Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. For the bankloan, $64,750 is due in 2024. For Notes receivable, $43,750 will be collected in 2024.Account titleAccounts payableAccumulated depreciation, equipmentAccumulated depreciation, furnitureBank loanCashEquipmentOperating expensesFurnitureMerchandise InventoryNatsuki Miyakawa, capitalNatsuki Miyakawa, withdrawalNotes receivableRevenueWages payableTotalDebit$108,000401,62550,050195,00043,2509,30097,300Credit$ 61,550107,10073,125529,00037,50074,25022,000$904,525 $904,525Using the template provided, prepare a classified balance sheet for the year-ended December 31, 2023.

A classified balance sheet's primary characteristic is the division of assets and liabilities into…

Answered: Sunshine Sushi, a Japanese restaurant,…

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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Jounalize all entries required for First Place Running Shoes. ( Record debits first, then credits. Select the Explanation on the last line of the journal entry table.) May 3, 2018: Recorded credit sales of 100,000. Ignore Cost of Goods Sold. Oct 1, 2018: Loaned $18,000 to Tess Philip, an executive with the company, on a one-year 7% note. Dec 31, 2018: Accrued interest revenue on the Phillip note. Oct 1, 2019: Collected the maturity value of the Phillip note. (Prepare a single compound journal entry.)
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 34,600 Accounts receivable 42,400 Supplies 2,700 Inventory 62,400 Notes receivable 22,400 Interest receivable 0 Prepaid rent 2,200 Prepaid insurance 8,400 Office equipment 89,600 Accumulated depreciation 33,600 Accounts payable 33,400 Salaries payable 0 Notes payable 52,400 Interest payable 0 Deferred sales revenue 3,200 Common stock 76,800 Retained earnings 34,500 Dividends 6,400 Sales revenue 158,000 Interest revenue 0 Cost of goods sold 82,000 Salaries expense 20,100 Rent expense 12,200 Depreciation expense 0 Interest expense 0 Supplies…
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year- end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits 36, 100 43,400 3,200 63,400 23,400 Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable 2,700 9,400 93,600 Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue 35,100 34,400 53,400 3,700 83,800 37,000 7,400 163,000 Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 87,000 20,600 12,700 2,800 Advertising expense 4,700 Totals 410, 400 410,400 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,70.…
On February 25, 2014, Holden Corp. purchased automobiles and trucks for a total price of $530,000, by borrowing the full balance from the bank to be repaid within 8 years. The bank appraised the automobiles at S196,000 and the trucks at $294,000. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan). General Journal Page GJ2 F Debit Credit Date Account/Explanation
Barans Company purchased merchandise on account from Springhill Company for $13,900, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,600 and received full credit. A) If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. ? B) What account is debited by Barans Company to record the return? ?
[The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 34,100 Accounts receivable 42,000 Supplies 2,500 Inventory 62,000 Notes receivable 22,000 Interest receivable 0 Prepaid rent 1,900 Prepaid insurance 8,000 Office equipment 88,000 Accumulated depreciation 33,000 Accounts payable 33,000 Salaries payable 0 Notes payable 52,000 Interest payable 0 Deferred sales revenue 3,000 Common stock 74,000 Retained earnings 33,500 Dividends 6,000 Sales revenue 156,000 Interest revenue 0 Cost of goods sold 80,000 Salaries expense 19,900 Rent expense 12,000…
Use the Adjusted Trial Balance Lion Consulting. (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.)On the Income Statement, what would the Gross Profit be for Lion Consulting? Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T.…
Monty Clothing is a retailer in Atlanta, Georgia. The company sells gift cards and records the cash received in the Unearned Sales Revenue account. Presented below is the unadjusted trial balance for Monty Clothing as of December 31, 2022. MONTY CLOTHINGUnadjusted Trial BalanceDecember 31, 2022 Debit Credit Cash $ 29,800 Accounts Receivable 7,000 Inventory 39,600 Accounts Payable 7,200 Unearned Sales Revenue 5,500 Owner’s Capital 65,500 Owner’s Drawings 4,500 Sales Revenue 258,400 Sales Returns and Allowances 4,200 Sales Discounts 2,500 Interest Revenue 1,300 Cost of Goods Sold 137,400 Advertising Expense 9,600 Salaries and Wages Expense 64,700 Rent Expense 26,900 Utilities Expense 11,700 Totals $337,900 $337,900 Adjustment data: 1. Customers used gift cards to…
On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. 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. Note: Enter debits before credits. Date October 31 General Journal Debit Credit
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to deferred rent revenue. Depreciation on office equipment is $4,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing…
Ainsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card)
The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $84,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $7.500 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $13,500 in advance rent from another company that is renting a portion of Microchip's factory. The $13,500 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $5,000 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,500. The company records vacation pay as salaries expense. 5. Microchip began the year with $2,500 in its asset account, supplies. During the year, $7,000 in supplies were purchased and debited to…

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