Postingthe following journal entries to the T- accounts and balance each of theaccounts. T- accounts are included in the in the Exam 1 format document.Make sure you use proper alpha reference and balance technique.GENERAL JOURNALPageDateDebitCreditDescriptionPostrefCashCommon Stock10,0001.10,000 2EquipmentAccounts Payable10,00010,000/5Accounts ReceivableFees Earned4,0004.000 8d.5.00010Accounts PayableCash1011125,000/1112132.500Rent LxpenseCash132,500/14/ 151415

Ledger account: It is used to record the business transactions that were made during a financial…

Posting the following journal entries to the T- accounts and balance each of the accounts. T- accounts are included in the in the Exam 1 format document. Make sure you use proper alpha reference and balance technique. GENERAL JOURNAL Page Date Description Post ref Debit Credit a. Cash 10,000 21 Common Stock 10,000 2 3 3. 4 b. Equipment Accounts Payable 10,000 4 10,000 5 Accounts Receivable 4,000 Fees Earned 4,000 8 9. 10 Accounts Payable Cash 10 d. 5.000 11 5,000 11 12 12 2.500 13 Rent Expense Cash 13 14 2,500 14 15 15 6 19

Posting the following journal entries to the T- accounts and balance each of the accounts. T- accounts are included in the in the Exam 1 format document. Make sure you use proper alpha reference and balance technique. GENERAL JOURNAL Page Date Description Post ref Debit Credit a. Cash 10,000 21 Common Stock 10,000 2 3 3. 4 b. Equipment Accounts Payable 10,000 4 10,000 5 Accounts Receivable 4,000 Fees Earned 4,000 8 9. 10 Accounts Payable Cash 10 d. 5.000 11 5,000 11 12 12 2.500 13 Rent Expense Cash 13 14 2,500 14 15 15 6 19

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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Make a journal entry for the 5 listed items above for a thumbs up
The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable! Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 $212,600 Credits $7,600 6,700 Pay property taxes, $9,400. Pay on accounts payable, $12,300. 152,000 46,300 $212,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800.. Purchase supplies on account, $11,000. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…
Post the following General Journal entries into the General Ledger: Hint: you may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit Credit 1/1 Insurance Expense 20,000 Cash 20,000 1/5 Supplies Expense 5,000 Cash 5,000 1/7 Cash 6,000 Accounts Receivable 6,000
During the current year ended December 31, Rank Company disposed of three different assets. On January 1 of the current year, prior to their disposal, the asset accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $6,750 cash. b. Machine B: Sold on December 31 for $8,000; received cash, $2,000, and a $6,000 interest-bearing (10 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident and was scrapped. Required A Required: 1. Give all journal entries related to the disposal of each machine in the current year. Original Cost Residual Value $24,000 16,500 59,200 Complete the following questions by preparing worksheet and journal entries given below. View transaction list Required B Required C 1 Journal entry worksheet Give all journal…
The transactions of the Sarasota Store are recorded in the general journal below. Date Account Titles and Explanation 2025 Aug. 5 10 19 25 Accounts Receivable Service Revenue Cash Service Revenue Rent Expense Cash Cash Accounts Receivable Debit 3,900 4,700 1,000 1,600 Credit Cash 3,900 4,700 1,000 1,600 You are to post the journal entries to T-accounts and compute the August 31, 2025 balances. (Post entries in the order of journal entries in the question.)
Domestic
Current Attempt in Progress Sunland-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts. On July 1, 2021, Sunland-on received a three-month $12,000 bank loan from City Credit Union due on September 30, 2021, and bearing interest at 3%. Interest is payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Sunland-on incurred the following: Purchased inventory on account for $18,000 from Black Diamond, terms n/30. The company uses a perpetual inventory system. Sept. 1 30 Repaid the $12,000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Oct. Issued a six-month, 4%, $18,000 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable 1 the first of each month. Borrowed $24,000 cash from Montpelier Bank for 12 months at 3% to finance the building of a new climbing area for…
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
E7-18, and E7-22
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