Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,300. On December 31, a physical count revealed that the remaining supplies totaled $1,300. There was no beginning ofthe year balance in the Supplies account. Based on the information provided:A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank.CashFeedback►Check My WorkFeedback10,300B. Create journal entries for the December 31 adjustment needed to bring the balances to correct. If an amount box does not require an entry, leave it blank.1,300 X►Check My Work10,3001,300 X C. Show the activity, with ending balance. If an amount box does not require an entry, leave it blank.SuppliesBeginning Balance $PurchasedSubtotalUsedRemaining

Name: Supplies were purchased on January 1, to be used throughout the year,
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Description: Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,300. On December 31, a physical count revealed that the remaining supplies totaled $1,300. There was no beginning ofthe year balance in the Supplies account.

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Accounting

Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,300. On December 31, a physical count revealed that the remaining supplies totaled $1,300. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash -X 10,300 ✓ Feedback. Check My Work B. Create journal entries for the December 31 adjustment needed to bring the balances to correct. If an amount box does not require an entry, leave it blank. 1,300 X Feedback 10,300 ✓ Check My Work 1,300 X

Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,300. On December 31, a physical count revealed that the remaining supplies totaled $1,300. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash -X 10,300 ✓ Feedback. Check My Work B. Create journal entries for the December 31 adjustment needed to bring the balances to correct. If an amount box does not require an entry, leave it blank. 1,300 X Feedback 10,300 ✓ Check My Work 1,300 X

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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Based on the following information, prepare a check and stub: Date: January 15, 20-- Balance brought forward: $2,841.50 Deposit: $962.20 Check to: J. M. Suppliers Amount: $150.00 For: Office Supplies Signature: Sign your name
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Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.
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2. Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 55 birdhouses at $14 each with cash. Birdy Birdhouses purchases 80 birdhouses at $19 each on credit. Terms of the purchase are 4/10, n/30, invoice date September 8. Birdy discovers 12 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 8 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. Sep. 10 Sep. 18
000 Debit Cash $250; credit Accounts Payable $250. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: Debit Petty Cash $250; credit Cash $250. Debit Petty Cash $250; credit Accounts Payable $250. Debit Cash $250; credit Petty Cash $250. Debit Miscellaneous Expense $250; credit Cash $250.
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the two days of cash receipts from sales. a. Actual cash in cash register, $4,149; cash receipts per cash register tally, $4,178. b. Actual cash in cash register, $3,573; cash receipts per cash register tally, $3,461. If an amount box does not require an entry, leave it blank. a. b.