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Please provide the journal entry and T Account Posting for each transaction.   Only needs chapter3 Journal entry and T account.

Please provide the journal entry and T Account Posting for each transaction.   Only needs chapter3 Journal entry and T account.

FINANCIAL ACCOUNTING
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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Please provide the journal entry and T Account Posting for each transaction.  

Only needs chapter3 Journal entry and T account.

 

Chapter 3 The Accounting Cycle: End of the Period 10 11 12 13 14 15 16 17 1/31/2022 1/31/2022 1/31/2022 1/31/2022 Received a $1,000 bill for utilities consumed in the 2nd half of January's that will be paid in February. 1/31/2022 One month of pre-paid rent from 1/1/2022 has expired. T-2 1/31/2022 Company employees earn $6,000 in salaries in the last half of January to be paid in the February. Record the expense and the liability (payable). 1/31/2022 Record one month of depreciation on the building. The building is being depreciated at a rate of $600 per month. $510,000-$222,000 salvage value= 288,000/480 =$600 over a 40 year of useful life. T-4 Accrue one month of interest expense on the note related to the building loan on 1/1/2022. Face x Rate x Time T-4 1/31/2022 Performed $1,000 of the service that was pre-paid for on January 18th. T-7 Accrue $4,000 of services provided to a customer in January. $1,000 of supplies remain in supplies inventory at the end of January. Record the adjusting entry. T-3
Transcribed Image Text:Chapter 3 The Accounting Cycle: End of the Period 10 11 12 13 14 15 16 17 1/31/2022 1/31/2022 1/31/2022 1/31/2022 Received a $1,000 bill for utilities consumed in the 2nd half of January's that will be paid in February. 1/31/2022 One month of pre-paid rent from 1/1/2022 has expired. T-2 1/31/2022 Company employees earn $6,000 in salaries in the last half of January to be paid in the February. Record the expense and the liability (payable). 1/31/2022 Record one month of depreciation on the building. The building is being depreciated at a rate of $600 per month. $510,000-$222,000 salvage value= 288,000/480 =$600 over a 40 year of useful life. T-4 Accrue one month of interest expense on the note related to the building loan on 1/1/2022. Face x Rate x Time T-4 1/31/2022 Performed $1,000 of the service that was pre-paid for on January 18th. T-7 Accrue $4,000 of services provided to a customer in January. $1,000 of supplies remain in supplies inventory at the end of January. Record the adjusting entry. T-3
Chapter 2 The Accounting Cycle: During the Period 1 2 3 5 6 7 8 9 1/1/2022 Sells (Issues) $55,000 of Common Stock to shareholders for cash. 1/1/2022 1/1/2022 1/1/2022 1/15/2022 1/15/2022 1/18/2022 Pays $3,000 for 6 months of space rent starting on January 1st. Record as a pre- paid. 1/28/2022 Purchases supplies worth $1,500 on account. Record the new asset. On account means charged to accounts payable as this is a typical recurring transaction with a vendor. Generally, supplies and inventory are charged to accounts payable (on account) when not paid for in cash. Purchases a building borrowing from the bank by signing a note payable for $500,000 at 6% annual interest and pays an additional $10,000 down payment to the seller. Record the transaction in 3 accounts. Note the TOTAL amount paid for the building and record the asset for the total amount. The building is expected to have a salvage value of $222,000 at the end of its 40 years of its useful life. Purchases equipment worth $3,000 on a six month 8% note payable. Record the new asset. The equipment will be depreciated at a rate of $100 per month over its useful life of 30 months. Provides services for $20,000 on account due in 30 days. Record the Service Revenue. Schedules service to be performed at a future date for a customer. Receives $3,000 in advance from the customer on this date. Record the asset and the liability. Remember you are deferring the recording of the revenue until it is actually earned. 1/20/2022 Pay employees $5,000 for salaries earned thru 1/15/2022. Provides services worth $15,300 and is paid in cash with 2 checks. A $300 deposit check and a $15,000 check
Transcribed Image Text:Chapter 2 The Accounting Cycle: During the Period 1 2 3 5 6 7 8 9 1/1/2022 Sells (Issues) $55,000 of Common Stock to shareholders for cash. 1/1/2022 1/1/2022 1/1/2022 1/15/2022 1/15/2022 1/18/2022 Pays $3,000 for 6 months of space rent starting on January 1st. Record as a pre- paid. 1/28/2022 Purchases supplies worth $1,500 on account. Record the new asset. On account means charged to accounts payable as this is a typical recurring transaction with a vendor. Generally, supplies and inventory are charged to accounts payable (on account) when not paid for in cash. Purchases a building borrowing from the bank by signing a note payable for $500,000 at 6% annual interest and pays an additional $10,000 down payment to the seller. Record the transaction in 3 accounts. Note the TOTAL amount paid for the building and record the asset for the total amount. The building is expected to have a salvage value of $222,000 at the end of its 40 years of its useful life. Purchases equipment worth $3,000 on a six month 8% note payable. Record the new asset. The equipment will be depreciated at a rate of $100 per month over its useful life of 30 months. Provides services for $20,000 on account due in 30 days. Record the Service Revenue. Schedules service to be performed at a future date for a customer. Receives $3,000 in advance from the customer on this date. Record the asset and the liability. Remember you are deferring the recording of the revenue until it is actually earned. 1/20/2022 Pay employees $5,000 for salaries earned thru 1/15/2022. Provides services worth $15,300 and is paid in cash with 2 checks. A $300 deposit check and a $15,000 check
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