. c. During the month, according to the checkbook, you paid $37,000 for salaries, rent, supplies, advertising, and other expenses however, you have not yet paid the $900 monthly utilities for January. Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January?
Catherine's cookies has a beginning balance in the account payable control total account of $8,200. In the cash disbursements journal, the account payable column has total debits of $6,800 for November. The accounts payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information what is the ending balance in the accounts payable account in the general ledger?
Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…
Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 O Debit Returnable deposit $900; Credit Sales revenue $900 Debit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900
The following transactions took place at Nickle's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Issued Check 3850 for $3,600 to pay the monthly rent. 1 Issued Check 3851 for 2 Issued Check 3852 for $3,200 to Fisher Company, a creditor, on account. $13,100 to purchase new equipment. 2 Issued Check 3853 for $1,520 to remit sales tax to the state sales tax authority. 3 Issued Check 3854 for $1,960 to Sports Emporium, a creditor, on account for invoice of $2,000 less cash discount of $40. 4 Issued Check 3855 for $3,925 to purchase merchandise. 6 Issued Check 3856 for $4,906 as a cash withdrawal for personal use by Nickie Martin, the owner. Indicate how these transactions would be entered in a cash payments journal. Date CK. No. Description CASH PAYMENTS JOURNAL Accounts Payable Debit Other Accounts Debit Account Name Amount Purchases Discounts Credit Cash Credit
In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?
Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $273 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Entertainment for office party (petty cash) Repairs and maintenance (credit card) Postage (credit card) Delivery cost (credit card) Required: 1. Record the establishment of the petty cash fund on September 4. 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet ere to search F2 2 W 1 S 2 Record the establishment of the petty cash fund on September 4. F3 #m 3 3 E D 100 Et F4 $ 4 F5…
Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
Kathy Concepcion operates KC, a perfume and soap store. The company uses special journals. KC provides a special column for 12% VAT in its sales and purchases journal. VAT is included in the purchases, freight and sales amounts. All collections are immediately deposited. All payments amounting to $5,000 and above are made by checks. During May, the following transactions were completed: May 1 – Invested cash of $250,000 and merchandise of $50,000 to open the business. Deposited $200,000 of the cash investment with Citibank May 2 – Signed a contract of lease with Robinson’s Landholdings and made an advance payment for two month’s rent, $18,000. Check no. 201. Voucher 101. Paid for taxes and licenses to the BIR, $1,200 May 3 – Purchased merchandise on account from Subic, $ 13,440 Terms: 2/10, n/30. Purchase Invoice 422 May 5 – Purchased store supplies on account from Goodwill Bookstore, $1,792. Terms: 1/10, n/30. Purchase Invoice 422 May 8 – Sold merchandise on account to Rustan, $11,760…
Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $41,600 face value note with annual interest based on an 11 percent discount. During Year 1, Parish provided services for $34,850 cash. Required Answer the following questions. (Hint: Record the events in T-accounts prior to answering the questions.) What is the amount of total liabilities on the December 31, Year 1, balance sheet? What is the amount of net income on the Year 1 income statement? What is the amount of cash flow from operating activities on the Year 1 statement of cash flows? Provide the general journal entries necessary to record issuing the note on April 1, Year 1; recognizing accrued interest on December 31, Year 1; and repaying the loan on March 31, Year 2.

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