On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Description Telephone bill for $150 was received for the month of September payment due October 5th Amount $ 150

On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Description Telephone bill for $150 was received for the month of September payment due October 5th Amount $ 150

Name: Multiple ChoiceOO0OThe economic event does not need a journal entryDr
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Description: Multiple ChoiceOO0OThe economic event does not need a journal entryDr. Revenue 1,000 and Cr. Cash 1,000None of the other journal entries are correct, it is another journal entryDr. Cash 1,000 and Cr. Revenue 1,000Dr. Accounts Receivables 1,000 and C

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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Morgan runs a calendar printing business. He rented a shop to expand his business. The rent costs $2 000 per month. His business has a financial year end of 31 March. The following information has been provided. Rent expense account Date 2020 Apr 1 2021 Jan 31 Mar 31 REQUIRED Particulars Cash at bank Prepaid rent expense 31 Income summary (i) (ii) State the name of the item. Account balances at 1 April 2020 Commission income received in advance (b) State the amount to be shown on 31 March 2021 (c) Explain both entries on 31 March 2021. The business also provided the following information. During the year ended 31 March 2021 Commission received by cheque Debit S 30 500 $ 800 4 200 Credit $ 600 (b)(0) (b)(ii) Balance $ Additional information Commission income, $1 200, had not been received on 31 March 2021. 600 Cr 29 900 Dr REQUIRED (d) Prepare the journal entries to account for commission income for the year ended 31 March 2021, including the closing entry. Narrations are not required.…
On August 1, 20x1, your company provided lawn service to Duke's Basketball Camp for $35.99. Mr. Duke paid you with a check immediately upon the completion of the service. When you looked at the Accounts Receivable Aging report at the end of the month, you noticed that Duke's Basketball Camp still had an open balance. Per review of the activity in Duke's account, what was wrong with the transaction on August 1? Teacher Feedback: The issue - did the accountant use the proper form? Review the differences between a sales receipt and a sales invoice.
Please read the questions carefully the First question is asking for journal entry.
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
JOURNALIZING AND POSTING TRANSACTIONS Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small work space and has an assistant to receive job orders and process claim tickets. Her trial balance shows her account balances for the first two months of business. Refer image Taylor’s transactions for November are as follows:Nov. 1 Paid rent, $300.2 Purchased tailoring supplies on account, $150.3 Purchased a new button hole machine on account, $300.5 Earned first week’s revenue, $400: $100 in cash and $300 on account.8 Paid for newspaper advertising, $13.9 Paid phone bill, $28.10 Paid electric bill, $21.11 Received cash on account from customers, $200.12 Earned second week’s revenue, $450: $200 in cash and $250 on account.15 Paid assistant, $400.16 Made payment on account, $100.17 Paid for magazine subscription (miscellaneous expense), $12.19 Earned third week’s revenue, $450: $300 in cash, $150 on account.23 Received cash on account from customers,…
In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?
SEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she just…
May you explain how to complete journal entries? How to properly do this one?
1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila. • All Ledger accounts must be dosed. The account total and balance are required to be determined after completing all postings for all Ledger accounts • The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template. • You are not required to fill-up the reference columns in the general ledgers. March. Particulars Ref. Debit Credit Date 2021 1 Cash 200,000 Capital 200,000 To record owner's capital invested in Business 2 Furniture 7,000 Cash 7,000 To record purchase of Fumiture by cash from Danube Furniture Land 15,000 Accounts Payable 15,000 To record purchase of Land on credit from Mr. Said 6. Cash 2,000 Loans…
Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…
Good day , please answer the following question for homework from my textbook : Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. All information and format has been attached, May god bless you abundantly
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