Exercise 3-14A (Algo) Recording events in the general Journal and Identifying their effect on financialstatements LO 3-2a. Performed $27,800 of services on account.b. Collected $15,800 cash on accounts receivable.c. Paid $4,500 cash in advance for an insurance policy.d. Paid $1,450 on accounts payable.e. Recorded the adjusting entry to recognize $3,100 of insurance expense.1. Received $8,100 cash for services to be performed at a later date.g. Purchased land for $1,800 cash.h. Purchased supplies for $1,600 cash.RequiredRecord each of the preceding transactions in general journal form and then show the effect of the transaction in a horizontalstatements model. The first transaction is shown as an example.TransactionGeneralJournalAccounts receivableService revenueAccount TitleComplete this question by entering your answers in the tabs below.HorizontalStatementsModelView transaction list1Record each of the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journalentry required" in the first account field.)Journal entry worksheet2 3Collected $15,800 cash on accounts receivable.Note: Enter debits before credits.TransactionDebit27,8004 5 6 7Credit27,800General JournalDebit Credit Exercise 3-14A (Algo) Recording events in the general Journal and Identifying their effect on financialstatements LO 3-2a. Performed $27,800 of services on account.b. Collected $15,800 cash on accounts receivable.c. Paid $4,500 cash in advance for an insurance policy.d. Paid $1,450 on accounts payable.e. Recorded the adjusting entry to recognize $3,100 of insurance expense.1. Received $8,100 cash for services to be performed at a later date.g. Purchased land for $1,800 cash.h. Purchased supplies for $1,600 cash.RequiredRecord each of the preceding transactions in general journal form and then show the effect of the transaction in a horizontalstatements model. The first transaction is shown as an example.TransactionGeneralJournalTransactionTotalComplete this question by entering your answers in the tabs below.a.b.C.d.Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (Enter any decreases to account balances andcash outflows with a minus sign. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financingactivity, and NC for net change in cash. Not all cells require input.)f.9-Accounts receivableService revenueh.Account TitleHorizontalStatementsModelAssetsDebit27,80027,800 =CreditBalance SheetLiabilities + Stk. Equity Revenue27,800 27,80027,800< General JournalIncome StatementExpenses Net Income27,800Statement of Cash FlowsHorizontal Statements Model >

Name: Exercise 3-14A (Algo) Recording events in the general Journal and Ide
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Exercise 3-14A (Algo) Recording events in the general Journal and Identifying their effect on financialstatements LO 3-2a. Performed $27,800 of services on account.b. Collected $15,800 cash on accounts receivable.c. Paid $4,500 cash in advance for a

When events occur, they are recorded in the general journal in the form of general entries. All…

Business

Accounting

Penc $21,80 services on account b. Collected $15,800 cash on accounts receivable. c. Paid $4,500 cash in advance for an insurance policy. d. Paid $1,450 on accounts payable. e. Recorded the adjusting entry to recognize $3,100 of insurance expense. 1. Received $8,100 cash for services to be performed at a later date. g. Purchased land for $1,800 cash. h. Purchased supplies for $1,600 cash. Required Record each of the preceding transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Transaction General Journal Accounts receivable Service revenue Account Title Complete this question by entering your answers in the tabs below. Horizontal Statements Model View transaction list 1 Record each of the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2 3 4 Collected $15,800 cash on accounts receivable. Note: Enter debits before credits. Transaction b Debit 27,800 5 6 7 Credit 27,800 General Journal Debit Credit >

Penc $21,80 services on account b. Collected $15,800 cash on accounts receivable. c. Paid $4,500 cash in advance for an insurance policy. d. Paid $1,450 on accounts payable. e. Recorded the adjusting entry to recognize $3,100 of insurance expense. 1. Received $8,100 cash for services to be performed at a later date. g. Purchased land for $1,800 cash. h. Purchased supplies for $1,600 cash. Required Record each of the preceding transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Transaction General Journal Accounts receivable Service revenue Account Title Complete this question by entering your answers in the tabs below. Horizontal Statements Model View transaction list 1 Record each of the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2 3 4 Collected $15,800 cash on accounts receivable. Note: Enter debits before credits. Transaction b Debit 27,800 5 6 7 Credit 27,800 General Journal Debit Credit >

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 2AP

See similar textbooks

Similar questions

FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventory
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
SCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in Problem 11-11A, prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Problem 3-7 (IAA) Bedlsm Company provided the following dats for the month of December: November 30 December 21 Cash in bank account balance Bank statement balance Bank debita Bank credite Book debita Book credita Outatanding checks Deposit in trariait Check erroneoualy charged by bank againat entity's accoint and corrected in subeeguent month Bank aervice charge Note recorded as csh reoript by 2002.000 1.90,000 2.160.000 2500,000 1080000 1.44000 02.000 8.000 180 000 80000 0.000 50.000 4.000 2000 entity when placed with hank for collection and note is actually collected by bank in subuequent month and credited by bank to entity's account in aame month 200.000 300.000 Required: a. Prepare a four-column reconeiliation ahowingr adjusted balances. b Prepare one adjusting entry only on December 31.
On May 31, XYZ Company received the bank account statement which showed a cash balance of $960. The company's accounting records showed a cash balance of $930. Additional information related to bank account activity is given below: - Outstanding Checks: Deposits in Transit: - Bank Service charges: $10 - Interest earned on the bank balance: $30 $600 $590 Required: (a) Prepare a bank reconciliation for the month of May. NOTE: Use a negative number if the adjustment is a subtraction. Cash balance as per Bank Statement $ Cash balance as per accounting books $ 2$ Adjusted Cash balance as per Bank $ Adjusted Cash balance as per books (b) Prepare the journal for the following adjustments. Bank Service Charges: DATE ACCOUNT TITLES DEBIT CREDIT May 31 Interest Earned: DATE ACCOUNT TITLES DEBIT CREDIT
a. Accounts Payable. 1,830 Cash. 1,830 b. Accounts Receivable.. 3,080 Cash. 3,080 C. Accounts Receivable. 10,380 Accounts Payable. 10,380 d. Cash 7,380 Accounts Payable. 1,830 Accounts Receivable.. 9,210 Using posting, the total for the Accounts Receivable account should be:
10. LO 4.3 Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250
Accounts Debit Credit Cash..... P 5,040 Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office. Accounts receivable .... Expenses ..... Interest expense.. Gain on sale of equipment.. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…
WORKSHOP NO. 7 INCOME STATEMENT AND BALANCE SHEET adjusted trial balance Trial balance adjustment INCOME STATEMENT BALANCE SHEET DEBIT DEBIT CREDIT ACCT NO. ACCOUNT NAME CREDIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT 97,430 91,340 24,000 700. 101,500. 100,000. 97 430 91,340 24,000. 700. 101,500 100,000. B101 Cash on Hand Loan Receivable Office equipment Office supplies-prepaid Savings deposit Loan payable Accounts payable EC/SSS/Payable Withholding tax payable Share capital Interest income Service fee Salaries and wages Office supplies expense Meetings and conferences Travel and transportation Power, light and water Membership fee Total 102 103 104 201 202 203 204 900. 1,100. 3,500 16,810. 2,010 900. 205 301 401 1,100. 3,500. 16,810. 2,010. 402 501 11,000. 50. 300 11,000. 50. 300 500. 502 503 504 500, 900. 505 403 900. 400. 400. 226,220 226,220, Depreciation expense Accumulated Depreciation Total 400. 506 103,a 400. 400 400.00 226,620 226.620. 400. 400.00 NET SURPLUS