Go to pg. 49E AA B2-3 Work TogetherA-ZAnalyzing revenue, expense, and withdrawal transactions into debit andcredit partsTaccounts are given in the Morking Papers. Your instructor will guide youthrough the following examples. Use the chart of accounts for Jensen CleaningService in Work Together 2-2.Transactions:Mar.11. Sold services on account to Johannes Erickson, $125.00.13. Received cash from sales, $260.00.14. Paid cash for telephone bill, $54.00.16. Received cash on account from Johannes Erickson, $125.00.19. Paid cash to owner for a withdrawal of equity, $200.00.1. Prepare two T accounts for each transaction. On each T account, write theaccount title of one of the accounts affected by the transaction.2. Write the debit or credit amount in each T account to show thetransaction's effect.2-3 On Your OwnAnalyzing revenue, expense. and withdrawal transactions into debit andcredit partsINTLO 2:14

In double-entry bookkeeping, a T Account is the graphic structure used to keep debits and credits…

Answered: T accounts are given in the Working…

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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Eloise Bridgerton, owner of UR highness Laundry Shop purchased P 10, 000 worth of detergent to Sab Bonin Company on account. What will be the appropriate account titles for this transaction? Supplies Expense, Accounts Receivable Supplies, Cash Supplies Account Receivable Supplies Expense, Accounts Payable
ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00
Record each transaction into the T account Be sure you understand the rule of debits and credits before attempting this template You do not need Excel formulas for this template The first one is given as an example 1. Bought an insurance policy for $1,000 Prepaid Insurance Cash $1,000 $1,000 2. Billed third party for patients who were seen in the month of February $1,400,000.00 3. Patients who paid cash in the month of February $600,000.00 4. Received $324,000.00 from third party for patients who were billed in transaction # 1…
for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answer
1. prepare two t accounts for each transaction. on each t account, write the 2. write the debit or credit amount in each taccount to show the transactions transactions: mar. 1. received cash from owner as an investment, $4,000.00. 3. paid cash for supplies, $95.00. 4. bought supplies on account from supply depot, $120.00. 6. paid cash for insurance, $250.00. 9. paid cash on account to supply depot, $80.00. account title of one of the accounts affected by the transaction.
Prepare journal entries to record the following transactions. a. Purchased $380 of supplies on credit. b. Completed $580 of work for a client on credit. c. Paid $380 cash towards the amount owed from transaction a. d. Completed work for a client and immediately received $880 cash. e. Collected $580 cash for the work previously performed in transaction b. f. Received $1,080 cash in advance from a client for services to be performed next period View transaction list Journal entry worksheet < 1 2 3 4 5 6 Purchased $380 of supplies on credit. Note: Enter debits before credits. Date a. General Journal Debit Credit
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. 1. A credit card scanner at a grocery store is a(n) [ Select] component. 2. A report of patients who missed appointments at a doctor's office is a(n) [ Select] component. 3. Electronic files containing a list of current customers is aln) [ Select ] component. 4. A list of the day's cash and credit sales is aln) [ Select] component. 5. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store is a(n) [ Select ] component.
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
The following selected transactions for Kingbird, Inc. are presented in journal form. Date May 5 12 15 5/12 5/15 5/5 Accounts Receivable 5/5 Service Revenue (Billed for services performed) 5/15 Account Titles and Explanation Cash Accounts Receivable (Received cash in payment of account) Ending Bal. Cash Service Revenue (Received cash for services performed) Ending Bal. Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. (Post entries in the order displayed in the problem.) Ending Bal. 2120 3000 5120 Cash 5080 Accounts Receivable 3680 Ref. Debit 5,080 5080 3000 Service Revenue 8080 2,120 5/12 3,000 J1 Credit 5,080 2,120 JUML 3,000 1590
Adriana Graphic Design receives $2,450 from a client billed in a previous month for services provided. Which of the following general journal entries will Adriana Graphic Design make to record this transaction? Multiple Choice Account Title Debit Credit Cash 2,450 Unearned Revenue 2,450 Account Title Debit Credit Cash 2,450 Accounts Receivable 2,450 Account Title Debit Credit Accounts Receivable 2,450 Unearned Revenue 2,450 Account Title Accounts Receivable Debit Credit 2,450 Cash 2,450 Account Title Accounts Payable Debit Credit 2,450 Design Revenue 2,450
Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.

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