Journal EntriesRocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, areindicated in the following T accounts:Cash(1) 40,000 (2) 4,000(7) 13,100 (3) 5,000(4) 6,175(6) 6,000(9) 1,500Equipment(3) 15,000Dividends(9) 1,500Accounts ReceivableAccounts PayableService Revenue(5) 20,500 (7) 13,100(6) 6,000 (3) 10,000(5) 20,500Supplies(2) 4,000 (8) 2,200Common Stock(1) 40,000Operating Expenses(4) 6,175(8) 2,200Prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted. If an amount box does not require anentry, leave it blank.

Step 1: Identify Transactions from T-Accounts(1) Issuance of Common StockCash 40,000 (Dr)Common…

Answered: Journal Entries Rocky Mountain Tours…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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Journal entry transactions- double entry system 1) Machinery is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and Installations invoice is 28.000 TL + %10 VAT half cash paid and half note issued.
Revenue and Cash Receipts Journals Lasting Summer Inc. has $2,360 in the October 1 balance of the accounts receivable account consisting of $1,090 from Champion Co. and $1,270 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 20Y5 are as follows: Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $2,480. 5. Received cash from Champion Co., on account, for $1,090. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $4,270. 12. Received cash from Wayfarer Co., on account, for $1,270. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $3,000. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3. 28. Issued Invoice No. 625 to Wayfarer Co., on account, for $2,530. 30. Received cash from Rogers Co. for services provided, $90. a. Prepare a single-column revenue journal to record these transactions.…
For each of the transactions below, create a journal? The assignment of accounts receivable journal entries are based on the following information: Accounts receivable 50,000 on 45 days terms Assignment fee of 1% (500) Initial advance of 80% (40,000) Cash received from customers 6,000 Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395)
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventory
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12? A. Accounts Receivable 49,500 Sales Revenue 49,500 B. Accounts Receivable 50,000 Sales Revenue 49,500 Sales Discounts 500 C. Accounts Receivable 50,000 Sales Revenue 50,000 D. Accounts Receivable 50,000 Sales Discounts 500 Sales Revenue 50,500
Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack . . . . . . . . . . . . . . . . $ 8,600 8 Eric Horner . . . . . . . . . . . . . . . . 11,100 10 Troy Wilson . . . . . . . . . . . . . . . . 13,400 14 Hong Jiang . . . . . . . . . . . . . . . . 20,500 20 Troy Wilson . . . . . . . . . . . . . . . . 11,200 29 Mary Mack . . . . . . . . . . . . . . . . 7,300 Total credit sales . . . . . . . . . . . . $72,100 1. Open an accounts receivable subsidiary ledger with a T-account for each customer. Post the amounts to the subsidiary ledger. 2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total to these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.
General accounting
Dinesh bhai
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