Mr. J, CapitalOffice EquipmentAccounts Payable85 000.00 Notes Receivable12 000.00 Notes Payable1 200.008 000.0016 600.00 Interest Income360.00CommunicationsCash18 540.001 250.00Expense21 500.00 Interest ExpensePostage and StampsExpenseTools220.00Mr. J, Drawing10 000.0050.00Accounts21 460.00 Insurance Expense4 100.00ReceivableMortgage PayableLoan Payable(Short Term)Service IncomeFurniture andFixturesSalaries Expense30 000.00 Service Vehicle84 700.0020 000.00 Utilities Expense160.0078 560.00 Supplies Expense3 150.008 900.00 Shop Equipment36 290.0021 000.00 Rental Income6 000.00Net Inca me?

Formula: Net income = Revenues - Expenses.

Mr. J, Capital Office Equipment Accounts Payable 85 000.00 Notes Receivable 12 000.00 Notes Payable 16 600.00 Interest Income Communications Expense 21 500.00 Interest Expense Postage and Stamps Expense 1 200.00 8 000.00 360.00 Cash 18 540.00 1 250.00 Tools 220.00 Mr. J, Drawing 10 000.00 50.00 Accounts Receivable 21 460.00 Insurance Expense 4 100.00 2000 000

Mr. J, Capital Office Equipment Accounts Payable 85 000.00 Notes Receivable 12 000.00 Notes Payable 16 600.00 Interest Income Communications Expense 21 500.00 Interest Expense Postage and Stamps Expense 1 200.00 8 000.00 360.00 Cash 18 540.00 1 250.00 Tools 220.00 Mr. J, Drawing 10 000.00 50.00 Accounts Receivable 21 460.00 Insurance Expense 4 100.00 2000 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…

Q: Petty cash R7 000, Bank overdraft R 5 000, Prepaid Expenses R 8000. Total current liabilities in the…

A: Correct answer : False This statement is false because prepaid cash and Prepaid expenses are assets…

Q: Littlestown Corporation reports the following information: Balance in National Bank checking…

A: Cash is reported as a current asset on the balance sheet of the firm. It is the most liquid asset…

Q: ash balance per books, September 30 $5,300 eposits in transit 510 otes receivable with interest…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Consider Chandler's incomplete deposit slip: How much cash did Chandler receive? A.$70.00 b. $106.00…

A: Here, Cash is 35.00 Check 1 is 67.45 Check 2 is 73.55 Total is 70

Q: Prior Info: Bill Murrays Company Information Cash Balance from the Bank Statement (12/31) -…

Q: PA9. Domingo Company received the following bank statement. Using the following information, prepare…

A: Bank reconciliation statement is the process of matching bank pass book and the cash book maintained…

Q: Olde Shoppe has the following information at August 31: • Two deposits made on August 31 were not on…

A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each…

Q: On November 30 JT's Consulting Services paid Office Plus $5,000 in partial payment of Invoice 2223,…

A: Accounts Receivable Accounts receivable is the amount which are pending for the collection from the…

Q: Find the present balances in the table below Previous Deposits Balance 1 2 3 4 5 $42.30 220.72 37.09…

A: Checking Account: It represents a deposit account in a bank allowing the holder of such an account…

Q: 3 200.000 Skipped 3 TB MC Qu. 5-138 (Algo) Before reconciling its bank... Before reconciling its…

A: Bank Reconciliation Statement :— This statement shows the reconciliation of balance as per bank…

Q: P8-6B Betterdorf Company's bank statement from the National Bank at August 31, 2003, shows the…

A: Financial Statement- The procedure of combining financial data in a specific standardized financial…

Q: Record the following transactions: Started a petty cash fund in the amount of $300. and CR [Select]…

A: Petty cash funds are those funds which are maintained for small petty expenses in the business.…

Q: Company A and Company B each borrow $1,800 from the bank. Company A signed a 90-day, 8% note.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: 300, 000 9,000 309,000 300, 000 9,000 309, 000 300,000 6,000 3,000 309,000 300,000 6,000 3,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: STEPS to Calculate the Federal Income Tax and Federal Income Tax Adjustment: Notice, there are no…

A: Total Income before Federal Tax = Income Statement Credit Column - Income Statement Debit Column +…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Mr. J, Capital
Office Equipment
Accounts Payable
85 000.00 Notes Receivable
12 000.00 Notes Payable
1 200.00
8 000.00
16 600.00 Interest Income
360.00
Communications
Cash
18 540.00
1 250.00
Expense
21 500.00 Interest Expense
Postage and Stamps
Expense
Tools
220.00
Mr. J, Drawing
10 000.00
50.00
Accounts
21 460.00 Insurance Expense
4 100.00
Receivable
Mortgage Payable
Loan Payable
(Short Term)
Service Income
Furniture and
Fixtures
Salaries Expense
30 000.00 Service Vehicle
84 700.00
20 000.00 Utilities Expense
160.00
78 560.00 Supplies Expense
3 150.00
8 900.00 Shop Equipment
36 290.00
21 000.00 Rental Income
6 000.00
Net Inca me?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

I need this question completed in 10 minutes
23.How much is the total outstanding checks on June 30? * A.P510,000 B.P400,000 C.P190,000 D.P340,0000
If balance in the bank statement shows $3000 Dr and there are deposits of $800 not yet credited and unpresented cheques totalling to $500, the balance in the cashbook should be Question 2 options: 2700 3300 1700 4300
Mi Tierra Bank Assets Liabilities Required reserves Excess reserves $10,000 Demand deposits $5,000 S85,000 Owner's equity $100,000 Loans (d) Assume that Luis withdraws $5,000 in cash from his checking account at Mi Tierra Bank. (iii) What is the maximum change in the amount of money supply as a result of this withdrawal?
ank Reconciliation and Entries ne cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $15,750. The bank statement indicated a balance of $31,095 on October 31, 20Y6. Comparing the bar emos with the records revealed the following reconciling items: . Checks outstanding totaled $10,125. . A deposit of $4,120, representing receipts from October 31, had been made too late to appear on the bank statement. E. The bank had collected $10,400 on a note left for collection. The face of the note was $10,000. 3. A check for $1,200 returned with the statement had been incorrectly recorded by Deaver Consulting as $120. The check was for the payment of an obligation to Oxford Office Supplies Co. e. A check drawn for $320 had been incorrectly charged by the bank as $230. f. Bank service charges for October amounted to $70. Instructions: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement $ 31,095…
Am. 396.
29
aj.8
how do you do the IF formula?
1. Prepare a bank reconciliation for Summer Corp. Balance per Summer Company books $500,000 Balance per Citi bank $510,000 Reconciling items Outstanding Checks $40,000 Nonsufficient funds Check $10,000 Deposits in transit $19,000 Bank Fees $1,000