**Financial Transactions and Accounting Entries***May 30:*- **Transaction:** Paid telephone bill for May, $260. - **Journal Entry Table:** - **Description:** [Dropdown for account selection] - **Post. Ref.:** [Text field for posting reference] - **Debit:** [Blank field for amount] - **Credit:** [Blank field for amount]*May 31:*- **Transaction 1:** Paid electricity bill for May, $810. - **Journal Entry Table:** - **Description:** [Dropdown for account selection] - **Post. Ref.:** [Text field for posting reference] - **Debit:** [Blank field for amount] - **Credit:** [Blank field for amount]- **Transaction 2:** Received cash from cash clients for fees earned for the period May 26–31, $3,300. - **Journal Entry Table:** - **Description:** [Dropdown for account selection] - **Post. Ref.:** [Text field for posting reference] - **Debit:** [Blank field for amount] - **Credit:** [Blank field for amount]- **Transaction 3:** Provided services on account for the remainder of May, $2,650. - **Journal Entry Table:** - **Description:** [Dropdown for account selection] - **Post. Ref.:** [Text field for posting reference] - **Debit:** [Blank field for amount] - **Credit:** [Blank field for amount]- **Transaction 4:** Kelly withdrew $10,500 for personal use. - **Journal Entry Table:** - **Description:** [Dropdown for account selection] - **Post. Ref.:** [Text field for posting reference] - **Debit:** [Blank field for amount] - **Credit:** [Blank field for amount]Each transaction is displayed along with a corresponding table designed to enter the details of the accounting journal entry. Use the dropdown menu to select the appropriate account for each transaction, and input the necessary debit and credit amounts as per accounting principles. **Journal Entries Overview**Below are a series of financial transactions recorded as journal entries. Each transaction includes a date, a brief description, and the associated debits and credits. This format is commonly used in accounting to ensure accurate financial tracking.---**May 17:** Received cash from cash clients for fees earned during the period May 1–16, amounting to $8,360.| Description | Post. Ref. | Debit | Credit ||--------------------|------------|-------|--------|| Cash | | 8,360 | || Fees Earned | | | 8,360 |---**May 20:** Purchased supplies on account, costing $735.| Description | Post. Ref. | Debit | Credit ||--------------------|------------|-------|--------|| Supplies | | 735 | || Accounts Payable | | | 735 |---**May 21:** Provided services on account for the period May 16–20, totaling $4,820.| Description | Post. Ref. | Debit | Credit ||--------------------|------------|-------|--------|| Accounts Receivable| | 4,820 | || Fees Earned | | | 4,820 |---**May 25:** Received cash from cash clients for fees earned during the period May 17–23, totaling $7,900.| Description | Post. Ref. | Debit | Credit ||--------------------|------------|-------|--------|| Cash | | 7,900 | || Fees Earned | | | 7,900 |---**May 27:** Received cash from clients on account, amounting to $9,520.| Description | Post. Ref. | Debit | Credit ||--------------------|------------|-------|--------|| Cash | | 9,520 | || Accounts Receivable| | | 9,520 |---**May 28:** Paid part-time receptionist for two weeks' salary, totaling $750.| Description | Post. Ref. | Debit | Credit ||--------------------|------------|-------|--------|| Salaries Expense | | 750 | || Cash | | | 750

1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Provided services on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Kelly withdrew $10,500 for personal use. Description Post. Ref. Debit Credit

May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Provided services on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Kelly withdrew $10,500 for personal use. Description Post. Ref. Debit Credit

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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Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest…
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Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145…
. Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment.