Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry is required for a transaction/event,select "No journal entry required" in the first account field.)July 15 Declared a cash dividend payable to common stockholders of $164,000.August 15 Date of record is August 15 for the cash dividend declared on July 15.August 31 Paid the dividend declared on July 15.View transaction listJournal entry worksheet2Record the declaration of a cash dividend payable to common stockholders.DateJuly 153Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal>

Dividend: The board of directors of a corporation is the entity that is responsible for determining…

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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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Prepare a journal entry on June 30 for the payment of dividends of $16,000. If an amount box does not require an entry, leave it blank. June 30
Question Required information Skip to question [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on…
EA21. Prepare journal entries to record the following transactions.A. July 1, issued common stock for cash, $15,000B. July 15, purchased supplies, on account, $1,800C. July 25, billed customer for accounting services provided, $950
The trial balance of Wallaby Ltd shown below does not balance. Cash Accounts receivable. Supplies ............ Equipment Accounts payable Share capital Dividends... Service revenue. Wallaby Ltd Trial balance at 30 June 2023 Debit $ 2,600 7,600 .....600 Credit .....8,300 $ 9,766 1,941 .....1,500 15,200 Wages expense 3,800 Repair expense... 1,600 Totals..... $26.000 $26.907 An examination of the ledger and journal reveals the following errors: 1. Each of the above listed accounts has a normal balance per the general ledger. 2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530. 3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300. 4. Wages expense of $300 was omitted from the trial balance. 5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700. 6. Services were performed on account for a…
Required information [The following information applies to the questions displayed below] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Total assets Assets $ 11, 200 10, 200 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 7,200 6,200 13,400 15,200 4,200 Total liabilities 6,200 14,200 35,400 24,400 21,200 13, 200 9,200 Liabilities Equity Total equity Total liabilities and equity
Question Required information Skip to question [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on…
Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31. Account Debit Credit Account Debit Credit Cash $ 25,394 Common stock $ 79,500 Accounts receivable 24,010 Paid-in capital in excess of par-C.S. 485,475 Allowance for doubtful accounts 807 Retained earnings 229,941 Interest receivable 100 Cash Dividends 10,004 Inventory 48,004 Sales 2,297,999 Supplies 10,410 Sales discounts 13,276 Prepaid insurance 3,272 Sales returns & allowances 62,900 Prepaid rent 5,398 Interest revenue 2,203 Notes receivable 39,004 Gain on sale of plant asset 4,226 Investment in stock 25,994 Cost of goods sold 1,266,441 Land 144,994 Depreciation expense 44,720 Buildings 1,394,986 Amortization expense 4,175 Equipment 215,400 Salaries expense 569,992…
Current Attempt in Progress From the ledger balances below, prepare a trial balance for Sheridan Company at June 30, 2022. All account balances are normal. Accounts Payable $1,700 Cash Common Stock Dividends Equipment 5,700 17,600 1,540 13,350 Service Revenue Accounts Receivable Salaries and Wages Expense Rent Expense $ Debit $ $8,950 $ 2,690 SHERIDAN COMPANY Trial Balance 3,660 1,310 Debit Credit Credit PIC COLLAG
1. Prepare a trial balance based on the balances of these ledger accounts. Dr Cash A/C Cr Date Particulars Amount Date Particulars Amount 01-Sep To Capital Stock $7,050 02-Sep By Prepaid Rent $3,600 04-Sep To Unearned Fees $3,500 03-Sep By Prepaid Insurance $1,500 06-Sep To Accounts Receivables $800 10-Sep By Advertisement expense $120 17-Sep To Accounts Receivables $2,100 12-Sep By Accounts Payable $800 24-Sep To Fees Earned $1,850 13-Sep By Salary Expenses $400 25-Sep To Accounts Receivables $1,300 18-Sep By Supplies $750 30-Sep To Accounts Receivables $1,050 27-Sep By Salary expense $400…
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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…
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. 1. Shareholders contribute $15,000 cash to the business in exchange for common stock. 2. Employees earn $750 in wages that have not been paid at period-end. 3. Inventory of $4,500 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $6,750 on credit. 5. The company collected the $6,750 owed to it per transaction 4. 6. Equipment is purchased for $7,500 cash. 7. Depreciation of $1,500 is recorded on the equipment from transaction 6. 8. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $1,200 of supplies are still available. No supplies were purchased during this period. 9. The company paid $15,000 cash toward the principal on a note payable; also, $750 cash is paid to cover this note's interest…

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