**General Ledger Account Balances on January 1, Year 1**The company's general ledger includes the following account balances:| Accounts | Debit | Credit ||---------------------------------------|-----------|----------|| Cash | $25,600 | || Accounts Receivable | 47,200 | || Allowance for Uncollectible Accounts | | $4,700 || Inventory | 20,500 | || Land | 51,000 | || Equipment | 17,500 | || Accumulated Depreciation | | 2,000 || Accounts Payable | | 29,000 || Notes Payable (6%, due April 1, Year 2)| | 55,000 || Common Stock | | 40,000 || Retained Earnings | | 31,100 || **Totals** | $161,800 | $161,800 |---**Transactions During January, Year 1**1. **January 2**: Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 2. **January 6**: Purchased additional inventory on account, $152,000. 3. **January 15**: Company sales for the first half of the month total $140,000, all on account. The cost of units sold is $76,300. 4. **January 23**: Received $125,900 from customers on accounts receivable. 5. **January 25**: Paid $95,000 to inventory suppliers on accounts payable.6. **January 28**: Wrote off accounts receivable as uncollectible, $5,300. 7. **January 30**: Company sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of units sold is $82,000. 8. **January 31**: Paid cash for monthly salaries, $52,500. **Journal Entry Worksheet****Instruction:** Record payment of cash for monthly salaries, $52,500.**Note:** Enter debits before credits.**Journal Entry Table:**| Date | General Journal | Debit | Credit ||-----------|-----------------|-------|--------|| January 31| | | || | | | || | | | || | | | || | | | |**Buttons:**- Record entry- Clear entry- View general journal**Description:**This journal entry worksheet is part of a series of tasks indicated by numbered circles (1 to 10), with the current task highlighted as number 10. The task involves recording a financial transaction in a general journal.You are required to enter the debit and credit values in the table provided. According to standard accounting practices, make sure to record all debits before credits. The specific transaction pertains to the payment of cash for monthly salaries, totaling $52,500.

Salaries payment is an expense which is debited and cash (asset) is decreasing, so credited.

Answered: Record payment of cash for monthly…

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 company determines that the interest expense on a note payable for the period ending December 31 is $700. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 1 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
vable Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest.
Bramble Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Made Bramble credit card sales totaling $25,800. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 2%) totaling $5,800. Collected $12,000 on Bramble credit card sales. Added finance charges of 1.5% to Bramble credit card account balances. Jan. 15 20 Feb. 10 15 Journalize the transactions for Bramble Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Jan 15 Jan. 20 Cash Debit Credit M Ç T 9 M Q Me Mu VI 65 Ac Q 59 Ace
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
Journal Entries for Accounts and Notes ReceivablePittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $33,000, 60 day, eight percent note on account from J. Albert. Aug.7 Received payment from J. Albert on her note (principal plus interest). Sep.1 Received an $39,000, 120 day, nine percent note from R.T. Matthews Company on account. Dec.16 Received a $31,800, 45 day, ten percent note from D. Leroy on account. Dec.30 R.T. Matthews Company failed to pay its note. Dec.31 Wrote off R.T. Matthews account as uncollectible. Pittsburgh, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $48,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $43,000.…
Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?
Subject:- accounting
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.

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Record payment of cash for monthly salaries, $52,500. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Clear entry View general journal