On November 1, 2020, the account balances of Cullumber Equipment Repair were as follows. No. Debits No. Credits $ 2,450 4,220 201 Accounts Payable 101 Cash 154 Accumulated Depreciation-Equipment $ 2,090 112 Accounts Receivable 2,570 126 Supplies 1,780 209 Unearned Service Revenue 1,160 153 Equipment 12,540 212 Salaries and Wages Payable 734 301 Owner's Capital 14,436 $20,990 $20,990 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $734 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,050 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,660. 22 Paid November rent $370. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $1,950. 29 Received $640 from customers for future service.

On November 1, 2020, the account balances of Cullumber Equipment Repair were as follows. No. Debits No. Credits $ 2,450 4,220 201 Accounts Payable 101 Cash 154 Accumulated Depreciation-Equipment $ 2,090 112 Accounts Receivable 2,570 126 Supplies 1,780 209 Unearned Service Revenue 1,160 153 Equipment 12,540 212 Salaries and Wages Payable 734 301 Owner's Capital 14,436 $20,990 $20,990 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $734 is for October salaries. 10 Received $3,420 cash from customers on account. 12 Received $3,050 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $700. 20 Paid creditors on account $2,660. 22 Paid November rent $370. 25 Paid salaries $1,700. 27 Performed services on account and billed customers for these services $1,950. 29 Received $640 from customers for future service.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bramble Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Made Bramble credit card sales totaling $25,800. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 2%) totaling $5,800. Collected $12,000 on Bramble credit card sales. Added finance charges of 1.5% to Bramble credit card account balances. Jan. 15 20 Feb. 10 15 Journalize the transactions for Bramble Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Jan 15 Jan. 20 Cash Debit Credit M Ç T 9 M Q Me Mu VI 65 Ac Q 59 Ace
Complete the ledger T-accounts, find december 1 balances and post the December transactions.
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 June 12 June 13 Rashid's hard drive crashes and he sends it to DRS. After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,700. Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $270 ( = $2,700 × 10%). DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today's date, offering a 2% discount for payment within 10 days. When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30% of the data has…
Develop a flowchart for revenue cycle of 7-Eleven retail store containing their cash disbursement, payroll and fixed asset
The type of cash discount where the discount period is counted from the date of invoice is ___. a. Ordinary dating b. Credit period c. Receipt of goods d. End of the month
! Required information of 2 [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales $ 37,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 ped 115,300 7,e00 160, 200 4,700 Sales discounts pok int A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. rint rences Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.) In Fn Lock F10 F11 F12 F4 EZ F7 F8 F9 28 F5 F6
! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
Please do not give image format
Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for example the utility or telephone bill for December.
answer the balance column of the general ledger (periodic method)
a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.