Required information[The following information applies to the questions displayed below.]Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations.a.C.DebitDebitCash15,600 b.14,600 e.f.Accounts Payable4,200 d.DebitCreditServices RevenueC.CreditCreditPrepare its December 31 trial balance.Chase CompanyTrial Balance5,200 b.6,200 d.4,2006,30014,600 e.DebitDebitDebitSupplies5,2006,300Common Stocka.Rent Expense6,200CreditCreditCredit15,600

Trial Balance is a statement where all the ledgers are summarised. After recording journal entries…

Required information [The following information applies to the questions displayed below] Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations. Cash 15,600 b. 14,600 e. 1. a. C. Debit Accounts Payable 4,200 d. Debit Credit Debit Services Revenue C. Credit Credit Prepare its December 31 trial balance. 5,200 b. 6,200 d. 4,200 6,300 14,600 e. Debit Debit Debit Supplies 5,200 6,300 Common Stock a. Rent Expense 6,200 Credit Credit 15,600 Credit

Required information [The following information applies to the questions displayed below] Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations. Cash 15,600 b. 14,600 e. 1. a. C. Debit Accounts Payable 4,200 d. Debit Credit Debit Services Revenue C. Credit Credit Prepare its December 31 trial balance. 5,200 b. 6,200 d. 4,200 6,300 14,600 e. Debit Debit Debit Supplies 5,200 6,300 Common Stock a. Rent Expense 6,200 Credit Credit 15,600 Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Continue using the journal and journalize the following transaction: Mar. 31. Received bank statement showing March bank service charge, $30.00. M45.
Prepare adjusting entries per instructions
westigate Paragraph S a. Accounts receivable turnover b. Number of days' sales in receivables Accounts receivable, end of year Sales on account EX.17-09.ALGO - Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. 1. Accounts receivable turnover F5 2. Number of days' sales in receivables 2013 F6 W6-Financial Ratio Analysis - Exercise #1.docx Q Search 20Y2 $182,600 $197,000 1,043,900 1,001,560 For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 F7 20 8 18.3 F8 I Styles days F9 20Y1 $211,800 Days prt sc F10 20Y2 DALL home F11 W Days end F12 insert
The accountant for the Goshen Company assembled the following data:June 30 July 31Cash account balance P 15,822 P 39,745Bank statement balance 107,082 137,817Deposits in transit 8,201 12,880Outstanding checks 27,718 30,112Bank service charge* 72 60Customer's check deposited July 10, returnedby bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit 8,250Collection by bank of company's notes receivable 71,815 80,900* (Recorded on books in month following charge or collection)The bank statements and the company's cash records show these totals:Disbursements in July per bank statement P218,373Cash receipts in July per Goshen's books 236,452Checks written in July per Goshen's books 212,529Receipts in July per bank statement 249,108 Determine the correct balance of the following:A. June 30 adjusted cash in bank balance B. July 31 adjusted receipts C. July 31 adjusted disbursements D. July 31 adjusted cash in bank balance
Singleako Company has the following data for the Month of December. November 30 December 31 Cash in bank Account Statement 2,032,000 3,160,000 Bank Statement 1,890,000 2,900,000 Bank Debits 1,080,000 Bank Credits ? Book Debits ? Book Credits 1,440,000 Outstanding Checks Deposit in Transit Check erroneously charged by the bank against Entity's account (corrected in subsequent month) Bank service charge Note recorded as cash receipt by the entity when Placed with bank for collection 180,000 592,000 80,000 498,000 40,000 50,000 2,000 4,000 (Note is actually collected by the bank in subsequent Month and credited by bank to entity's account in same Month) 200,000 300,000 Required: Prepare four-column reconciliation showing the adjusted balances. Prepare adjusting entry/ies.
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
Its. Problem 5 ACCOUNTS RECEIVABLE. The Rivers Company reports the following data relative to accounts receivable: teme 20X2 20X1 Average accounts receivable $ 400,000 S 416,000 Net credit sales $2,600,000 $3.100,000 The terms of sale are net 30 days. Requirement: Compute the accounts receivable turnover and the collection period. Assume a 365-day year. is, an
Post the following entry to the general ledger and subsidiary ledger.
On May 2, 20X1, HPF Vacations received its April bank statement from First City Bank and Trust. Enclosed with the bank statement, which appears below, was a debit memorandum for $160 that covered an NSF check issued by Doris Fisher, a credit customer. The firm's checkbook contained the following information about deposits made and checks issued during April. The balance of the Cash account and the checkbook on April 30, 20X1, was $3,972. DATE TRANSACTIONS April 1 Balance 1 Check 1207 3 Check 1208 5 Deposit 5 Check 1209 $6,089 100 300 350 275 10 Check 1210 17 Check 1211 19 Deposit 2,000 50 150 22 Check 1212 23 Deposit 150 26 Check 1213 200 28 Check 1214 18 30 Check 1215 15 30 Deposit 200
.
What is the answer of this two images?
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…