ff2 Prepare a trial balance for Zeng Inc. dated April 30, 2020, based on thefollowing transactions that occurred during the month of June. a. Ownerinvested $55,000 cash into the business and received common shares inreturn. b. Rented an office and paid one month's rent, $700. c. Purchased$600 of supplies on account. d. Performed services on account, $7,500. e.Paid $4,200 cash for office furniture. f. Owner received a dividend of $500. g.Collected $3,000 on account. Question 10 options: 4200 DR 7500 CR 63,10055000 CR 600 DR 600 CR 500 DR 700 DR

A trial balance is the statement of the balances of accounts which are the ending balances of…

Answered: Prepare a trial balance for Zeng Inc.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...

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Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.
Accounts Payable as of December 31, 2020 should amount to: *A. 531,000B. 600,000C. 627,000D. 1,827,000
Prepare journal entries for the following transactions that took place during the year, 2021: a. Borrowed $50,000 cash on July 1, 2020, signing a two-year, 10% note payable. b. Purchased Land for $54,000 cash on July 1, 2020. c. Earned $50,000 in revenue, including $23,000 in cash and the rest on credit. d. Collected accounts receivable, $15,000. e. Paid wages to employees, $22,000. f. Purchased supplies of $4,500 on account. g. Paid accounts payable, $4,500. h. Recorded depreciation of $2,300 for the year. i. Recorded estimated bad debt expense of $500. j. Determined that only $1,500 of the supplies purchased in f. were on hand at the end of the year.
On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $3,010. c. Paid creditor on account, $1,900. d. Earned sales commissions, receiving cash, $30,690.
What are the journal entry, t-account, and trial balance of the following;
Katerina's Boutique is a business registered for GST and it lodges its Business Activity Statement (BAS) at the end of each quarter. For the quarter ending June 30, 2022, Katerina's Boutique recorded the following transactions: Transactions The owners withdrew cash from the business bank account $ 39,660 185,889 66,000 95,150 Sold inventories to customers. 80% was paid in cash with the remainder on credit. Paid an amount to suppliers for inventories purchased in the previous month Purchased equipment on credit from Generic Kettle Ltd Total gross salary for employees before PAYG deduction Total net salary paid to employees after PAYG deduction Paid for various operating expenses (excluding wages) Paid off a loan amount owed to Rocket Bank. 78,350 58,850 54,340 107,800 Paid Generic Kettle Ltd the amount owed on equipment. Received an amount due from credit customers for services provided on 1 May 2021 95,150 104,280 Additional information: The above amounts include GST where appropriate.…
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…

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