---**Financial Transaction Entries for a Sole Proprietorship**This section helps you understand how to categorize and record various financial transactions for a sole proprietorship. Below are the steps for handling different types of transactions. Use the drop-down menus and input fields to enter and classify these transactions correctly.---### Collected cash for future services**Transaction Overview:**When cash is collected for services that will be performed in the future, it needs to be recorded correctly.**Entry Fields:**- **Account #1:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]- **Account #2:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]---### Purchased office furniture on account**Transaction Overview:**When office furniture is purchased on account (i.e., on credit), it needs to be recorded as money owed but not yet paid.**Entry Fields:**- **Account #1:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]- **Account #2:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]---### Accrued liability for utilities**Transaction Overview:**Accrued liabilities for utilities refer to expenses that have been incurred but not yet paid by the business.**Entry Fields:**- **Account #1:** [Input Needed] - **Account Type:** [Dropdown Option: Asset, Liability, Equity, Revenue, Expense] - **Increase/Decrease:** [Dropdown Option: Increase, Decrease] - **Debit/Credit:** [Dropdown Option: Debit, Credit]- **Account #2:** [Input Needed] - **

Pearson ACT-Sole Proprietorship Google Chrome #act pearsoncmg.com/activity/2/7 Collected cash for future services Account #1 Account #2 Account #1 Purchased office furniture on account Account #2 Accrued liability for utilities. Account #1 Account Type Account #2 Account Type Account Type Account Type Account Type Account Type NA Increase/Decrease Increase/Decrease Debit/Credit 18 Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Increase/Decrease Debit/Credit Debit/Credit M

Pearson ACT-Sole Proprietorship Google Chrome #act pearsoncmg.com/activity/2/7 Collected cash for future services Account #1 Account #2 Account #1 Purchased office furniture on account Account #2 Accrued liability for utilities. Account #1 Account Type Account #2 Account Type Account Type Account Type Account Type Account Type NA Increase/Decrease Increase/Decrease Debit/Credit 18 Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Debit/Credit Increase/Decrease Increase/Decrease Debit/Credit Debit/Credit M

