Use the following to answer questions 5 – 6Following is a February transaction for a company.Calculate the amount of expense to recognize inFebruary.Paid $1,000 in February for supplies purchased onaccount last month. Used $450 worth in February, $300was used last month and $250 of the supplies are still onhand.5. Accrual basis expense: $6. Cash basis expense: $

Under the accrual accounting model, revenues and expenses are recorded as soon as transactions…

se the following to answer questions 5 – 6 Following is a February transaction for a company. Calculate the amount of expense to recognize in ebruary. "aid $1,000 in February for supplies purchased on ccount last month. Used $450 worth in February, $30 vas used last month and $250 of the supplies are still or

se the following to answer questions 5 – 6 Following is a February transaction for a company. Calculate the amount of expense to recognize in ebruary. "aid $1,000 in February for supplies purchased on ccount last month. Used $450 worth in February, $30 vas used last month and $250 of the supplies are still or

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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Please read the questions carefully the First question is asking for journal entry.
Which of the following journal entries would be recorded if a business makes a cash payment to a supplier of OR600 "on account" (the business had purchased supplies on account in the previous month)? Select one: O a. Accounts payable 600 Supplies 600 O b. Cash 600 Supplies 600 O c. Cash 600 Accounts payable 600 O d. Accounts payable 600 Cash 600
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Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…
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EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
Question: Prepare the Journal Entries, General Ledger, Adjusted Trial Balance
Financial Accounting ‏
On 1st June order has been given for supplies RO 10,000 and the department received supplies worth RO 6000 on 10th June along with the voucher. Department approved the voucher but paid RO 5000. Which one of the following entries records the supplies expenditure paid? a. Accounts payable Account Dr. RO 1,000, Bank Account Cr RO 1,000 b. None of the options c. Accounts payable Account Dr. RO 11,000, Bank Account Cr RO 11,000 d. Accounts payable Account Dr. RO 6,000, Bank Account Cr RO 6,000
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 12 27 28 590 490 1,380 150