Answered: Prepare a journal entry on June 30 for…

Business

Accounting

Prepare a journal entry on June 30 for the payment of dividends of $11,500. If an amount box does not r June 30

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 events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $33,200. September 17, 2024 Receive $18,500 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48, 200. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $38,500 from customers for services provided in 2025. Estimate that 45% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of…
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The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals 8. November 20 9. December 30 Requirement 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 Provide storage services for cash, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. General Journal Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by…
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The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Debits $57,500 41,700 126,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings. Totals $226,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Credits $16,900 46,000 116,000 47,100 $226,000 Provide services to customers on account, $78,400. Provide services to customers for cash, $83,300. Collect on accounts receivable, $47,300. Issue shares of common stock in exchange for $46,000 cash. Purchase supplies on account, $15,300. Pay on accounts payable, $12,900. Pay salaries for employee work in the current year, $80,200. Pay advertising for the current year, $24,100. Pay $4,500 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued…
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