Questions - Answer all FOUR (4 x 5 marks = 20 marks) 1. The following transactions are from Farman Company's book. Date Account Titles Debit Credit April 1 Cash 60,000 Capital Cash 60,000 April 5 7,000 3,000 Accounts Receivable Service Revenue 10,000 Office Equipment Cash Notes Payable April 6 35,000 30,000 5,000 April 8 Account Receivable 8,000 Service Revenue 8,000 April 22 Cash 1,500 Account Receivable 1500 Instructions: a. Post transactions to ledger by using the standard form b. Prepare a trial balance at April 30, 2019 2. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows: Khareef Company Worksheet For the month ended September 30, 2019 Trial Balance Account Titles Dr. Cr. Cash 15,000 Accounts Receivable 9,700 Supplies Accounts Payable 5,500 3,700 Unearned Service Revenue 8,200 Сapital 20,000 Service Revenue 1,700 Salaries Expense 2,500 Utilities Expense 900 Total 33,600 33,600 Additional Information: 1. The available supplies on hand is $2,000 2. Rendered service of $10,000 but not recorded. 3. Accrued interest is $150 4. Accrued salaries are $500 5. Utilities expense of $600 is not recorded 6. Paid the amount due of $700 on account Business Administration Program Final Assessment Semester Spring 2020 Page 3

Questions - Answer all FOUR (4 x 5 marks = 20 marks) 1. The following transactions are from Farman Company's book. Date Account Titles Debit Credit April 1 Cash 60,000 Capital Cash 60,000 April 5 7,000 3,000 Accounts Receivable Service Revenue 10,000 Office Equipment Cash Notes Payable April 6 35,000 30,000 5,000 April 8 Account Receivable 8,000 Service Revenue 8,000 April 22 Cash 1,500 Account Receivable 1500 Instructions: a. Post transactions to ledger by using the standard form b. Prepare a trial balance at April 30, 2019 2. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows: Khareef Company Worksheet For the month ended September 30, 2019 Trial Balance Account Titles Dr. Cr. Cash 15,000 Accounts Receivable 9,700 Supplies Accounts Payable 5,500 3,700 Unearned Service Revenue 8,200 Сapital 20,000 Service Revenue 1,700 Salaries Expense 2,500 Utilities Expense 900 Total 33,600 33,600 Additional Information: 1. The available supplies on hand is $2,000 2. Rendered service of $10,000 but not recorded. 3. Accrued interest is $150 4. Accrued salaries are $500 5. Utilities expense of $600 is not recorded 6. Paid the amount due of $700 on account Business Administration Program Final Assessment Semester Spring 2020 Page 3

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.4C

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education.wiley.com/was(ui/v2/assessment-player/index.html?launchld=e8058775-ebf8-4c58-a920-f35231d08ea8#/question/5 e A Maps Question 6 of 11 -/1 E The following information is available for Sunland Company Accounts receivable $3,400 Cash $6,200 Accounts payable 4,800 Supplies 3,740 Interest payable 520 Unearned service revenue 860 Salaries and wages expense 5,200 Salaries and wages payable 800 Notes payable 32,500 Depreciation expense 700 Common stock 50,600 Equipment (net) 110,500 Inventory 2,900 Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.) Sunland Company Balance Sheet Assets $ Liabilities and Stockholders' Equity PrtScn PoUp Home End
When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Ja General Jourmal Account/Explanation Page GJ9 Credit Cash Account No. 101 Date Debit Date Desc. F Debit Credit Balance F 2/Oct Supplies 35,000 GJ9 Share Capital 35,000 (a) 5/Oct Supplies 700 Accounts Payable Account No. 201 Date Desc. F Debit Credit Balance Accounts Payable 700 (b) 6/Oct Accounts Payable Supplies (c) 10/Oct Cash 399 399 1,100 Supplies Share Capital Account No. 301 Date Desc. F Debit Credit Balance 1,100 (d) 13/Oct Cash 500 Consulting Revenue Earned 500 Supplies Account No. 126 (e) Date Desc. F Debit Credit Balance Consulting Revenue Earned Account No. 403 Date Desc. F Debit Credit Balance Office Salaries Expense Account No. 620 Date Desc. F Debit Credit Balance Official Time: 1:24:52 SUBMIT AND MARK
How do I record this transaction; Issues credit memo to Targhee Co., $27500, terms FOB shipping point, 1/10, n/30?
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
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If Accounts Payable has debit postings of P170,000 credit postings of P140,000 and a normal ending balance of P60,000 which of the following was its beginning balance? Group of answer choices P30,000 Cr. P30,000 Dr. P90,000 Dr. P90,000 Cr.
X CengageNOWv2 | Online teachin X + .cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $32,558 Accounts receivable 60,589 Accrued liabilities 6,279 Cash 21,662 Intangible assets 44,020 Inventory 81,454 Long-term investments 97,693 79,992 Long-term liabilities Notes payable (short-term) 27,484 699,362 Property, plant, and equipment 2,375 Prepaid expenses 37,009 Temporary investments Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? Oa. 15.7 Ob. 0.9 Oc. 1.8 Od. 3.1 L $ H % 5 6 a & 7 8
engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce
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PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200
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
A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo