S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment Office Furniture Professional Fees Rent Expense S. Wallace, Capital S. Wallace, Drawing Salary Expense Utilities Expense All the above accounts have normal balances. Prepare an income statement for June 30, 20- Wallace Clinic Income Statement For Month Ended June 30, 20-- Expenses: Total Expenses Subtotal QOOO Total Assots 0000 Prepare a balance sheet as of June 30, 20-- Wallace Clinic Balance Sheet June 30, 20-- Assats Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Wallace Clinic Statement of Owner's Equity For Month Ended June 30, 20-- 8 00 Liabilities QO00 Owner's Equity Total Liabilities and Owner's Equity 2,865 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 472 QOQ

S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment Office Furniture Professional Fees Rent Expense S. Wallace, Capital S. Wallace, Drawing Salary Expense Utilities Expense All the above accounts have normal balances. Prepare an income statement for June 30, 20- Wallace Clinic Income Statement For Month Ended June 30, 20-- Expenses: Total Expenses Subtotal QOOO Total Assots 0000 Prepare a balance sheet as of June 30, 20-- Wallace Clinic Balance Sheet June 30, 20-- Assats Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Wallace Clinic Statement of Owner's Equity For Month Ended June 30, 20-- 8 00 Liabilities QO00 Owner's Equity Total Liabilities and Owner's Equity 2,865 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 472 QOQ

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

Based of the given image fill in the chart with the amount you would use or have.
Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…
As part of the review of her business Rita has been looking into what she is owed by various customers and how many debts are outstanding. Rita has been able to gather the following information about her customers and credit sales. Rita has reached out to an old University friend to get some advice about the likelihood of the amounts owed to her being uncollectible. Age of Customer Debt Amounts owed Estimate of % that (including GST) will not be collected. 1-30 days overdue 14,107.50 5% 31– 180 days overdue 6,204.00 16 % 181 – 365 days overdue 2,458.50 25 % 1 year + overdue 517.00 100 % 23,287.00 Perfect Cover Insurance Brokers sales data for the past year is Credit Sales and Commissions $42,900 $11,600 $ 2,400 (returns are only available on credit sales) Cash Sales and Commissions Sales Returns Industry data shows that 5% of credit transactions are likely to go bad. Rita has also informed you that the current balance in her allowance for doubtful debts account is 500 Dr after a recent…
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.
An international children’s charity collects donations, which are used to buy clothing and toysfor children in need. The charity records donations of cash and other items as Donations Revenuewhen received. Prepare journal entries for the following transactions, which occurred during arecent month, and determine the charity’s preliminary net income.a. Received $4,000 in cash and checks from a door-to-door campaign.b. Paid $2,000 cash for employee wages this month.c. Paid $1,000 cash on a short-term loan from the bank (ignore interest).d. Bought $3,000 worth of new toy supplies from a large toy manufacturer, paying $1,000 cashand signing a short-term note for $2,000.e. The manufacturer generously donated an additional $2,500 of toy supplie
Which of the following entries records the receipt of cash from patients on account? Accounts Payable, debit; Fees Earned, credit Accounts Receivable, debit; Fees Earned, credit Accounts Receivable, debit; Cash, credit O Cash, debit; Accounts Receivable, credit
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. 1. A credit card scanner at a grocery store is a(n) [ Select] component. 2. A report of patients who missed appointments at a doctor's office is a(n) [ Select] component. 3. Electronic files containing a list of current customers is aln) [ Select ] component. 4. A list of the day's cash and credit sales is aln) [ Select] component. 5. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store is a(n) [ Select ] component.
Joan Jenkins had a beginning balance of $1000 on her credit card as of October 1 last month. On October 11 she charged a dress for $144. On October 21 she made a payment of $300 (this payment was recorded that same day). What was her average daily balance for the month? Group of answer choices A.$1000 b.$1144 c.$991 d.$796
Please help me
Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…
Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…