Post the following journal entries to the appropriate T-accounts, and show the resulting balance in each account. a. Cash 34,000 Common Shares 34,000 b. Supplies 800 Accounts Payable 800 c. Building 80,000 Cash 12,000 Note Payable 68,000 d. Accounts Receivable 5,500 Service Revenue 5,50 0 1,500 e. Salary Expense Cash 1,50

Post the following journal entries to the appropriate T-accounts, and show the resulting balance in each account. a. Cash 34,000 Common Shares 34,000 b. Supplies 800 Accounts Payable 800 c. Building 80,000 Cash 12,000 Note Payable 68,000 d. Accounts Receivable 5,500 Service Revenue 5,50 0 1,500 e. Salary Expense Cash 1,50

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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The following selected transactions for Concord Bryce Company are presented in journal form. Date May 5 Account Titles and Explanation 15 Accounts Receivable Service Revenue (Billed for services performed) 12 Cash Accounts Receivable (Received cash in payment of account) Cash Service Revenue Ref. Debit 5,100 4,600 3,200 J1 Credit 5,100 4,600 3,200
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Fill in the blank ledgers using the completed worksheet.
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
A $115 petty cash fund has cash of $22 and receipts of $83. The journal entry to replenish the account would include a a.debit to Cash for $22. b.credit to Petty Cash for $83. c.credit to Cash for $115. d.debit to Cash Short and Over for $10.
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
3 Broadmor Industries collected $7,500 from a customer on account. What journal entry will be prepared by Broadmor to record this transaction? Multiple Choice Debit Cash and credit Accounts Receivable. Debit Cash and credit Service Revenue. Debit Accounts Receivable and credit Service Revenue. Debit Accounts Receivable and credit Cash.
Determine the ending balance of each of the following T-accounts. Cash Accounts Payable Beg.Bal. 150 100 Beg.Bal. 2,500 3,500 9,500 350 110 70 End.Bal. End.Bal. Supplies Accounts Receivable Beg.Bal. 10,500 4,300 Beg.Bal. 850 200 1,600 200 200 150 End.Bal. End.Bal. Cash Wages Payable 750 Beg.Bal. 12,500 5,000 Beg.Bal. 850 6,500 750 150 1,800 End.Bal. End.Bal.
Answer full question.
The following information has been extracted from the accounting records of the Simplicity Corporation: a. Cash on hand ( undeposited collections) P1,020 b. Certificates of deposit 25,000 c. Customer’s notes receivable 1,000 d. Reconciled balance in Uno Bank checking account (350) e. Reconciled balance in Trese Bank payroll account 9,350 f. Balance in Rural bank savings account 8,560 g. Customer’s postdated checks 1,350 h. Employee travel advances 1,600 i. Cash in bond sinking fund 1,200 j. Bond sinking fund investments 8,090 k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.
Emporium bank lends money to a customer on a six month note. What journal entry does the bank prepare? A. Debit note receivable and credit cash B. Debit cash and credit note receivable C: debit note receivable and credit service revenue D. Debit cash and credit note payable