Prepare a post-closing trial balance at July 31.PHAROAH'S CLEANING SERVICEPost-Closing Trial BalanceDebitCredit Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed.July 113512182021253131Pharoah invested $20,200 cash in the business.Purchased used truck for $9,100, paying $3,800 cash and the balance on account.Purchased cleaning supplies for $1,900 on account.Paid $1,680 cash on a 1-year insurance policy effective July 1.Billed customers $4,500 for cleaning services.Paid $1,600 cash on amount owed on truck and $1.400 on amount owed on cleaning supplies.Paid $2,600 cash for employee salaries.Collected $3,500 cash from customers billed on July 12.Billed customers $5.900 for cleaning services.Paki $360 for the monthly gasoline bill for the truck.Withdraw $5.600 cash for personal use.

The closing trial balance is prepared after closing the temporary account. The temporary account…

Answered: July 1 1 3 5 12 18 20 21 25 31 31…

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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Hi, I am doing Journal entries for business transactions, but I am confused by one. 9/6/19 Tucker Boats(Retail sales outlet for water ski and fishing boats) purchased boat moving equipment, office furniture, and boat repair machinery. Tucker Boats paid $6,880 in cash and signed a four yer 9.6%, $20,000 installment note payable to First National Bank. Equal monthly principal and interest payments of $503.42 are due the 5th of each month beginning October 6.(Note assumes a 360 day year and 30 days of interest charged for each full month. Months with 31 days accrue only 30 days of interest, but so does September. The date the loan is signed bears interest. Interest is accrued to the nearest penny.) Can you help me make this Journal entry?
Journalize Transactions Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $201,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $4,200. e. January 25: Collected $3,000 from customers for services performed in Transaction d. f. January 28: Purchased land for $260,000 by paying $21,000 cash and obtaining a loan for the balance. g. January 30: Paid salaries of $3,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 4 6 15 25 28
During the first year of operation, Year 1, McGinnis Appliance recognized $352,000 of service revenue on account. At the end of Year 1, the accounts receivable balance was $69,195. Even though this is his first year in business, the owner believes he will collect all but about 5 percent of the ending balance. Required What amount of cash was collected by McGinnis during Year 1? Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1? What is the net realizable value of receivables at the end of Year 1? Show the effect of these transactions on the financial statements by recording the appropriate amounts in a horizontal statements model like the one shown here. When you record amounts in the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If element is not affected by the event, leave the cell blank.
Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is: Group of answer choices Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000. Debit Dina Kader, Withdrawals and credit Cash for $35,000. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000. Debit Income Summary and credit Cash for $35,000.
Journal entries 1. Your company purchased six months worth of supplies on January 1. This is a credit purchase. The purchase price was $25,000. 2. Assume the facts in problem 1. On March 31, an inventory of supplies was taken and $18,000 worth of supplies was remaining in inventory. 3. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. 4. Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of February. 5. On March 1, 2016 conference room furniture for was purchased on credit for $12,000. 6. Assume the facts in problem 5. The furniture has a 12 year life. Record the appropriate adjusting entry. 7. On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some time in July. Prepare the appropriate journal entry for May.
During the first year of operation, Year 1, McGinnis Appliance recognized $292,000 of service revenue on account. At the end of Year 1, the accounts receivable balance was $57,400. Even though this is his first year in business, the owner believes he will collect all but about 4 percent of the ending balance. Required a. What amount of cash was collected by McGinnis during Year 1? b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1? c. What is the net realizable value of receivables at the end of Year 1? d. Show the effect of these transactions on the financial statements by recording the appropriate amounts in a horizontal statements model like the one shown here. When you record amounts in the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If element is not affected by the event, leave the cell…
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Subject: acounting
Journal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable. Paid $500 cash plus interest to the supplier, extending the note for 30 days July 1 from July 1. 31 Paid the note in full. Issued a $3,500, 60-day, 7% note to a supplier for purchase of Aug. 10 merchandise. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- May 1 2 3 3 Jun. 1 4 6. 7 Jul. 1 8 8. 9 10 10 11 11 12 Jul. 31 12 13 13 14 14 15 15 16 Aug. 10 16 17 17 18 18
with this entries July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. i have to Prepare adjusting entries using the following information in…
Mike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company. Date Account Titles and Explanation Debit Credit July 1July…
Mike Greenberg opened Cheyenne Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested $9,800 cash in the company. 1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account. 3 Purchased cleaning supplies for $740 on account. 5 Paid $1,440 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,030 for cleaning services performed. 18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies. 20 Paid $1,640 cash for employee salaries. 21 Collected $1,310 cash from customers billed on July 12. 25 Billed customers $2,050 for cleaning services performed. 31 Paid $240 for maintenance of the truck during month. 31 Owner withdrew $490 cash from the company. List of accounts: Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated…

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