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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Ref. No. Account Title Cash Accounts Receivable Prepaid Insurance Expense Prepaid Advertising Expense Supplies 6 Equipment 7 Accumulated Depreciation 8 9 10 11 12 1 2 1:40 3 Q#18: Mash Company, a service provider, has asked for your assistance with their cash flow analysis. Mash makes all sales to customers on account and purchases 100% of the supplies, on account, from Mark Company. Mash provides the following list of normal account balances as well as the company's income statement activity for the twelve months ended 12/31/20X5. 4 5 Land Accounts Payable-Mark Co Dividends Payable Rent Payable Utilities Payable A. $243,720 Photo 12/31/20X4 12/31/20XS $13,320 $13,770 6,500 12,000 7,830 43,200 4.500 108,000 37,400 0 750 6,000 1,800 600 9,570 40,800 6.000 96,000 47,770 28,000 1,050 8,000 2,100 720 Ref. No. Account Title 13 Wages Payable Dividends Sales Revenue 14 15 16 17 18 19 20 21 22 23 24 Advertising Expense Depreciation Expense Insurance Expense Maintenance Expense Rent Expense…
On November 1, 2022, the account balances of Blue Spruce Corp. were as follows. No. Debits No. Credits 101 Cash $2,880 154 Accumulated Depreciation-Equipment $2,400 112 Accounts Receivable 5,100 201 Accounts Payable 3,120 126 Supplies 2,160 209 Unearned Service Revenue 1,440 153 Equipment 14,400 212 Salaries and Wages Payable 840 311 Common Stock 12,000 320 Retained Earnings 4,740 $24,540 $24,540 During November, the following summary transactions were completed. Nov. 8 Paid $2,040 for salaries due employees, of which $840 is for October salarles. 10 Received $4.096 cash from customers on account. 12 Received $3,720 cash for services performed in November. 15 Purchased equipment on account $2,400. 17 Purchased supplies on account $840. 20 Paid creditors on account $3,240. 22 Paid November rent $480. 25 Paid salaries $2,040. 27 Performed services on account and billed customers $2,280 for these services. 29 Recelved $720 from customers for future service.
CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 214 Interest Payable 491 Interest Revenue 112 Accounts Receivable 114 Interest Receivable 216 Wages Payable 511 Depreciation Expense 125 Supplies 261 Unearned Revenue 513 Insurance Expense 130 Prepaid Insurance 311 Common Stock 515 Rent Expense 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation 591 Interest Expense Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)
Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following Information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 4%, $10 per preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $65 per share. February 14 Issue 55,000 shares of preferred stock for $13 per share. Hay B a Purchase 12,000 shares of its own common stock for $55 per share. May 31 Resell 6,000 shares of treasury stock for $60 per share. December 1 Declare a cash dividend on its common stock of $0.75 per ahare and a $22,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash…
g In | Federa x M UMassD Logor X EQuickLaunch -x K myCourses Da: x Univ of Mass - X * Cengage Die education.com mework i Saved View transaction list Journal entry worksheet 1 4 6 7 8 9. 10 cearch 近
Account #Account Name Cash 11 12 14 15 16 18 21 22 23 31 41 51 52 53 54 55 56 57 Accounts Receivables Supplies Prepaid Rent Prepaid Insurance Furniture and Equipment Other Creditors Salaries Payable Unearned Fees Capital Stock Fees Earned Salary Expense Rent Expense Supplies Expense Insurance Expense Utilities Expense Advertising Expense Income Summary 2. Post the journal entries to their respective ledger accounts.
/le/236453/discussions/topics/1241006/View Cash Billing Due from Others Supplies Trucks GOLDWORKS.COM Trial Balance March 31, 2010 Equipment Amounts Owed to Others Investment in Business Service Revenue Wages Expense Utilities Expense Rent Expense Insurance Expense Other Expenses Search 4.100 30.140 14,940 52.740 16.180 O 60,100 14.660 4.800 1,400 940 200,000 5.700 47.000 147.300 Use the trial balance to answer the questions. • Explain to Yolanda Tovar why a set of financial statements (income statement, statement of owner's equity, and balance sheet) would be usefu to you in evaluating the loan request. In discussing the Trial Balance with Yolanda Tovar, you discovered that the accounts had not been adjusted at March 31. Analyze the Trial Balance and indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared. Assuming that an accurate set of financial statements will be submitted by Yolanda Tovar in a few days, what…
Melody Mouse Trial Balance as at 31 May 2021 Dr. Cr. $ 2$ Purchases 145,870 Returns in 2,350 Returns out 2,175 Sales 374,860 Accounts payables 72,960 Accounts receivables 84,720 Bank 54,780 Capital Carriage in Discounts allowed 110,005 6,540 2,580 Discounts received 3,210 Drawings Rent 45,210 39,540 Insurance 10,270 Furniture and fittings 165,800 Motor Vehicles 254,600 Allowance for depreciation - Furniture and fittings Allowance for depreciation Motor Vehicles Provision for doubtful debts 74,520 125,900 940 Opening Inventory Loan 35,480 110,400 Telephone Water rates 14,870 12,360 874,970 874,970 The following items should be taken into consideration: i) Closing Inventory at 31 May 2021 was $41,050 ii) An amount of $1,950 was prepaid for insurance. This has not yet been accounted for. iii) A water expense accrual of $850 has not yet been accounted for. iv) Depreciation for the year should be applied at the following rates: Furniture and fittings Reducing Balance Straight Line 15% Motor…
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
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Account Cash Accounts Receivable Equipment Buses Notes Payable Golden Nursery School Trial Balance 1/31/2011 Accounts Payable T. Kuo, Capital Requirements Dr Balance 2,070 1,700 1,040 17,400 22,210 i.Trial Balance ii.Income Statement iii.Statement of Equity iv. Balance Sheet Cr 15,000 1,640 5,570 1.Prepare Journal Entries II.Prepare T accounts III.Generate ending balances in T accounts IV.Prepare 22,210 February Transactions Date Description Paid this month's rent, Received fees for this month's services Purchases supplies on account Re-imbursed bus driver for gas Ordered playground equipment Made a payment on account Received payments from customer on account Billed customers who had not yet paid for this month's services Paid for supplies purchased on 2/2 Purchased and received playground equipment ordered on 2/6 for cash Purchsed equipment on account Paid this month's utility bill Received payment for the month's services from customers previously billed 2-Feb 3-Feb 4-Feb 5-Feb…