the closing entries for the Oakville Journal. Use the year-end date December 31, 2 Oakville Journal Worksheet December 31, 20-8 TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies and Materials Prepaid Insurance Land Buildings Acc. Dep. - Buildings Equipment Acc. Dep. - Equipment Automotive Equipment Acc. Dep. - Automotive Equipment Accounts Payable HST Payable HST Recoverable Bank Loan Mortgage Payable R.Lucht, Capital R Lucht, Drawings Revenue-Advertising Revenue- Circulation Bank Interest and Charges Expense Building Maintenance Expense Car Expense Miscellaneous Expense Mortgage Interest Expense Office Expense Office Salaries Expense Sales Promotions Expense Telephone Expense Truck Expense Utilities Expense Wages Expense Credit Debit 2000- 15317 20 2379516 4200- 775000- 630000- 95700- 75325- 750- 50000- 12150- 3220- 496050 594013 36300- 1240- 3431915 2750- 2946- | 26 3 3 4 19 | 11350- 94319- 1907 916 33 907 91633 450010- 22710- 30000- 921642 1280- 100 000 1660000- 72944891 218946- 91315-

the closing entries for the Oakville Journal. Use the year-end date December 31, 2 Oakville Journal Worksheet December 31, 20-8 TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies and Materials Prepaid Insurance Land Buildings Acc. Dep. - Buildings Equipment Acc. Dep. - Equipment Automotive Equipment Acc. Dep. - Automotive Equipment Accounts Payable HST Payable HST Recoverable Bank Loan Mortgage Payable R.Lucht, Capital R Lucht, Drawings Revenue-Advertising Revenue- Circulation Bank Interest and Charges Expense Building Maintenance Expense Car Expense Miscellaneous Expense Mortgage Interest Expense Office Expense Office Salaries Expense Sales Promotions Expense Telephone Expense Truck Expense Utilities Expense Wages Expense Credit Debit 2000- 15317 20 2379516 4200- 775000- 630000- 95700- 75325- 750- 50000- 12150- 3220- 496050 594013 36300- 1240- 3431915 2750- 2946- | 26 3 3 4 19 | 11350- 94319- 1907 916 33 907 91633 450010- 22710- 30000- 921642 1280- 100 000 1660000- 72944891 218946- 91315-

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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A. March 1, paid interest due on note, $2,900 B. December 31, interest accrued on note payable, $4,350 Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank. Mar.1 Dec. 31 Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900). Interest Payable Beginning Balance Balance
Prepare a statement of owner's equity and a classified balance sheet from the partial worksheet for Jamar Company
Requirements: 1. Journalize each transaction including explanations. 2. The accounts listed in the trial balance, together with their balances as of March 31,2024, have been opened for you in T-account form. Post the journal entries to the ledger (use T-account format). 3. Prepare the trial balance of Harper Service Center as of April 30, 2024. More info Apr. 2 Borrowed $45,000 from the bank and signed a note payable in the name of the business. Apr. 4 Paid cash of $40,000 to acquire land. Apr. 9 Performed services for a customer and received cash of $5,000. Apr. 13 Purchased office supplies on account, $300. Apr. 15 Performed services for a customer on account, $2,600. Apr. 18 Paid $1,200 on account. Apr. 21 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. Apr. 25 Received $3,100 from a customer on account. Apr. 27 Received a $200 utility bill that will be paid next month. Apr. 29 Received $1,500 for services to be…
INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries. You may want to prepare a T-account for each account to determine the answer. See exhibit 2.11 on textbook page 66 for examples of how this is done. DR CR a) Cash $3,900.00 Note Payable $ 3,900.00 b) Equipment $1,000.00 Note Payable $ 1,000.00 c) Supplies $300.00 Cash $300.00 d) Supplies $700.00 Account Payable $700.00 e) Note Payable $900.00 Cash $900.00 For example, The ending balance of the 'Equipment' account is $1000 DR(There is only one debit entry for equipment-see…
Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…
Requirements 1. Journalize the transactions in the Johnson Pharmacies general journal. Round to the nearest dollar. Explanations required. 2. Prepare the liabilities section of the balance sheet for Johnson Pharmacies on March 1, 2019 after all the journal entries are recorded.
Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…
Accounting Homework
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