The general ledger of Zips Storage at January 1, 2024, includes the following account balances:AccountsCashAccounts ReceivablePrepaid InsuranceLandAccounts Payable!Deferred RevenueCommon StockRetained EarningsTotalsDebits$25,50016,30013,800157,000$212,600Credits$7,6006,700Pay property taxes, $9,400.Pay on accounts payable, $12,300.152,00046,300$212,600The following is a summary of the transactions for the year:1. January 92. February 123. April 254. May 65. July 156. September 107. October 318. November 209. December 30Provide 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. Provide services of$12,700 related to cash paid in advance by customers. GeneralRequirement JournalView transaction listGeneral.LedgerJournal entry worksheet<Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field.)*****Trial BalanceNote: Enter debits before credits.DateDecember 31 Service RevenueRetained Earnings10Record the entry to close the revenue accounts.IncomeStatementGeneral JournalBalance Sheet13Debit< Prev15Credit2 of 3⠀⠀Next >

quirement General Journal View transaction list General Ledger Journal entry worksheet < epare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the count field.) ***** Date Note: Enter debits before credits Trial Balance Record the entry to close the revenue accounts. 10 31 Service Revenue General Journal Income Statement 12 Balance Sheet 13 Debit 15 Credit

quirement General Journal View transaction list General Ledger Journal entry worksheet < epare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the count field.) ***** Date Note: Enter debits before credits Trial Balance Record the entry to close the revenue accounts. 10 31 Service Revenue General Journal Income Statement 12 Balance Sheet 13 Debit 15 Credit

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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* CENGAGE MINDTAP Test 4A 510 Advertising Expense ACCOUNT NO. ACCOUNT 1 POST. BALANCE DATE ITEM DEBIT CREDIT REF DEBIT CREDIT Refer to the locations identified in the previous image of a blank general ledger account. Use the numbers to answer the questions about opening the general ledger accounts. In what location will the account title be entered? In what location will the account number be entered? Post all the entries in the general journal to the general ledger. PAGE 1 DELL esc 2 51
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Exercise 5: Prepare journal entries to record the following merchandising transactions of Dean Company, which applies the perpetual inventory system. Dean Company offers all of its credit customers credit terms of 2/10, n/30. May 1 Purchased merchandise from Swift Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1. 2 Purchased merchandise from Arrow Company for $10,600 under credit terms 2/5, n/20, FOB destination. 3 Sold merchandise to Bee Company for $5,600, FOB shipping point, invoice dated May 4. The merchandise had cost $3,000. 4 Paid S300 cash for the freight charges on the May I purchase of merchandise. 5 Received an $800 credit memorandum from Swift Company for the return of part of the merchandise purchased on May 1. 6 Paid Arrow Company the balance due within the discount period. 8 Sold merchandise to Nat Company for $3,300, FOB shipping point, invoice dated May 8. The merchandise had a cost of $1,500. 11 Paid Swift Company the…
Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Augusta Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $715. 4. Received cash from CMI Inc., on account, for $180. 8. Issued Invoice No. 513 to Gabriel Co., $250. 12. Issued Invoice No. 514 to Yarnell Inc., $630. 19. Received cash from Yarnell Inc., on account, $480. 20. Issued Invoice No. 515 to Electronic Central Inc., $135. 28. Received cash from Marshall Inc. for services provided, $100. 29. Received cash from Santorini Co. for Invoice No. 512 of March 2. 31. Received cash from McCleary Co. for services provided, $55. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order. REVENUE JOURNAL РAGE 8 Accounts Rec. Dr. Fees Earned Cr. DATE Invoice No. Account Debited Post. Ref. 20Υ8 Total If an amount box does not require an entry, leave it blank.
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost @ Date Activities Units sold at Retail Beginning inventory $ 6.00 = $ 840 January 1 January 10 January 20 January 25 January 30 140 units Sales 100 units @ $ 15 Purchase 60 units $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units $ 4.50 = 810 Totals 380 units $ 1,950 180 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
5:02 View transaction list Journal entry worksheet 1 The company rents its warehouse facilities to a customer for $1,230. They immediately bill the customer. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
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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
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 2 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash. April 10 The company paid $2,400 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,600 cash for two weeks' salaries earned by employees. 24 April 24 The company collected $8,000 cash for commissions revenue. April 28 The company paid $1,600 cash for two weeks' salaries earned by employees. April 29 The company paid $350 cash for minor repairs to corpater equipment. April 30 The company paid $750 cash for this month's telephone bill April 30 The company paid $1,500 cash in dividends. The company's chart of…
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