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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Required information [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $29,600. September 17, 2021 Receive $15,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $44,600, May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $35,500 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the…
can you please explain what adjusting journal entries mean in these questions and what does how they get dr and cr answers and what they mean?
ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Amounts in the list of accounts are rounded to the nearest thousand dollars. Assume the year ended on September 30, 2020. Accounts Payable $ 311 Accounts Receivable 221 Accrued Liabilities 384 Accumulated Depreciation 330 Cash 337 Contributed Capital 181 Depreciation Expense 370 General and Administrative Expenses 387 Income Tax Expense 332 Interest Revenue 122 Long-Term Debt 226 Other Current Assets 101 Other Long-Lived Assets 551 Other Operating Expenses 227 Prepaid Expenses 124 Property and Equipment 2,232 Retained Earnings 1,535 Selling Expenses 2,695 Service Revenues 6,669 Short-Term Bank Loan 506 Store Operating Expenses 2,256 Supplies…
Mar. 31) The company paid $1,000 cash for this month’s utility bill. Note: Enter debits before credits. Date Account Title Debit Credit Mar 31
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! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $25,300 Accounts Receivable 14,300 Allowance for Uncollectible Accounts $1,600 Supplies 3,200 Notes Receivable (6%, due in 2 years) 27,000 Land 77,700 Accounts Payable 9,800 103,000 33,100 $147,500 $147,500 Common Stock Retained Earnings Totals During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $42,100. Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method) Pay cash for salaries, $32,100. January 6 Provide services to customers on account, $79,400. January 15 January 20 January 22 Receive cash on accounts receivable, $77,000. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. 3. Prepare an adjusted trial…
t nces Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. For the bank loan, $69,300 is due in 2024. For Notes receivable, $33,750 will be collected in 2024. Accounts payable Accumulated depreciation, equipment Accumulated depreciation, furniture Bank loan Cash Account title Equipment Operating expenses Furniture Merchandise Inventory Natsuki Miyakawa, capital Natsuki Miyakawa, withdrawal Notes receivable Revenue Wages payable Total Debit $114,000 393,750 32,550 186,000 34,250 8,800 88,900 Credit $ 72,250 105,000 69,750 483,000 34,250 60,750 33,250 $858,250 $858,250 Using the template provided, prepare a classified balance sheet for the year-ended December 31, 2023.
Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial balances contained the following account information: November 30 December 31 Debit Credit Debit Credit Supplies 1,500 3,000 Prepaid insurance 6,000 4,500 Salaries payable 10,000 15,000 Deferred rent revenue 2,000 1,000 The following information also is known: The December income statement reported $2,000 in supplies expense. No insurance payments were made in December. $10,000 was paid to employees during December for salaries. On November 1, 2024, a tenant paid Righter $3,000 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Required: Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. Using the above information, prepare the adjusting entries Righter recorded…
can you please explain how they got the answers of these three questions?
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The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019. Prepare a simple income statement for the year ended December 31, 2019. Prepare a multi-step income statement for the year ended December 31, 2019.

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