Stylist Services Co. offers its services to individuals desiring to improve their personalimages. After the accounts have been adjusted at July 31, the end of the fiscal year, thefollowing balances were taken from the ledger of Stylist Services Co.:Marlena Fenton, CapitalMarlena Fenton, Drawing$1,060,000 Rent Expense75,000 Supplies Expense618,200 Miscellaneous Expense$60,00019,500Fees Earned6,150Wages Expense388,400Journalize the two entries required to close the accounts.

The closing entries are used to close the nominal account with the help of income summary. The…

Answered: Stylist Services Co. offers its…

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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Fill in the missing information on the paystub below, Remember you do non have to complete any YD calculations:
Prepare Reversing entries at the beginning of the next accounting period.
Prepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
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…
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,565 cash in full payment of Arlene’s account. Apr. 3 Wrote off the $8,970 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $16,100 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,550 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $6,745; Fogle Co., $2,005; Lake Furniture, $5,150; Melinda Shryer, $1,455. 31 Based on an analysis of the $793,500 of accounts receivable, it was estimated that $34,500 will be uncollectible. Journalized the adjusting…
Balance Sheet MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y4, the end of the fiscal year, the balances of selected accounts from the ledger of MaxFit Weight Loss Co. are as follows: Accounts Payable $ 44,800Accounts Receivable 138,600Accumulated Depreciation 221,300Cash ?Equipment 563,000Land 356,200Prepaid Insurance 8,500Prepaid Rent 24,900Salaries Payable 10,700Supplies 5,700Unearned Fees 21,400Vanessa Freeman, Capital 843,400 Prepare a classified balance sheet that includes the correct balance for Cash. Maxfit Weight Loss Co.Balance SheetNovember 30, 20Y4AssetsCurrent assets: $- Select - - Select - - Select - - Select - - Select -Total current assets $fill in the blank 11Property, plant, and equipment: $- Select - $- Select - - Select -- Select -Total property, plant, and equipment fill in the…
need help with full working and steps thanks answer in text Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000. Required: Prepare all the journal entries necessary to record the…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Would you provide me with an answer to this question please?
Assume the following data for Blossom Care Dry Cleaning for the year ended December 31. • Gross earnings $305,000.00 • All employees’ salaries are greater than $7,000 in the first quarter of employment • Number of employees at the beginning of the year: 10 • One new employee hired during fourth quarter (assume employee earns $7,800 before December 31) • FUTA deposits for the year: $420.00 (a) Determine the amounts entered on Form 940 for the following line items. Line 3: Total payments to all employees $ Line 4: Payments exempt from FUTA tax $ Line 5: Total of payments made to each employee in excess of $7,000 $ Line 7: Total taxable FUTA wages $ Line 8: FUTA tax before adjustments $ Line 13: FUTA tax deposited for the year, including any overpayment applied from a prior year $ Line 14: Balance due $ Line 15: Overpayment $ Line 16a: 1st quarter $ Line 16b: 2nd quarter $ Line 16c: 3rd…

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